London Cocktail Bars Limited Accounts

LONDON COCKTAIL BARS LIMITED - Company Information






London Cocktail Bars Limited

	Company No. 05121204
		Information for Filing with The Registrar
		01 January 2023

at	1 January 2023
Company No.		05121204	Notes	2023	2021
				£	£
Fixed assets
	Intangible assets		5	182,428	208,490
	Tangible assets		6	1,188,771	1,024,678


				1,371,199	1,233,168
Current assets
	Stocks			73,972	62,499
	Debtors			710,428	187,843

	Cash at bank and in hand			186,662	125,986
				971,062	376,328
Creditors: Amount falling due within one year				(1,569,068)	(1,079,247)
Net current liabilities				(598,006)	(702,919)
Total assets less current liabilities				773,193	530,249
Creditors: Amounts falling due after more than one year				(447,929)	(284,079)
Provisions for liabilities
	Deferred taxation		7	(155,993)	(123,988)

Net assets				169,271	122,182

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		8	169,171	122,082

Total equity				169,271	122,182



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the period ended 1 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

All the members have consented to the preparation of abridged financial statements for the period ended 1 January 2023 in accordance with the Companies Act 2006.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 29 September 2023
And signed on its behalf by:
Jonathan Bas
Director
29 September 2023

for the period ended 1 January 2023

General information

Its registered number is: 05121204

Its registered office is:

102 Highland House

165 The Broadway

London

SW19 1NE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The abridged accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006, including the provisions permitting an abridged profit and loss accountant balance sheet to be prepared.

Accounting policies

Turnover

Turnover is derived from the sale of food and drinks to third parties, after deducting discounts and Value added Tax. It also includes other services such as the provision of entertainment. It is recognised at the point of sale through electronic tills.
Turnover invoiced as part of other contracts is recognised when earned in accordance with the contract.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold Property

Over the lease term

Leasehold Improvements

Over the lease term

Plant and machinery

5 years Straight Line

Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Cash and Cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities.

Stocks

Stocks are valued at the lower of cost and estimated selling price, after making due allowance for
obsolete and slow moving items.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment.

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.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

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 leased asset are consumed.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Change in length of the reporting period

The length of the reporting period has changed from 12 months to 365 days to incorporate the change to weekly reporting.

4	Employees
			2023	2021
			Number	Number
		The average monthly number of employees (including directors) during the period:	60	45

5	Intangible fixed assets
			Total
			£
		Cost
		At 1 January 2022	322,500


		At 1 January 2023	322,500
		Amortisation and impairment
		At 1 January 2022	114,010
		Charge for the year	26,062


		At 1 January 2023	140,072
		Net book values
		At 1 January 2023	182,428
		At 31 December 2021	208,490

6	Tangible fixed assets
			Total
			£
		Cost or revaluation
		At 1 January 2022	1,595,272
		Additions	379,594



		At 1 January 2023	1,974,866
		Depreciation
		At 1 January 2022	570,594
		Charge for the year	215,501



		At 1 January 2023	786,095
		Net book values
		At 1 January 2023	1,188,771
		At 31 December 2021	1,024,678

7	Provisions for liabilities
		Deferred taxation

			Accel CA, Losses and OTD	Total
			£	£
		At 1 January 2022	123,988	123,988
		Charge to the profit and loss account for the period	32,005	32,005

		At 1 January 2023	155,993	155,993



			2023	2021
			£	£
		Accelerated capital allowances	289,620	188,760
		Tax losses	(133,627)	(64,772)


			155,993	123,988

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2023	2021
			£	£
		Dividends for the period:
		Dividends paid in the period	-	213,000

			-	213,000

		Dividends by type:

		Equity dividends	-	213,000
			-	213,000