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Registration number: 07167484

Chester Bars Ltd

trading as The Studio

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

Chester Bars Ltd

trading as The Studio

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

Chester Bars Ltd

trading as The Studio

(Registration number: 07167484)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

374,073

375,047

Current assets

 

Stocks

4

4,800

4,750

Debtors

5

1,439

1,601

Cash at bank and in hand

 

19,034

27,310

 

25,273

33,661

Prepayments and accrued income

 

9,092

9,241

Creditors: Amounts falling due within one year

(385,758)

(325,117)

Net current liabilities

 

(351,393)

(282,215)

Total assets less current liabilities

 

22,680

92,832

Creditors: Amounts falling due after more than one year

(38,066)

(43,633)

Accruals and deferred income

 

(78,331)

(77,903)

Net liabilities

 

(93,717)

(28,704)

Capital and reserves

 

Called up share capital

6

300

300

Retained earnings

(94,017)

(29,004)

Shareholders' deficit

 

(93,717)

(28,704)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

 

Chester Bars Ltd

trading as The Studio

(Registration number: 07167484)
Abridged Balance Sheet as at 29 February 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 19 November 2024
 

.........................................
Mr Nigel Stephen Woodhouse
Director

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

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 abridged 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 abridged 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance method

Fixtures & fittings

25% Reducing balance method

Office equipment

33% Straight line basis

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.

Borrowings

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2023 - 19).

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

361,891

5,202

20,462

387,555

Additions

-

-

2,238

2,238

At 29 February 2024

361,891

5,202

22,700

389,793

Depreciation

At 1 March 2023

-

3,929

8,579

12,508

Charge for the year

-

387

2,825

3,212

At 29 February 2024

-

4,316

11,404

15,720

Carrying amount

At 29 February 2024

361,891

886

11,296

374,073

At 28 February 2023

361,891

1,273

11,883

375,047

Included within the net book value of land and buildings above is £361,891 (2023 - £361,891) in respect of short leasehold land and buildings.
 

4

Stocks

2024
£

2023
£

Other inventories

4,800

4,750

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

       

7

Related party transactions

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Transactions with the director

2024

At 1 March 2023
£

Repayments by director
£

Other payments made to company by director
£

At 29 February 2024
£

Mr Nigel Stephen Woodhouse

Loan account

(227,582)

(26,157)

2,287

(251,451)

Mr James Arthur Wooddisse

Loan account

(41,000)

-

-

(41,000)

2023

At 1 March 2022
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2023
£

Mr Nigel Stephen Woodhouse

Loan account

(192,861)

(36,876)

2,155

(227,582)

Mr James Arthur Wooddisse

Loan account

(41,000)

-

-

(41,000)

 

Chester Bars Ltd

trading as The Studio

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Director's remuneration

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

2024
£

2023
£

Remuneration

15,600

15,018

In respect of the highest paid director:

2024
£

2023
£

Remuneration

15,600

15,018