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COMPANY REGISTRATION NUMBER: 00057925
The Retford Bowling Green Limited
Filleted Unaudited Financial Statements
31 December 2023
The Retford Bowling Green Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
16,358
6,172
Current assets
Stocks
5
934
760
Debtors
6
1,238
891
Cash at bank and in hand
28,625
36,536
--------
--------
30,797
38,187
Creditors: amounts falling due within one year
7
2,948
2,100
--------
--------
Net current assets
27,849
36,087
--------
--------
Total assets less current liabilities
44,207
42,259
Creditors: amounts falling due after more than one year
8
2,803
--------
--------
Net assets
41,404
42,259
--------
--------
Capital and reserves
Called up share capital
87
89
Profit and loss account
41,317
42,170
--------
--------
Shareholders funds
41,404
42,259
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Retford Bowling Green Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Miss C Satchell
Director
Company registration number: 00057925
The Retford Bowling Green Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallcroft Road, Retford, Nottinghamshire, DN22 7LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company uses its cash and bank balances in order to finance its operations. Financial controls are operated by the directors and levels of activity monitored in order to ensure sufficient funds are available. The directors regularly review the ability of the company to meet its present and future obligations. In the opinion of the directors the company remains a going concern and the financial statements have been prepared on that basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the estimation of the useful economic life of the fixed assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts. The company is not registered for Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Turnover represents bar takings, other operating income includes subscriptions, legacy income, fundraising income, sales of sundry items and any other income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
20 years straight line.
Irrigation system
-
10 years straight line
Equipment, fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is determined using the first-in, first-out (FIFO) method.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property
Irrigation system
Equipment, fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
64,231
4,998
51,934
121,163
Additions
14,113
14,113
Disposals
( 460)
( 460)
--------
-------
--------
---------
At 31 December 2023
64,231
4,998
65,587
134,816
--------
-------
--------
---------
Depreciation
At 1 January 2023
64,229
1,375
49,387
114,991
Charge for the year
500
3,255
3,755
Disposals
( 288)
( 288)
--------
-------
--------
---------
At 31 December 2023
64,229
1,875
52,354
118,458
--------
-------
--------
---------
Carrying amount
At 31 December 2023
2
3,123
13,233
16,358
--------
-------
--------
---------
At 31 December 2022
2
3,623
2,547
6,172
--------
-------
--------
---------
5. Stocks
2023
2022
£
£
Bar stock
884
580
Ties & badges
50
180
----
----
934
760
----
----
6. Debtors
2023
2022
£
£
Other debtors
1,238
891
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
999
880
Other creditors
1,949
1,220
-------
-------
2,948
2,100
-------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,803
-------
----
9. Financial instruments
Cash and cash equivalents, cash is represented by cash in hand held with financial institutions. Debtors, short term debtors are measured at the transaction price less any impairment. Creditors, short term creditors are measured at the transaction price.