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Company No: NI616290 (Northern Ireland)

THE LONDON BAR CONSULTANTS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

THE LONDON BAR CONSULTANTS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

THE LONDON BAR CONSULTANTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
THE LONDON BAR CONSULTANTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 189,517 216,029
189,517 216,029
Current assets
Stocks 4 40,996 44,827
Debtors 5 33,374 33,331
Cash at bank and in hand 25,680 67,248
100,050 145,406
Creditors: amounts falling due within one year 6 ( 201,994) ( 186,539)
Net current liabilities (101,944) (41,133)
Total assets less current liabilities 87,573 174,896
Creditors: amounts falling due after more than one year 7 ( 58,842) ( 117,844)
Provision for liabilities ( 14,368) ( 36,924)
Net assets 14,363 20,128
Capital and reserves
Called-up share capital 8 1,076 1,076
Share premium account 179,849 179,849
Profit and loss account ( 166,562 ) ( 160,797 )
Total shareholders' funds 14,363 20,128

For the financial year ending 31 January 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 financial statements of The London Bar Consultants Ltd (registered number: NI616290) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

L J Hayes
Director
THE LONDON BAR CONSULTANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
THE LONDON BAR CONSULTANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The London Bar Consultants Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Northern Ireland. The address of the Company's registered office is 4th Floor, Dromalane Mill, The Quays, Newry, BT35 8QS, Northern Ireland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £14,363. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements 15 - 25 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 - 33 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 10

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 February 2023 255,143 71,604 58,190 24,627 17,931 427,495
At 31 January 2024 255,143 71,604 58,190 24,627 17,931 427,495
Accumulated depreciation
At 01 February 2023 94,311 63,351 12,123 23,817 17,864 211,466
Charge for the financial year 12,681 2,064 11,517 202 48 26,512
At 31 January 2024 106,992 65,415 23,640 24,019 17,912 237,978
Net book value
At 31 January 2024 148,151 6,189 34,550 608 19 189,517
At 31 January 2023 160,832 8,253 46,067 810 67 216,029

4. Stocks

2024 2023
£ £
Stocks 40,996 44,827

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2024 2023
£ £
Trade debtors 1,000 5,251
Amounts owed by director 0 3,053
Other debtors 32,374 25,027
33,374 33,331

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 77,008 34,926
Amounts owed to director 8,067 0
Other loans 49,144 45,848
Accruals 4,502 4,001
Other taxation and social security 30,665 68,418
Obligations under finance leases and hire purchase contracts (secured) 16,067 16,067
Other creditors 16,541 17,279
201,994 186,539

Obligations under finance leases and hire purchase contracts are secured on the assets of the Company to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 56,174 99,110
Obligations under finance leases and hire purchase contracts (secured) 2,668 18,734
58,842 117,844

Obligations under finance leases and hire purchase contracts are secured on the assets of the Company to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
9,250 A ordinary shares of £ 0.10 each 925 925
1,506 B ordinary shares of £ 0.10 each 151 151
1,076 1,076

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 47,875 101,500
between one and five years 75,000 122,875
122,875 224,375

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by the directors 0 3,053
Amounts owed to the directors 8,067 0

The overdrawn balance at 31 January 2023 bears interest at 2% and was repaid to the company post year end.