Silverfin false 30/04/2023 01/05/2022 30/04/2023 C J Ellis 01/08/2020 B M Julius 16/05/2019 G Julius 12/03/2019 V Myatt 11/11/2022 15/01/2021 30 November 2023 The principal activity of the Company during the financial year was that of providing bar facilities for events. 11875762 2023-04-30 11875762 bus:Director1 2023-04-30 11875762 bus:Director2 2023-04-30 11875762 bus:Director3 2023-04-30 11875762 bus:Director4 2023-04-30 11875762 2022-04-30 11875762 core:CurrentFinancialInstruments 2023-04-30 11875762 core:CurrentFinancialInstruments 2022-04-30 11875762 core:Non-currentFinancialInstruments 2023-04-30 11875762 core:Non-currentFinancialInstruments 2022-04-30 11875762 core:ShareCapital 2023-04-30 11875762 core:ShareCapital 2022-04-30 11875762 core:RetainedEarningsAccumulatedLosses 2023-04-30 11875762 core:RetainedEarningsAccumulatedLosses 2022-04-30 11875762 core:LeaseholdImprovements 2022-04-30 11875762 core:PlantMachinery 2022-04-30 11875762 core:Vehicles 2022-04-30 11875762 core:FurnitureFittings 2022-04-30 11875762 core:OfficeEquipment 2022-04-30 11875762 core:LeaseholdImprovements 2023-04-30 11875762 core:PlantMachinery 2023-04-30 11875762 core:Vehicles 2023-04-30 11875762 core:FurnitureFittings 2023-04-30 11875762 core:OfficeEquipment 2023-04-30 11875762 core:CurrentFinancialInstruments 10 2023-04-30 11875762 core:CurrentFinancialInstruments 10 2022-04-30 11875762 2022-05-01 2023-04-30 11875762 bus:FullAccounts 2022-05-01 2023-04-30 11875762 bus:SmallEntities 2022-05-01 2023-04-30 11875762 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11875762 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11875762 bus:Director1 2022-05-01 2023-04-30 11875762 bus:Director2 2022-05-01 2023-04-30 11875762 bus:Director3 2022-05-01 2023-04-30 11875762 bus:Director4 2022-05-01 2023-04-30 11875762 core:PlantMachinery 2022-05-01 2023-04-30 11875762 core:Vehicles 2022-05-01 2023-04-30 11875762 core:FurnitureFittings 2022-05-01 2023-04-30 11875762 core:OfficeEquipment 2022-05-01 2023-04-30 11875762 2021-05-01 2022-04-30 11875762 core:LeaseholdImprovements 2022-05-01 2023-04-30 11875762 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 11875762 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 11875762 (England and Wales)

ONYX BARS LTD

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

ONYX BARS LTD

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

ONYX BARS LTD

BALANCE SHEET

As at 30 April 2023
ONYX BARS LTD

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 313,622 211,613
313,622 211,613
Current assets
Stocks 4 55,900 53,304
Debtors 5 403,262 130,383
Cash at bank and in hand 150,421 8,278
609,583 191,965
Creditors: amounts falling due within one year 6 ( 866,674) ( 195,816)
Net current liabilities (257,091) (3,851)
Total assets less current liabilities 56,531 207,762
Creditors: amounts falling due after more than one year 7 ( 169,728) ( 82,788)
Net (liabilities)/assets ( 113,197) 124,974
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 113,297 ) 124,874
Total shareholders' (deficit)/funds ( 113,197) 124,974

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Onyx Bars Ltd (registered number: 11875762) were approved and authorised for issue by the Board of Directors on 30 November 2023. They were signed on its behalf by:

G Julius
Director
ONYX BARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
ONYX BARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Onyx Bars Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than the Citroen H vans included in plant and machinery, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis or straight line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 10 - 20 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Work in progress is calculated on a mix of both direct costs and an appropriate proportion of salaries relating to work in progress at the Balance Sheet date.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

The directors acknowledge dividends were declared and paid in contravention of section 830 of the Companies Act 2006, however at the time that the dividend was paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 91

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 May 2022 13,516 202,528 0 6,198 2,856 225,098
Additions 0 65,271 54,317 2,832 0 122,420
At 30 April 2023 13,516 267,799 54,317 9,030 2,856 347,518
Accumulated depreciation
At 01 May 2022 1,352 10,754 0 1,073 306 13,485
Charge for the financial year 1,352 17,161 0 1,388 510 20,411
At 30 April 2023 2,704 27,915 0 2,461 816 33,896
Net book value
At 30 April 2023 10,812 239,884 54,317 6,569 2,040 313,622
At 30 April 2022 12,164 191,774 0 5,125 2,550 211,613

4. Stocks

2023 2022
£ £
Stocks 22,100 39,617
Work in progress 33,800 13,687
55,900 53,304

5. Debtors

2023 2022
£ £
Trade debtors 291,042 15,195
Amounts owed by Group undertakings 28,977 45,206
Other taxation and social security 382 0
Other debtors 82,861 69,982
403,262 130,383

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,260 5,135
Trade creditors 152,624 103,708
Amounts owed to Group undertakings 32,591 10,220
Amounts owed to directors 0 584
Other loans 69,521 0
Accruals and deferred income 448,909 35,222
Other taxation and social security 102,442 8,195
Obligations under finance leases and hire purchase contracts 55,245 20,250
Other creditors 82 12,502
866,674 195,816

Hire purchase contracts are secured by the assets to which they are related.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 35,341 40,600
Obligations under finance leases and hire purchase contracts 89,211 42,188
Other creditors 45,176 0
169,728 82,788

Hire purchase contracts are secured by the assets to which they are related.

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 27,488 0

9. Ultimate controlling party

Parent Company:

Creating the Magic Limited
Towngate House, 2-8 Parkstone Road, Poole, Dorset, United Kingdom, BH15 2PW