Company Registration No. 06081618 (England and Wales)
CELLAR DOOR PROMOTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
CELLAR DOOR PROMOTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CELLAR DOOR PROMOTIONS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
172,016
225,207
Tangible assets
4
160,623
180,701
332,639
405,908
Current assets
Debtors
5
75,605
28,590
Cash at bank and in hand
11,757
87,362
28,590
Creditors: amounts falling due within one year
6
(479,357)
(469,302)
Net current liabilities
(391,995)
(440,712)
Total assets less current liabilities
(59,356)
(34,804)
Creditors: amounts falling due after more than one year
7
(445,572)
(120,359)
Net liabilities
(504,928)
(155,163)
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
99,825
99,825
Profit and loss reserves
(605,753)
(255,988)
Total equity
(504,928)
(155,163)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
CELLAR DOOR PROMOTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2020
31 August 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 May 2021 and are signed on its behalf by:
M Sarfo-Kantanka
Director
Company Registration No. 06081618
CELLAR DOOR PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
1
Accounting policies
Company information
Cellar Door Promotions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Cellar Door Promotions Ltd, 71 High Street, Croydon, CR0 1QE.
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
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
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; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Intangible Assets
Over 5 years
1.5
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:
Fixtures and fittings
10% Straight Line
CELLAR DOOR PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
CELLAR DOOR PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
11
7
CELLAR DOOR PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
3
Intangible fixed assets
Intangible Assets
£
Cost
At 1 September 2019 and 31 August 2020
278,398
Amortisation and impairment
At 1 September 2019
53,191
Amortisation charged for the year
53,191
At 31 August 2020
106,382
Carrying amount
At 31 August 2020
172,016
At 31 August 2019
225,207
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2019 and 31 August 2020
200,779
Depreciation and impairment
At 1 September 2019
20,078
Depreciation charged in the year
20,078
At 31 August 2020
40,156
Carrying amount
At 31 August 2020
160,623
At 31 August 2019
180,701
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
46,804
Corporation tax recoverable
6,106
8,156
Other debtors
22,695
20,434
75,605
28,590
CELLAR DOOR PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
17,286
20,030
Trade creditors
43,578
Taxation and social security
5,188
859
Other creditors
413,305
448,413
479,357
469,302
Ms Tianmo Zheng: The total amount of money invested as
a
director loan is
-
£200,000
.
Mr Aochuan Ding: The total amount of money invested as a director loan is - £200,000.
Ms Yan Qin: The total amount of money invested as a director loan is - £100,000.
Mr Mark Sarfo-Kantanka: The total amount of money invested as
a
director loan
-
£
82,202.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000
Other creditors
395,572
120,359
445,572
120,359
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10,001
10,000
1,000
1,000
At the year end Cellar Door Promotions Limited held 1,200 ordinary shares at a value of £0.10 as treasury shares.
9
Directors' transactions
Included in other creditors is an amount of £282,202 (2019: £312,239) due to the directors of the company.