Pinchos Bar Ltd 30/06/2018 iXBRL

Pinchos Bar Ltd 30/06/2018 iXBRL

PINCHOS BAR LTD - Company Information

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Company registration number: 09038614
Pinchos Bar Ltd
Unaudited filleted financial statements
30 June 2018
Pinchos Bar Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Pinchos Bar Ltd
Directors and other information
Director Mr Anthony Burns
Company number 09038614
Registered office Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Pinchos Bar Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Pinchos Bar Ltd
Period ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pinchos Bar Ltd for the period ended 30 June 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Pinchos Bar Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pinchos Bar Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pinchos Bar Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Pinchos Bar Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pinchos Bar Ltd. You consider that Pinchos Bar Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Pinchos Bar Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hargreaves & Woods
Chartered Accountants
Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
22 March 2019
Pinchos Bar Ltd
Statement of financial position
30 June 2018
30/06/18 31/05/17
Note £ £ £ £
Fixed assets
Tangible assets 5 284,667 128,451
_______ _______
284,667 128,451
Current assets
Stocks 14,461 15,173
Debtors 6 10,407 553
Cash at bank and in hand 10,637 1,000
_______ _______
35,505 16,726
Creditors: amounts falling due
within one year 7 ( 244,747) ( 178,323)
_______ _______
Net current liabilities ( 209,242) ( 161,597)
_______ _______
Total assets less current liabilities 75,425 ( 33,146)
Creditors: amounts falling due
after more than one year 8 ( 14,161) ( 30,975)
_______ _______
Net assets/(liabilities) 61,264 ( 64,121)
_______ _______
Capital and reserves
Called up share capital 150 1
Share premium account 249,925 -
Profit and loss account ( 188,811) ( 64,122)
_______ _______
Shareholders funds/(deficit) 61,264 ( 64,121)
_______ _______
For the period ending 30 June 2018 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 period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 March 2019 , and are signed on behalf of the board by:
Mr Anthony Burns
Director
Company registration number: 09038614
Pinchos Bar Ltd
Statement of changes in equity
Period ended 30 June 2018
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 June 2017 1 - ( 33,521) ( 33,520)
Loss for the period ( 30,601) ( 30,601)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 30,601) ( 30,601)
_______ _______ _______ _______
At 31 May 2017 and 1 June 2017 1 - ( 64,122) ( 64,121)
Loss for the period ( 124,689) ( 124,689)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 124,689) ( 124,689)
Issue of shares 149 249,925 250,074
_______ _______ _______ _______
Total investments by and distributions to owners 149 249,925 - 250,074
_______ _______ _______ _______
At 30 June 2018 150 249,925 ( 188,811) 61,264
_______ _______ _______ _______
Pinchos Bar Ltd
Notes to the financial statements
Period ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cholmondeley House, Dee Hills Park, Chester, CH3 5AR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 33 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Leasehold improvements - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 14 (2017: 4 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Leasehold improvements Total
£ £ £ £ £
Cost
At 1 June 2017 94,072 1,000 28,845 48,393 172,310
Additions - 2,388 1,473 176,522 180,383
_______ _______ _______ _______ _______
At 30 June 2018 94,072 3,388 30,318 224,915 352,693
_______ _______ _______ _______ _______
Depreciation
At 1 June 2017 9,407 660 12,620 21,172 43,859
Charge for the year 4,704 330 4,148 14,985 24,167
_______ _______ _______ _______ _______
At 30 June 2018 14,111 990 16,768 36,157 68,026
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2018 79,961 2,398 13,550 188,758 284,667
_______ _______ _______ _______ _______
At 31 May 2017 84,665 340 16,225 27,221 128,451
_______ _______ _______ _______ _______
6. Debtors
30/06/18 31/05/17
£ £
Other debtors 10,407 553
_______ _______
7. Creditors: amounts falling due within one year
30/06/18 31/05/17
£ £
Bank loans and overdrafts 16,374 27,502
Trade creditors 40,582 15,071
Amounts owed to group undertakings and undertakings in which the company has a participating interest 39,543 -
Social security and other taxes 29,125 13,672
Other creditors 119,123 122,078
_______ _______
244,747 178,323
_______ _______
8. Creditors: amounts falling due after more than one year
30/06/18 31/05/17
£ £
Bank loans and overdrafts 7,407 18,518
Other creditors 6,754 12,457
_______ _______
14,161 30,975
_______ _______
9. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 30/06/18
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Anthony Burns ( 57,078) ( 3,228) ( 60,306)
_______ _______ _______
Year ended 31/05/17
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Anthony Burns ( 3,453) ( 53,625) ( 57,078)
_______ _______ _______
10. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Period Year Period Year
ended ended ended ended
30/06/18 31/05/17 30/06/18 31/05/17
£ £ £ £
Halewood International Limited 59,762 - 39,543 -
_______ _______ _______ _______
Halewood International Limited acquired 50% of the Ordinary Shares in the company on 12 September 2017. Halewood International Limited supplies goods to the company which during the period totalled £59,762 net of VAT. At 30 June 2018 the company owes Halewood International Ltd £27,055.
11. Controlling party
The company is under the joint control of Halewood Internaional PLC and Mr Anthony Burns who each own 50% of the equity shares.