Gap Taverns Ltd - Period Ending 2017-04-30

Gap Taverns Ltd - Period Ending 2017-04-30


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Registration number: 9557317

Gap Taverns Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 April 2016 to 30 April 2017

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

 

Gap Taverns Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Abridged Financial Statements

9 to 11

 

Gap Taverns Ltd

Company Information

Directors

Mr Greg Churcher

Mrs Angelina Churcher

Registered office

Cold Harbour Road
Upper Dicker
East Sussex
BN27 3QJ

Accountants

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

 

Gap Taverns Ltd

Directors' Report for the Period from 1 April 2016 to 30 April 2017

The directors present their report and the abridged financial statements for the period from 1 April 2016 to 30 April 2017.

Directors of the company

The directors who held office during the period were as follows:

Mr Greg Churcher

Mrs Angelina Churcher

Principal activity

The principal activity of the company is Restaurant & Bar

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 17 November 2017 and signed on its behalf by:

.........................................
Mrs Angelina Churcher
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gap Taverns Ltd
for the Period Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gap Taverns Ltd for the period ended 30 April 2017 as set out on pages 4 to 11 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 (ICAEW), 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 Board of Directors of Gap Taverns 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 accounts of Gap Taverns Ltd and state those matters that we have agreed to state to the Board of Directors of Gap Taverns Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gap Taverns Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gap Taverns Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gap Taverns Ltd. You consider that Gap Taverns 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 accounts of Gap Taverns 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 accounts.

......................................

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

17 November 2017

 

Gap Taverns Ltd

Abridged Profit and Loss Account for the Period from 1 April 2016 to 30 April 2017

Note

Total
30 April
2017
£

Total
31 March
2016
£

Gross profit

 

462,937

314,237

Administrative expenses

 

(419,391)

(292,135)

Profit before tax

4

43,546

22,102

Taxation

 

(8,117)

(2,962)

Profit for the financial period

 

35,429

19,140

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Gap Taverns Ltd

Statement of Comprehensive Income for the Period from 1 April 2016 to 30 April 2017

Note

2017
£

2016
£

Profit for the period

 

35,429

19,140

Total comprehensive income for the period

 

35,429

19,140

 

Gap Taverns Ltd

(Registration number: 9557317)
Abridged Balance Sheet as at 30 April 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

49,759

59,148

Current assets

 

Stocks

6

6,225

-

Debtors

15,583

-

Cash at bank and in hand

 

7,549

15,320

 

29,357

15,320

Creditors: Amounts falling due within one year

(75,887)

(52,933)

Net current liabilities

 

(46,530)

(37,613)

Total assets less current liabilities

 

3,229

21,535

Accruals and deferred income

 

(2,560)

(2,295)

Net assets

 

669

19,240

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

569

19,140

Total equity

 

669

19,240

For the financial period ending 30 April 2017 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Gap Taverns Ltd

(Registration number: 9557317)
Abridged Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 17 November 2017 and signed on its behalf by:
 

.........................................

Mr Greg Churcher

Director

 

Gap Taverns Ltd

Statement of Changes in Equity for the Period from 1 April 2016 to 30 April 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

100

19,140

19,240

Profit for the period

-

35,429

35,429

Total comprehensive income

-

35,429

35,429

Dividends

-

(54,000)

(54,000)

At 30 April 2017

100

569

669

Share capital
£

Profit and loss account
£

Total
£

Profit for the period

-

19,140

19,140

Total comprehensive income

-

19,140

19,140

New share capital subscribed

100

-

100

At 31 March 2016

100

19,140

19,240

 

Gap Taverns Ltd

Notes to the Abridged Financial Statements for the Period from 1 April 2016 to 30 April 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Cold Harbour Road
Upper Dicker
East Sussex
BN27 3QJ
England

These financial statements were authorised for issue by the Board on 17 November 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gap Taverns Ltd

Notes to the Abridged Financial Statements for the Period from 1 April 2016 to 30 April 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles, plant & Equipment

Reducing Balance at 20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gap Taverns Ltd

Notes to the Abridged Financial Statements for the Period from 1 April 2016 to 30 April 2017

3

Staff numbers

4

Profit before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

12,440

14,788

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2016

73,936

Additions

3,051

At 30 April 2017

76,987

Depreciation

At 1 April 2016

14,788

Charge for the period

12,440

At 30 April 2017

27,228

Carrying amount

At 30 April 2017

49,759

At 31 March 2016

59,148

6

Stocks

2017
£

2016
£

Other inventories

6,225

-

7

Dividends

 

2017

2016

 

£

£

 

Gap Taverns Ltd

Detailed Profit and Loss Account for the Period from 1 April 2016 to 30 April 2017

2017
£

2016
£

Turnover (analysed below)

1,095,277

890,015

Cost of sales (analysed below)

(632,340)

(575,778)

Gross profit

462,937

314,237

Gross profit (%)

42.27%

35.31%

Administrative expenses

Employment costs (analysed below)

(224,331)

(114,575)

Establishment costs (analysed below)

(154,248)

(137,681)

General administrative expenses (analysed below)

(26,123)

(24,275)

Finance charges (analysed below)

(2,249)

(816)

Depreciation costs (analysed below)

(12,440)

(14,788)

(419,391)

(292,135)

Operating profit

43,546

22,102

Profit before tax

43,546

22,102

 

Gap Taverns Ltd

Detailed Profit and Loss Account for the Period from 1 April 2016 to 30 April 2017

2017
£

2016
£

   

Turnover

Sales, UK

1,095,277

890,015

   

Cost of sales

Purchases

595,754

521,705

Direct costs

2,137

10,939

Closing finished goods

(6,225)

-

Subcontract cost

40,674

43,134

632,340

575,778

   

Employment costs

Wages and salaries

(224,331)

(114,575)

   

Establishment costs

Rent

(56,008)

(33,364)

Rates

(13,089)

(8,371)

Light, heat and power

(48,377)

(31,402)

Insurance

(3,787)

(3,420)

Repairs and maintenance

(19,210)

(3,172)

Repairs and renewals

(13,777)

(43,473)

Equipment repairs and renewals

-

(14,479)

(154,248)

(137,681)

   

General administrative expenses

Telephone and fax

(2,399)

(3,060)

Printing, postage and stationery

(2,223)

(2,004)

Trade subscriptions

(4,271)

(5,333)

Sundry expenses

(13)

(13)

Cleaning

(1,914)

(1,852)

Motor expenses

(3,649)

(6,658)

Advertising

(4,571)

(1,471)

Accountancy fees

(2,560)

(2,295)

Management fees

(4,023)

(1,439)

Legal and professional fees

(500)

(150)

(26,123)

(24,275)

   

Finance charges

Bank charges

(2,249)

(816)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(11,827)

(14,021)

Depreciation of motor vehicles (owned)

(613)

(767)

(12,440)

(14,788)