Spirit Bar Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03755566 (England and Wales)

Financial Statements for the Period 1 June 2019 to 30 November 2020

for

Spirit Bar Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Y Opher

A Thompson

REGISTERED OFFICE:

7/8 Park End Street

Oxford

Oxfordshire

OX1 1HH

REGISTERED NUMBER:

03755566 (England and Wales)

ACCOUNTANTS:

Paul Howley & Co Ltd

Chartered Certified Accountants

42 Pitt Street

Barnsley

South Yorkshire

S70 1BB

FIXED ASSETS

Tangible assets

4

263,232

380,524

CURRENT ASSETS

Stocks

36,051

55,689

Debtors

5

124,239

155,372

Cash at bank and in hand

549,687

426,840

709,977

637,901

CREDITORS

Amounts falling due within one year

6

605,120

647,121

NET CURRENT ASSETS/(LIABILITIES)

104,857

(9,220

)

TOTAL ASSETS LESS CURRENT LIABILITIES

368,089

371,304

CREDITORS

Amounts falling due after more than one year

7

(126,284

)

(121,124

)

PROVISIONS FOR LIABILITIES

(19,500

)

(32,516

)

NET ASSETS

222,305

217,664

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

222,205

217,564

SHAREHOLDERS' FUNDS

222,305

217,664

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2021 and were signed on its behalf by:

A Thompson - Director

1.	STATUTORY INFORMATION

Spirit Bar Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

20% on cost and 10% on cost

Plant and machinery etc

-

25% on reducing balance and In accordance with the lease term

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 50 (2019 - 51 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2019

705,736

607,829

1,313,565

Additions

-

4,349

4,349

At 30 November 2020

705,736

612,178

1,317,914

DEPRECIATION

At 1 June 2019

419,604

513,437

933,041

Charge for period

84,791

36,850

121,641

At 30 November 2020

504,395

550,287

1,054,682

NET BOOK VALUE

At 30 November 2020

201,341

61,891

263,232

At 31 May 2019

286,132

94,392

380,524

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 June 2019

and 30 November 2020

48,890

DEPRECIATION

At 1 June 2019

21,389

Charge for period

7,334

At 30 November 2020

28,723

NET BOOK VALUE

At 30 November 2020

20,167

At 31 May 2019

27,501

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.5.19

£

£

Trade debtors

420

-

Other debtors

123,819

155,372

124,239

155,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.5.19

£

£

Bank loans and overdrafts

42,979

37,539

Hire purchase contracts

12,631

11,972

Trade creditors

114,006

263,622

Taxation and social security

262,894

143,179

Other creditors

172,610

190,809

605,120

647,121

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

31.5.19

£

£

Bank loans

117,588

99,686

Hire purchase contracts

8,696

21,438

126,284

121,124

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.20

31.5.19

£

£

Bank loans

160,567

137,225

Hire purchase contracts

21,327

33,410

181,894

170,635

9.	OTHER FINANCIAL COMMITMENTS

At the year end the company had total commitments under operating leases as follows:

Payable within one year: £169,750

Payable within two to five years: £309,000

10.	ULTIMATE CONTROLLING PARTY

The controlling party is the Board of Directors.