Registered number
06662621
SOUTH WEST BARS LIMITED
Unaudited Filleted Accounts
31 December 2023
SOUTH WEST BARS LIMITED
Registered number: 06662621
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 33,550 33,550
Tangible assets 4 114,463 150,495
148,013 184,045
Current assets
Stocks 25,000 8,000
Debtors 5 291,171 148,289
Cash at bank and in hand 18,090 26,620
334,261 182,909
Creditors: amounts falling due within one year 6 (184,473) (187,768)
Net current assets/(liabilities) 149,788 (4,859)
Total assets less current liabilities 297,801 179,186
Creditors: amounts falling due after more than one year 7 (24,984) (35,044)
Net assets 272,817 144,142
Capital and reserves
Called up share capital 200,100 200,100
Profit and loss account 72,717 (55,958)
Shareholders' funds 272,817 144,142
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F Iqbal
Director
Approved by the board on 24 September 2024
SOUTH WEST BARS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 250,000
At 31 December 2023 250,000
Amortisation
At 1 January 2023 216,450
At 31 December 2023 216,450
Net book value
At 31 December 2023 33,550
At 31 December 2022 33,550
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 42,281 370,996 413,277
Disposals - - -
At 31 December 2023 42,281 370,996 413,277
Depreciation
At 1 January 2023 31,666 231,116 262,782
Charge for the year 6,770 29,262 36,032
At 31 December 2023 38,436 260,378 298,814
Net book value
At 31 December 2023 3,845 110,618 114,463
At 31 December 2022 10,615 139,880 150,495
5 Debtors 2023 2022
£ £
Trade debtors 55,270 113,336
Amounts owed by group undertakings and undertakings in which the company has a participating interest 200,759 -
Other debtors 35,142 34,953
291,171 148,289
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55,923 51,874
Amounts owed to group undertakings and undertakings in which the company has a participating interest 9,061 -
Taxation and social security costs 119,238 95,527
Other creditors 251 40,367
184,473 187,768
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,984 35,044
8 Related party transactions
At the year end the company owed £0 to related parties (2022: £37,603). The company was owed £6,275 from related parties (2022: £0)
9 Controlling party
The Company is controlled by Mr F Iqbal by virtue of his majority share in the company.
10 Other information
SOUTH WEST BARS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
Quadrant House
9 Heath Road
Weybridge
KT13 8SX
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