Company Registration No. 04284795 (England and Wales)
MB CAFES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
MB CAFES LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MB CAFES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 1 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MB CAFES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,639
39,672
Tangible assets
4
188,905
285,383
216,544
325,055
Current assets
Stocks
19,870
17,120
Debtors
5
889,025
557,490
Cash at bank and in hand
4,020
59,369
912,915
633,979
Creditors: amounts falling due within one year
6
(368,860)
(417,929)
Net current assets
544,055
216,050
Total assets less current liabilities
760,599
541,105
Provisions for liabilities
(9,193)
(20,031)
Net assets
751,406
521,074
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
750,406
520,074
Total equity
751,406
521,074
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MB CAFES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 18 June 2020
Mr C D Free
Director
Company Registration No. 04284795
MB CAFES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
1
Accounting policies
Company information
MB Cafes Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Rectory, Huncote Road, Croft, Leicestershire, LE9 3GT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of goods supplied during the year exclusive of Value Added Tax. Turnover is recognised at point of sale.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Franchises
Amortised over 10 years and 5 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% on cost and over the period of the lease
Fixtures, fittings & equipment
20% on cost
Catering equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
MB CAFES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 65 (2018 - 74).
3
Intangible fixed assets
Other
£
Cost
At 1 October 2018 and 30 September 2019
106,931
Amortisation and impairment
At 1 October 2018
67,259
Amortisation charged for the year
12,033
At 30 September 2019
79,292
Carrying amount
At 30 September 2019
27,639
At 30 September 2018
39,672
MB CAFES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2018 and 30 September 2019
291,485
1,111,858
1,403,343
Depreciation and impairment
At 1 October 2018
172,126
945,834
1,117,960
Depreciation charged in the year
28,525
67,953
96,478
At 30 September 2019
200,651
1,013,787
1,214,438
Carrying amount
At 30 September 2019
90,834
98,071
188,905
At 30 September 2018
119,359
166,024
285,383
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
889,025
557,490
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
33
-
Trade creditors
68,825
74,754
Corporation tax
76,250
69,850
Other taxation and social security
45,195
86,943
Other creditors
178,557
186,382
368,860
417,929
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary of £1 each
1,000
1,000
MB CAFES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
8
Operating lease commitments
Lessee
The following operating lease payments are committed to be paid:
2019 2018
£ £
Expiring;
Within one year 279,141 343,312
Between one and five years 718,228 666,405
In more than five years 372,339 455,443
9
Ultimate Controlling Party
The ultimate controlling party is C D Free by virtue of his 100% shareholding.
10
Related Party Disclosures
C D Free
A director of the company.
During the year, total rent paid to the director was £19,000 (2018: £19,000).
East Midlands Property Investments Limited
A company with a common director.
Amount due from related party at the balance sheet date was £573,587 (2018: £306,500).