MARBLE_BEERS_LIMITED - Accounts

Company Registration No. 03142173 (England and Wales)
MARBLE BEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
MARBLE BEERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MARBLE BEERS LIMITED
BALANCE SHEET
AS AT
31 MAY 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,546
4,856
Tangible assets
4
2,464,894
759,735
2,466,440
764,591
Current assets
Stocks
105,742
112,505
Debtors
5
132,732
98,958
Cash at bank and in hand
10,322
120,223
248,796
331,686
Creditors: amounts falling due within one year
6
(763,191)
(463,774)
Net current liabilities
(514,395)
(132,088)
Total assets less current liabilities
1,952,045
632,503
Creditors: amounts falling due after more than one year
7
(237,634)
(243,078)
Provisions for liabilities
(215,388)
(34,089)
Net assets
1,499,023
355,336
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
1,056,766
-
Profit and loss reserves
441,257
354,336
Total equity
1,499,023
355,336

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MARBLE BEERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2019
31 May 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 February 2020
Mrs J Rogers
Director
Company Registration No. 03142173
MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
1
Accounting policies
Company information

Marble Beers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
No depreciation
Land and buildings Leasehold
0% and 10% straight-line
Plant and machinery
15% & 20% reducing balance and 20% straight-line
Fixtures, fittings & equipment
10% reducing balance
Motor vehicles
25% reducing balance
MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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.

1.7
Cash at bank and in hand

Cash at bank and in hand 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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 43 (2018 - 46).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2018 and 31 May 2019
66,205
Amortisation and impairment
At 1 June 2018
61,349
Amortisation charged for the year
3,310
At 31 May 2019
64,659
Carrying amount
At 31 May 2019
1,546
At 31 May 2018
4,856
MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 7 -
4
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 June 2018
400,994
149,685
284,887
289,040
62,637
1,187,243
Additions
-
16,851
479,993
94,491
21,727
613,062
Disposals
-
-
(214,136)
(71,213)
-
(285,349)
Revaluation
1,219,006
-
-
-
-
1,219,006
At 31 May 2019
1,620,000
166,536
550,744
312,318
84,364
2,733,962
Depreciation and impairment
At 1 June 2018
-
-
202,101
180,163
45,242
427,506
Depreciation charged in the year
-
934
35,928
13,464
9,781
60,107
Eliminated in respect of disposals
-
-
(164,401)
(54,144)
-
(218,545)
At 31 May 2019
-
934
73,628
139,483
55,023
269,068
Carrying amount
At 31 May 2019
1,620,000
165,602
477,116
172,835
29,341
2,464,894
At 31 May 2018
400,994
149,685
82,786
108,875
17,395
759,735

Land and buildings with a carrying amount of £400,994 were revalued at April 2019 by Savills (UK) Limited, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2019
2018
£
£
Cost
400,994
-
Accumulated depreciation
-
-
Carrying value
400,994
-

The revaluation surplus is disclosed in note 9.

MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 8 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
79,815
71,283
Other debtors
52,917
27,675
132,732
98,958
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
66,818
40,089
Trade creditors
188,773
181,259
Taxation and social security
19,950
136,896
Other creditors
487,650
105,530
763,191
463,774
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
228,454
243,078
Other creditors
9,180
-
237,634
243,078

A legal charge was created on 27th October 2008 with Barclays Bank PLC and secured against the property at 73 Rochdale Road, Manchester.

A debenture was also created with Barclays Bank PLC with a fixed and floating charge secured against the undertaking and all the property and fixed assets present and future.

 

8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Revaluation reserve
MARBLE BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
9
Revaluation reserve
(Continued)
- 9 -
2019
2018
£
£
At the beginning of the year
-
-
Revaluation surplus arising in the year
1,056,766
-
At the end of the year
1,056,766
-

As required by FRS102, movements in fair value of freehold properties and the associated deferred tax provision are presented in the revaluation reserve. These are not realised profits for the purpose of determining the balance available for distribution.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2019
2018
£
£
17,822
35,599
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