Company registration number:
for the Year Ended
Orchard Restaurant (Taunton Racecourse) Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Orchard Restaurant (Taunton Racecourse) Limited
(Registration number: 03387237)
Balance Sheet as at 31 May 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|||
Deferred tax liabilities |
(1,280) |
(3,729) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 May 2021 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 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.
Orchard Restaurant (Taunton Racecourse) Limited
(Registration number: 03387237)
Balance Sheet as at 31 May 2021
Approved and authorised by the
|
Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Orchard Portman
Taunton
Somerset
TA3 7BL
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.
Basis of preparation
These 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.
These financial statements are presented in Sterling (£).
The accounts are prepared under the going concern basis of accounting. The directors have assessed the likely impact of the Covid-19 pandemic on the operations of the business, including the company's ability to continue trading.
Up until the UK was first put into lockdown on 23 March 2020, the company had been operating in a manner consistent with the previous year. Since then it has been unable to provide its usual services to race-goers, nor host seminars, weddings or other events.
The directors have made a thorough assessment of these challenges, and concluded that given its financial position and the continuing support of its parent, the company is able to subsist until its functions can safely be resumed. Costs and cash requirements will continue to be monitored on a regular basis.
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.
Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2021
Government grants
Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
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 of tangible assets
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 |
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.
Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2021
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.
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.
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.
Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2021
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 8 (2020 - 13).
Other operating income |
Income of £50,000 (2020 - £nil) has been recognised under the company’s business interruption insurance policy under a claim in respect of the Covid pandemic.
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 June 2020 |
|
|
|
Additions |
|
- |
|
At 31 May 2021 |
|
|
|
Depreciation |
|||
At 1 June 2020 |
|
|
|
Charge for the year |
|
- |
|
At 31 May 2021 |
|
|
|
Carrying amount |
|||
At 31 May 2021 |
|
- |
|
At 31 May 2020 |
|
- |
|
Stocks |
2021 |
2020 |
|
Raw materials and consumables |
|
|
Orchard Restaurant (Taunton Racecourse) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2021
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Corporation tax |
- |
12,398 |
Other creditors |
|
|
|
|
Dividends |
2021 |
2020 |
|||
£ |
£ |
|||
Interim dividend of £
|
121,469 |
- |
||