Joe's Lodge Limited Company Accounts

JOE'S LODGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05512336

Joe's Lodge Limited

Filleted Unaudited Financial Statements

31 October 2017

Joe's Lodge Limited

Financial Statements

Year ended 31 October 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Joe's Lodge Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	4		108,985		111,868

Current assets

Cash at bank and in hand	802		765

Creditors: amounts falling due within one year	5	22,838		17,778
		---------		---------
Net current liabilities			22,036		17,013
			-----------		-----------
Total assets less current liabilities			86,949		94,855

Creditors: amounts falling due after more than one year	6	169,130	169,130
		-----------	-----------
Net liabilities		( 82,181)	( 74,275)
		-----------	-----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 82,183)	( 74,277)
	---------	---------
Shareholders deficit	( 82,181)	( 74,275)
	---------	---------

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 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 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 .

Joe's Lodge Limited

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 17 May 2018 , and are signed on behalf of the board by:

Mr. C. J. F. Wainwright

Director

Company registration number: 05512336

Joe's Lodge Limited

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 76 Shrewsbury Road, Prenton, Birkenhead, Cheshire, CH43 2HY, United Kingdom.

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.

Going concern

The accounts have been prepared under the going concern basis. Should this basis not apply, fixed assets would need to be carried at their market value and described as current assets and all liabilities would become current.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	2% straight line
Equipment	-	25% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 November 2016 and 31 October 2017	144,140	1,730	145,870
	-----------	--------	-----------
Depreciation
At 1 November 2016	32,272	1,730	34,002
Charge for the year	2,883	–	2,883
	-----------	--------	-----------
At 31 October 2017	35,155	1,730	36,885
	-----------	--------	-----------
Carrying amount
At 31 October 2017	108,985	–	108,985
	-----------	--------	-----------
At 31 October 2016	111,868	–	111,868
	-----------	--------	-----------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	630	630
Director loan accounts	22,208	17,148
	---------	---------
	22,838	17,778
	---------	---------

6. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Director loan accounts	169,130	169,130
	-----------	-----------

7. Directors' advances, credits and guarantees

There were no Director's advances or guarantees during the year.

8. Related party transactions

The company was under the control of Mr. and Mrs. Wainwright throughout the current and previous year, they are directors and joint shareholders.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.

10. Going concern

As described in Note 3, the accounts are prepared under the going concern basis. This basis is reliant upon the future financial support of the directors. The directors are willing and financially able to provide this support.