Registration number:
Duke Bars Limited
for the Year Ended 31 December 2020
Duke Bars Limited
(Registration number: 04214816)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
|
|
|
Current assets |
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Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
105 |
105 |
|
Share premium reserve |
99,994 |
99,994 |
|
Profit and loss account |
(215,981) |
(52,225) |
|
Shareholders' (deficit)/funds |
(115,882) |
47,874 |
Duke Bars Limited
(Registration number: 04214816)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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.
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.
Going concern
The financial statements have been prepared on a going concern basis as the company's major creditor will continue to support the company for the forseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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 |
20% reducing balance |
Computer equipment |
33 % straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line basis over EUL of 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade Debtors are rexcognised initially at the transaction price. 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.
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.
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2020 |
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|
At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
|
|
Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Stocks |
2020 |
2019 |
|
Stock |
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Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Debtors |
Note |
2020 |
2019 |
|
Directors current account |
|
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Prepayments |
|
|
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Other debtors |
|
|
|
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
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Bank loans and overdrafts |
|
|
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Trade creditors |
|
|
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Taxation and social security |
|
|
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Other creditors |
|
|
|
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured over certain assets of £6,092 (2019 - £8,473).
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
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Loans and borrowings |
|
|
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
105.26 |
|
105.26 |
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Duke Bars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date the amount due to Mr S Davies was £441,273 (2019: £441,273)
The Directors
At the balance sheet date the amount due from the directors to the company was £140,601 (2019: £107,810).Interest at 2.5% is charged on the overdrawn balance.