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Registration number: 06645603

Harbour Street Bar Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 July 2023

 

Harbour Street Bar Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Harbour Street Bar Limited

Company Information

Director

Miss Denise Smith

Registered office

B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

Accountants

C W W Limited
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

 

Harbour Street Bar Limited

(Registration number: 06645603)
Balance Sheet as at 30 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,521

9,120

Current assets

 

Stocks

6

5,000

4,358

Debtors

7

16,195

12,619

Cash at bank and in hand

 

5,733

22,729

 

26,928

39,706

Creditors: Amounts falling due within one year

8

(123,805)

(114,693)

Net current liabilities

 

(96,877)

(74,987)

Total assets less current liabilities

 

(88,356)

(65,867)

Creditors: Amounts falling due after more than one year

8

(25,162)

(35,995)

Net liabilities

 

(113,518)

(101,862)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(113,519)

(101,863)

Shareholders' deficit

 

(113,518)

(101,862)

For the financial year ending 30 July 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 her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

 

Harbour Street Bar Limited

(Registration number: 06645603)
Balance Sheet as at 30 July 2023

.........................................
Miss Denise Smith
Director

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

1

General information

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

The address of its registered office is:
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

These financial statements were authorised for issue by the director on 23 September 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.

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.

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade 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.

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 July 2022

20,000

20,000

At 30 July 2023

20,000

20,000

Amortisation

At 31 July 2022

20,000

20,000

At 30 July 2023

20,000

20,000

Carrying amount

At 30 July 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 31 July 2022

24,738

4,342

3,536

32,616

Additions

-

1,207

-

1,207

At 30 July 2023

24,738

5,549

3,536

33,823

Depreciation

At 31 July 2022

16,977

3,686

2,833

23,496

Charge for the year

1,165

465

176

1,806

At 30 July 2023

18,142

4,151

3,009

25,302

Carrying amount

At 30 July 2023

6,596

1,398

527

8,521

At 30 July 2022

7,761

656

703

9,120

6

Stocks

2023
£

2022
£

Other inventories

5,000

4,358

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

7

Debtors

Current

2023
£

2022
£

Other debtors

16,195

12,619

 

16,195

12,619

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,382

10,370

Trade creditors

 

4,084

4,736

Accruals and deferred income

 

840

-

Other creditors

 

108,499

99,587

 

123,805

114,693

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

25,162

35,995

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

25,162

35,995

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,382

10,370

11

Related party transactions

 

Harbour Street Bar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,000

10,829