Company Registration No. 06426555 (England and Wales)
MANNERS (NEWCASTLE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
MANNERS (NEWCASTLE) LIMITED
COMPANY INFORMATION
Director
D Fisher
Secretary
A J Fisher
Company number
06426555
Registered office
The Apartment Group 1st Floor, Two
Jesmond Three Sixty
Newcastle upon Tyne
NE2 1DB
Auditor
RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Business address
Nancy's Bordello
Liberty Brown
13 Argyle Street
10 Timber Beach Road
Newcastle upon Tyne
Sunderland
NE1 6PF
SR5 3XG
MANNERS (NEWCASTLE) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MANNERS (NEWCASTLE) LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,229,881
2,308,876
Current assets
Stocks
58,033
61,097
Debtors
5
1,538,036
1,473,296
Cash at bank and in hand
191,287
54,631
1,787,356
1,589,024
Creditors: amounts falling due within one year
6
(411,094)
(520,939)
Net current assets
1,376,262
1,068,085
Total assets less current liabilities
3,606,143
3,376,961
Creditors: amounts falling due after more than one year
7
(2,773,765)
(2,634,970)
Provisions for liabilities
(61,953)
(72,090)
Net assets
770,425
669,901
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
770,424
669,900
Total equity
770,425
669,901
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on
17 August 2018
D Fisher
Director
Company Registration No. 06426555
MANNERS (NEWCASTLE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2017
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2015
1
605,046
605,047
Year ended 31 July 2016:
Profit and total comprehensive income for the year
-
64,854
64,854
Balance at 31 July 2016
1
669,900
669,901
Year ended 31 July 2017:
Profit and total comprehensive income for the year
-
100,524
100,524
Balance at 31 July 2017
1
770,424
770,425
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
Manners (Newcastle) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Apartment Group 1st Floor, Two, Jesmond Three Sixty, Newcastle upon Tyne, NE2 1DB. The principal places of business are Nancy's Bodello, 13 Argyle Street, Newcastle upon Tyne, NE1 6PF and Liberty Brown, 10 Timber Beach Road, Sunderland, SR5 3XG.
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 a going concern basis. The Director has a reasonable expectation that the Company will continue in operational existence for the foreseeable future. However, the Director is aware of certain material uncertainties which may cause doubt on the Company's ability to continue as a going concern.
The Company has given an unlimited cross guarantee to a connected company, Apartment 1 Limited. Although no liability is expected to arise as a result of this guarantee, there is a material uncertainty that may cast significant doubt on Apartment 1 Limited's ability to continue as a going concern, and as a result of the financial interdependence, this may cast significant doubt on the Company's ability to continue as a going concern. Apartment 1 Limited has a final loan instalment of £5,097,177 payable to the bank in August 2018, however the bank has indicated it will roll the facility on until the refinancing process is finalised. The Director of Apartment 1 Limited is confident that funding arrangements will be finalised in the coming quarter, and financial forecasts support the going concern assumption.
1.3
Turnover
Turnover represents
the total value of bar and restaurant sales, excluding value added tax. Turnover is recognised at the point of sale in the bar and restaurant.
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.
Tangible fixed assets are stated at cost less depreciation.
The company's freehold land and buildings are maintained by a programme of repair and refurbishment such that the residual value is deemed to be at least equal to the book value. Having regard to this, it is the opinion of the director that depreciation as required by the Companies Act 2006 and accounting standards would not be material. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
No depreciation charged
Fixtures, fittings and equipment
15% reducing balance
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stock is valued at the lower of cost and net realisable value.
Cost is calculated on goods for resale as the purchase price on the cost of the stock.
Net realisable value is based on estimated selling price.
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 and loans from
connected
companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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
, if considered material to the financial statements
.
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.
1.10
Retirement benefits
The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
2
Operating profit
2017
2016
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,000
4,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 114 (2016 - 73).
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 August 2016
1,537,276
1,359,007
2,896,283
Additions
-
25,188
25,188
At 31 July 2017
1,537,276
1,384,195
2,921,471
Depreciation and impairment
At 1 August 2016
-
587,407
587,407
Depreciation charged in the year
-
104,183
104,183
At 31 July 2017
-
691,590
691,590
Carrying amount
At 31 July 2017
1,537,276
692,605
2,229,881
At 31 July 2016
1,537,276
771,600
2,308,876
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
19,880
Amounts due from connected companies
1,454,841
1,392,144
Other debtors
83,195
61,272
1,538,036
1,473,296
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
122,980
185,287
Amounts due to connected companies
19,356
19,356
Corporation tax
30,155
61,806
Other taxation and social security
103,120
120,506
Other creditors
135,483
133,984
411,094
520,939
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Amounts due to connected companies
2,773,765
2,634,970
8
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
61,953
72,090
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
10
Financial commitments, guarantees and contingent liabilities
Security has been given by way of a legal charge and mortgage debenture over the assets of the company, together with an assignment over a life policy in the name of the director, Mr D Fisher, in favour of The Co-Operative Bank Plc. In addition, the company has given an unlimited cross guarantee in respect of the bank borrowings of Apartment 1 Limited and Newton Hall (Northumberland) Limited. No liability is expected to arise as a result of this guarantee.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Material uncertainty relating to going concern
We draw attention to note 1 in the financial statements which indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The company has given an unlimited cross guarantee to a connected company, Apartment 1 Limited. Although no liability is expected to arise as a result of this guarantee, there is a material uncertainty that may cast significant doubt on Apartment 1 Limited's ability to continue as a going concern, and as a result of the financial interdependence, this may cast significant doubt on the Company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
The senior statutory auditor was Maxine Pott.
The auditor was RMT Accountants & Business Advisors Ltd.
2017-07-31
2016-08-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
17 August 2018
This audit opinion is unqualified
D Fisher
A J Fisher
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