Gap Taverns Ltd - Period Ending 2018-04-30
Gap Taverns Ltd - Period Ending 2018-04-30
Registration number:
Gap Taverns Ltd
for the Year Ended 30 April 2018
65 Victoria Road
Polegate
East Sussex
BN26 6BY
Gap Taverns Ltd
Contents
Company Information |
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Directors' Report |
|
Accountants' Report |
|
Abridged Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Abridged Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Abridged Financial Statements |
Gap Taverns Ltd
Company Information
Directors |
Mr Greg Churcher Mrs Angelina Churcher |
Registered office |
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Accountants |
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Page 1 |
Gap Taverns Ltd
Directors' Report for the Year Ended 30 April 2018
The directors present their report and the abridged financial statements for the year ended 30 April 2018.
Directors of the company
The directors who held office during the year were as follows:
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
.........................................
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gap Taverns Ltd
for the Year Ended 30 April 2018
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 year ended 30 April 2018 as set out on pages 4 to 14 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 loss of Gap Taverns Ltd. You consider that Gap Taverns Ltd is exempt from the statutory audit requirement for the year.
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.
......................................
Polegate
East Sussex
BN26 6BY
Page 3 |
Gap Taverns Ltd
Abridged Profit and Loss Account for the Year Ended 30 April 2018
Note |
2018 |
2017 |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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(Loss)/profit before tax |
( |
|
|
Taxation |
- |
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Gap Taverns Ltd
Statement of Comprehensive Income for the Year Ended 30 April 2018
2018 |
2017 |
|
(Loss)/profit for the year |
( |
|
Total comprehensive income for the year |
( |
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Page 5 |
Gap Taverns Ltd
(Registration number: 9557317)
Abridged Balance Sheet as at 30 April 2018
Note |
2018 |
2017 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
|||
Stocks |
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Debtors |
- |
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Cash at bank and in hand |
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|
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||
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
( |
|
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Total equity |
( |
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For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Page 6 |
Gap Taverns Ltd
(Registration number: 9557317)
Abridged Balance Sheet as at 30 April 2018
Approved and authorised by the
.........................................
Mrs Angelina Churcher
Director
Page 7 |
Gap Taverns Ltd
Statement of Changes in Equity for the Year Ended 30 April 2018
Share capital |
Profit and loss account |
Total |
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At 1 May 2017 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 April 2018 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 April 2016 |
|
|
|
Profit for the year |
- |
|
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 30 April 2017 |
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Page 8 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 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.
Page 9 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
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.
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.
Page 10 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
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.
Staff numbers |
Average number of employees
Loss/profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
|
|
Tangible assets |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
|||
At 1 May 2017 |
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Additions |
- |
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At 30 April 2018 |
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|
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Depreciation |
|||
At 1 May 2017 |
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Charge for the year |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Share capital |
Allotted, called up and fully paid shares
Page 11 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2018 |
2017 |
|||
£ |
£ |
Transition to FRS 102 |
Balance Sheet at 1 April 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
||||
Total equity |
- |
- |
- |
- |
Page 12 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
Balance Sheet at 30 April 2017
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
||||
Total equity |
- |
- |
- |
- |
Page 13 |
Gap Taverns Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2018
Profit and Loss Account for the period from 1 April 2016 to 30 April 2017
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
- |
- |
- |
- |
Operating profit/(loss) |
- |
- |
- |
- |
Profit/(loss) before tax |
- |
- |
- |
- |
Profit/(loss) for the financial year |
- |
- |
- |
- |
Page 14 |