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COMPANY REGISTRATION NUMBER: 09469121
WOLSTANTON FISH BAR LIMITED
Filleted Unaudited Financial Statements
31 March 2024
WOLSTANTON FISH BAR LIMITED
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
WOLSTANTON FISH BAR LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of WOLSTANTON FISH BAR LIMITED
Year ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
11 November 2024
WOLSTANTON FISH BAR LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
27,500
30,000
Tangible assets
6
2
261
--------
--------
27,502
30,261
Current assets
Stocks
4,030
1,200
Debtors
7
1,768
1,563
Cash at bank and in hand
24,538
10,877
--------
--------
30,336
13,640
Creditors: amounts falling due within one year
8
75,933
58,403
--------
--------
Net current liabilities
45,597
44,763
--------
--------
Total assets less current liabilities
( 18,095)
( 14,502)
Creditors: amounts falling due after more than one year
9
8,043
11,941
--------
--------
Net liabilities
( 26,138)
( 26,443)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 26,238)
( 26,543)
--------
--------
Shareholders deficit
( 26,138)
( 26,443)
--------
--------
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 income statement has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WOLSTANTON FISH BAR LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr A Singh
Director
Company registration number: 09469121
WOLSTANTON FISH BAR LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Vaghela & Co, 145 Granville Street, Birmingham, B1 1SB, England.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Lease
-
15% straight line
Fixtures and Fittings
-
15% straight line
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
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,000
--------
Amortisation
At 1 April 2023
20,000
Charge for the year
2,500
--------
At 31 March 2024
22,500
--------
Carrying amount
At 31 March 2024
27,500
--------
At 31 March 2023
30,000
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
2,835
20,515
23,350
-------
--------
--------
Depreciation
At 1 April 2023
2,575
20,514
23,089
Charge for the year
259
259
-------
--------
--------
At 31 March 2024
2,834
20,514
23,348
-------
--------
--------
Carrying amount
At 31 March 2024
1
1
2
-------
--------
--------
At 31 March 2023
260
1
261
-------
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
1,768
1,563
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,259
4,259
Trade creditors
1,181
1,000
Corporation tax
500
497
Other creditors
69,993
52,647
--------
--------
75,933
58,403
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,043
11,941
-------
--------
10. Director's advances, credits and guarantees
At 31 March 2024, other creditors include the following amounts due to the directors:- Mr A Singh £66,610 (2023 - £48,850) The loans are interest free and repayable on demand
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.