Company Registration No. 09264578 (England and Wales)
MAVERICKS SOUTHPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAVERICKS SOUTHPORT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MAVERICKS SOUTHPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
170,803
Current assets
Stocks
16,525
-
Debtors
4
38,114
Cash at bank and in hand
19,182
73,821
Creditors: amounts falling due within one year
5
(177,499)
Net current liabilities
(103,678)
Total assets less current liabilities
67,125
Provisions for liabilities
(36,000)
Net assets
31,125
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
7
31,123
(2)
Total equity
31,125
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 May 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 09264578 (England and Wales)
MAVERICKS SOUTHPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
(2)
-
Year ended 31 December 2022:
Profit and total comprehensive income
-
Balance at 31 December 2022
2
(2)
Year ended 31 December 2023:
Profit and total comprehensive income
-
31,125
31,125
Balance at 31 December 2023
2
31,123
31,125
MAVERICKS SOUTHPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Mavericks Southport Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bold Hotel, 583 Lord Street, Southport, England, PR9 0BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
25% straight line
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MAVERICKS SOUTHPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
MAVERICKS SOUTHPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Employees
(Continued)
- 5 -
The company does not employ any staff, the administration of the company is being carried out by staff of another group undertaking.
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
Additions
69,215
14,483
106,453
190,151
Disposals
(165)
(165)
At 31 December 2023
69,215
14,318
106,453
189,986
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
6,907
1,790
10,486
19,183
At 31 December 2023
6,907
1,790
10,486
19,183
Carrying amount
At 31 December 2023
62,308
12,528
95,967
170,803
At 31 December 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
36,545
Prepayments and accrued income
1,569
38,114
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,952
Amounts owed to group undertakings
137,113
Taxation and social security
5,535
Other creditors
23,899
177,499
MAVERICKS SOUTHPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
An unlimited composite company guarantee is given by Mikhail Hotels and Leisure Holdings Limited, Mikhail Hotels Limited, A&V Mikhail Investments Limited, Eccleston Arms Bar & Grill Limited and Punch Tarmeys Limited to secure all liabilities of each other.
The bank has a fixed and floating charge over all assets of the company.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Profit and loss reserves
Profit and loss reserve represents earnings net of distribution to owners.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Grayson ACA FCCA
Statutory Auditor:
UHY Hacker Young Manchester LLP
Date of audit report:
24 May 2024
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Mikhail Hotels and Leisure Holdings Limited and its subsidiary undertakings are related parties by virtue of their common control.
Debtors and creditors due within one year include the amounts owed to other group companies.
10
Parent company
The immediate and ultimate parent company is Mikhail Hotels and Leisure Holdings Limited, a company registered in England and Wales. Copies of the financial statements of the immediate parent undertaking can be obtained from Mikhail Hotels and Leisure Holdings Limited, 583 The Bold Hotel, Lord Street, Southport, PR9 6HY.