Brathay Lodge (Ambleside) Ltd Filleted accounts for Companies House (small and micro)

BRATHAY LODGE (AMBLESIDE) LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 06434643

Brathay Lodge (Ambleside) Ltd

Filleted Unaudited Financial Statements

31 October 2019

Brathay Lodge (Ambleside) Ltd

Financial Statements

Year ended 31 October 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Brathay Lodge (Ambleside) Ltd

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	81,167	142,042
Tangible assets	6	8,679	6,250
		---------	-----------
		89,846	148,292

Current assets

Stocks		1,767	1,406
Debtors	7	459	–
Cash at bank and in hand		105,112	109,028
		-----------	-----------
		107,338	110,434

Creditors: amounts falling due within one year	8	( 84,583)		( 171,016)
		-----------		-----------
Net current assets/(liabilities)			22,755	( 60,582)
			-----------	-----------
Total assets less current liabilities			112,601	87,710

Provisions

Taxation including deferred tax	( 1,649)	( 1,188)
	-----------	---------
Net assets	110,952	86,522
	-----------	---------

Brathay Lodge (Ambleside) Ltd

Statement of Financial Position (continued)

31 October 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	104	104
Profit and loss account	110,848	86,418
	-----------	---------
Shareholders funds	110,952	86,522
	-----------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 February 2020 , and are signed on behalf of the board by:

Mrs J Johnson

Director

Company registration number: 06434643

Brathay Lodge (Ambleside) Ltd

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Brathay Lodge, Rothay Road, Ambleside, Cumbria, England, LA22 0EE.

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.

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.

Taxation

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	-	7.5% 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.

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:

	Fixtures, fittings and office equipment	-	25% reducing balance

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.

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 stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 (see hedge accounting policy). 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.

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 as a finance cost 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 year amounted to 9 (2018: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2018 and 31 October 2019	811,667
	-----------
Amortisation
At 1 November 2018	669,625
Charge for the year	60,875
	-----------
At 31 October 2019	730,500
	-----------
Carrying amount
At 31 October 2019	81,167
	-----------
At 31 October 2018	142,042
	-----------

6. Tangible assets

	Equipment
	£
Cost
At 1 November 2018	29,738
Additions	5,326
	---------
At 31 October 2019	35,064
	---------
Depreciation
At 1 November 2018	23,488
Charge for the year	2,897
	---------
At 31 October 2019	26,385
	---------
Carrying amount
At 31 October 2019	8,679
	---------
At 31 October 2018	6,250
	---------

7. Debtors

	2019	2018
	£	£
Other debtors	459	–
	-----	-----

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	4,571	6,770
Corporation tax	6,207	4,856
Social security and other taxes	20,147	22,737
Other creditors	53,658	136,653
	---------	-----------
	84,583	171,016
	---------	-----------

9. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

10. Related party transactions

Directors Mr & Mrs Johnson & shareholders Mr & Mrs MacPake charged rent to the company totalling £(20,144) (2018: £(18,923)). No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.