Registration number:
Cheeky Monkey Bars Limited
for the Year Ended 31 January 2019
Cheeky Monkey Bars Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Cheeky Monkey Bars Limited
Company Information
Directors |
P Anderton J Edwards |
Company secretary |
P Anderton |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cheeky Monkey Bars Limited
for the Year Ended 31 January 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cheeky Monkey Bars Limited for the year ended 31 January 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Cheeky Monkey Bars Limited, 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 Cheeky Monkey Bars Limited and state those matters that we have agreed to state to the Board of Directors of Cheeky Monkey Bars Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cheeky Monkey Bars Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cheeky Monkey Bars Limited 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 Cheeky Monkey Bars Limited. You consider that Cheeky Monkey Bars Limited 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 Cheeky Monkey Bars Limited. 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.
...........................................................
Millennium Way
Pride Park
Derby
DE24 8HG
Date:.............................
Page 2 |
Cheeky Monkey Bars Limited
(Registration number: 05338578)
Balance Sheet as at 31 January 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 3 |
Cheeky Monkey Bars Limited
(Registration number: 05338578)
Balance Sheet as at 31 January 2019
For the financial year ending 31 January 2019 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. |
These financial statements have been prepared and 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
.........................................
Company secretary and director
Page 4 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
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.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the directors and group companies not requiring the withdrawal of their monies owed to them until sufficient funds are available.
If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
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 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.
Page 5 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Short leasehold land and buildings |
Straight line basis over 25 years |
Plant and machinery |
25% straight line basis / 25% straight line basis pro rata |
Fixtures and fittings |
25% straight line basis / 25% straight line basis pro rata |
Investment property
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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Page 6 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
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 |
10 years straight line basis |
Stocks
Stock of wet and dry goods are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2018 |
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At 31 January 2019 |
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Amortisation |
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At 1 February 2018 |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
- |
- |
At 31 January 2018 |
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Page 7 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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Investment properties |
2019 |
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At 1 February |
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Fair value adjustments |
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At 31 January |
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The fair value of the investment properties were reviewed by the directors at 31 January 2019. The fair values have been determined by carrying out a review of the property and investment yields in the area. These properties were valued at £250,000 (2018 - £235,000).
Stocks |
2019 |
2018 |
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Wet and dry goods |
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Page 8 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Debtors |
2019 |
2018 |
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Other debtors |
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Creditors |
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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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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Amounts owed to group undertakings |
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- |
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888,343 |
73,482 |
The amount owed to group undertakings above is now due after one year. The directors of both companies have agreed not to withdraw their monies until after at least one year has passed and until the company has available funds to repay.
Page 9 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank Loan |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank Loan |
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Bank borrowings
Bank loans
Liabilities held under bank loans of £73,447 (2018 - £75,953) are secured upon the investment properties and other assets of the company.
Included in the loans and borrowings are the following amounts due after more than five years:
2019 |
2018 |
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After more than five years by instalments |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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12 |
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12 |
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12 |
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12 |
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76 |
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76 |
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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 £
Page 10 |
Cheeky Monkey Bars Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date, amounts owed to directors amounted to £Nil (2018 - £123,748).
The company has taken advantage of the exemption in FRS102 Section 1A from disclosing transactions with other members of the group.
Page 11 |