Company Registration No. 06426555 (England and Wales)
MANNERS (NEWCASTLE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
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
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 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,263,996
2,229,881
Current assets
Stocks
55,346
58,033
Debtors
5
1,580,685
1,538,036
Cash at bank and in hand
226,733
191,287
1,862,764
1,787,356
Creditors: amounts falling due within one year
6
(424,835)
(411,094)
Net current assets
1,437,929
1,376,262
Total assets less current liabilities
3,701,925
3,606,143
Creditors: amounts falling due after more than one year
7
(2,826,210)
(2,773,765)
Provisions for liabilities
(58,124)
(61,953)
Net assets
817,591
770,425
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
817,590
770,424
Total equity
817,591
770,425
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
29 April 2019
D Fisher
Director
Company Registration No. 06426555
MANNERS (NEWCASTLE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2018
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 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
Year ended 31 July 2018:
Profit and total comprehensive income for the year
-
47,166
47,166
Balance at 31 July 2018
1
817,590
817,591
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 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
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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
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).
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
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
2018
2017
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 58 (2017 - 114).
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 August 2017
1,537,276
1,384,195
2,921,471
Additions
-
123,774
123,774
At 31 July 2018
1,537,276
1,507,969
3,045,245
Depreciation and impairment
At 1 August 2017
-
691,590
691,590
Depreciation charged in the year
-
89,659
89,659
At 31 July 2018
-
781,249
781,249
Carrying amount
At 31 July 2018
1,537,276
726,720
2,263,996
At 31 July 2017
1,537,276
692,605
2,229,881
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts due from connected companies
1,504,577
1,454,841
Other debtors
76,108
83,195
1,580,685
1,538,036
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
171,810
122,980
Amounts due to connected companies
19,356
19,356
Corporation tax
14,227
30,155
Other taxation and social security
45,388
103,120
Other creditors
174,054
135,483
424,835
411,094
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 7 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Amounts due to connected companies
2,826,210
2,773,765
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
58,124
61,953
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
10
Financial commitments, guarantees and contingent liabilities
At the reporting date s
ecurity
was
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.
These charges were satisfied in December 2018 following refinancing of the loan in Apartment 1 Limited. However, these charges were replaced by new charges over the assets of the company and another unlimited cross guarantee in favour of Natwest Bank Plc.
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.
The senior statutory auditor was Paul Gainford.
The auditor was RMT Accountants & Business Advisors Ltd.
2018-07-31
2017-08-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
30 April 2019
This audit opinion is unqualified
D Fisher
A J Fisher
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