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Filleted

Registration number: 10470957

Notts Bar Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Notts Bar Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Notts Bar Ltd

Company Information

Director

Mr S D J Davies

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Notts Bar Ltd

(Registration number: 10470957)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

74,588

266,937

Investment property

6

191,205

-

 

265,793

266,937

Current assets

 

Stocks

7

5,095

4,850

Cash at bank and in hand

 

113

49

 

5,208

4,899

Creditors: Amounts falling due within one year

8

(245,182)

(244,419)

Net current liabilities

 

(239,974)

(239,520)

Total assets less current liabilities

 

25,819

27,417

Creditors: Amounts falling due after more than one year

8

(107,975)

(107,975)

Net liabilities

 

(82,156)

(80,558)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(82,157)

(80,559)

Total equity

 

(82,156)

(80,558)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Notts Bar Ltd

(Registration number: 10470957)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr S D J Davies
Director

   
     
 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors will support the company for the foreseeable future and pay any debts as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Fixture and fittings

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,089

2,562

 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Leasehold property improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

191,205

65,739

3,546

25,972

286,462

Additions

-

-

-

945

945

Transfers

(191,205)

-

-

-

(191,205)

At 30 November 2023

-

65,739

3,546

26,917

96,202

Depreciation

At 1 December 2022

-

-

2,779

16,746

19,525

Charge for the year

-

-

192

1,897

2,089

At 30 November 2023

-

-

2,971

18,643

21,614

Carrying amount

At 30 November 2023

-

65,739

575

8,274

74,588

At 30 November 2022

191,205

65,739

767

9,226

266,937

Included within the net book value of land and buildings above is £ (2022 - £191,205) in respect of freehold land and buildings.
 

 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Investment properties

2023
£

Transfers to and from property, plant and equipment

191,205

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Other inventories

5,095

4,850

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

17,650

1,608

Other related parties

 

226,122

241,197

Other creditors

 

1,410

1,614

 

245,182

244,419

Due after one year

 

Loans and borrowings

10

107,975

107,975

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

107,975

107,975

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

Notts Bar Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

107,975

107,975

11

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Mr S D J Davies

Interest free loan repayable on demand

(241,197)

15,075

(226,122)

       
     

 

2022

At 1 December 2021
£

Other payments made to company by director
£

At 30 November 2022
£

Mr S D J Davies

Interest free loan repayable on demand

(210,125)

(31,072)

(241,197)