Company registration number:
for the Year Ended
Orchard Restaurant (Taunton Racecourse) Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Orchard Restaurant (Taunton Racecourse) Limited
(Registration number: 03387237)
Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(4,357) |
(5,157) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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Orchard Restaurant (Taunton Racecourse) Limited
(Registration number: 03387237)
Balance Sheet as at 31 May 2017
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Orchard Restaurant (Taunton Racecourse) Limited
Statement of Changes in Equity
for the Year Ended 31 May 2017
Share capital |
Profit and loss reserve |
Total |
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At 1 June 2016 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 May 2017 |
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Share capital |
Profit and loss reserve |
Total |
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At 1 June 2015 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 May 2016 |
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Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Financial Statements
for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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 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. This is the first year in which the financial statements have been prepared under FRS102 Section 1A. The company transitioned as at 1 June 2015, and there have been no recognition or measurement changes as a result of the transition.
Basis of preparation
These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when goods and services are provided to customers, or functions are held.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and 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 |
Fixtures, fittings and equipment |
25% straight line basis |
Motor vehicles |
25% straight line basis |
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Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Financial Statements
for the Year Ended 31 May 2017
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.
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.
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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Financial Statements
for the Year Ended 31 May 2017
Defined contribution pension obligation
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 an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The average number of additional persons employed by the company for race days and other functions during the year was 13 (2016 - 11).
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Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Financial Statements
for the Year Ended 31 May 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
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- |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Financial Statements
for the Year Ended 31 May 2017
Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
- |
8,150 |
Other creditors |
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Related party transactions |
Summary of transactions with parent
During the year the company paid management charges amounting to £60,000 (2016 - £60,000) and sold goods amounting to £35,888 (2016 - £33,936). At the balance sheet date the amount due from Taunton Racecourse Company Limited was £46,530 (2016 - £9,922).
Parent and ultimate parent undertaking |
The ultimate controlling party is
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