Company Registration No. 08310187 (England and Wales)
THE MAYPOLE AT WELLOW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
THE MAYPOLE AT WELLOW LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
THE MAYPOLE AT WELLOW LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Intangible assets
3
3,354
-
Property, plant and equipment
4
989,645
994,437
992,999
994,437
Current assets
Inventories
7,501
6,635
Trade and other receivables
5
26,892
22,692
Cash and cash equivalents
8,206
10,999
42,599
40,326
Current liabilities
6
(178,835)
(1,834,067)
Net current liabilities
(136,236)
(1,793,741)
Total assets less current liabilities
856,763
(799,304)
Non-current liabilities
7
(500,000)
-
Net assets/(liabilities)
356,763
(799,304)
Equity
Called up share capital
8
1,250,000
100
Retained earnings
(893,237)
(799,404)
Total equity
356,763
(799,304)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 November 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 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.
THE MAYPOLE AT WELLOW LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2019
30 November 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 November 2020
Mr G Lawrence
Director
Company Registration No. 08310187
THE MAYPOLE AT WELLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
The Maypole at Wellow Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The E Centre, New Ollerton, Newark, Nottinghamshire, NG22 9GW.
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
The financial statements have been prepared on a going concern basis. Whilst the balance sheet shows an excess of liabilities over assets, the director believes this basis to be appropriate because the company's major creditor is a loan from its director. The director has indicated that he does not intend to seek repayment of this debt within the foreseeable future and has undertaken to provide financial support to enable creditors to be paid as they fall due and to enable the company to continue trading for a period of not less than 12 months from the date on which the accounts are approved.
true
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable.
Income from restaurant and bar sales is recognised on a receipts basis.
Income in respect of room sales is recognised on the delivery of the service.
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.
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:
Website
20% Straight line
1.5
Property, plant and equipment
Property, plant and equipment is
initially measured at cost net of depreciation and any impairment losses.
THE MAYPOLE AT WELLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% Straight line
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Straight line
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
.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
THE MAYPOLE AT WELLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Trade receivables
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Basic financial liabilities 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
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.
1.10
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.
1.11
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 non-current 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
21
19
THE MAYPOLE AT WELLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 December 2018
-
Additions
3,960
At 30 November 2019
3,960
Amortisation and impairment
At 1 December 2018
-
Amortisation charged for the year
606
At 30 November 2019
606
Carrying amount
At 30 November 2019
3,354
At 30 November 2018
-
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2018
1,014,383
206,558
1,220,941
Additions
26,506
5,385
31,891
At 30 November 2019
1,040,889
211,943
1,252,832
Depreciation and impairment
At 1 December 2018
96,176
130,328
226,504
Depreciation charged in the year
20,443
16,240
36,683
At 30 November 2019
116,619
146,568
263,187
Carrying amount
At 30 November 2019
924,270
65,375
989,645
At 30 November 2018
918,207
76,230
994,437
5
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Other receivables
26,892
22,692
THE MAYPOLE AT WELLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 7 -
6
Current liabilities
2019
2018
£
£
Trade payables
36,191
23,101
Taxation and social security
22,855
19,679
Other payables
119,789
1,791,287
178,835
1,834,067
7
Non-current liabilities
2019
2018
£
£
Other payables
500,000
-
During the year, £500,000 of long term debt was converted to 500 redeemable preference shares of £1,000 each.
The redeemable preference shares rank above all other share capital upon a winding up of the assets of the company in repayment of the capital paid, to the extent that those shares remain to be redeemed at the time of winding up. They are not entitled to any dividend or distribution or to any participation in the profits of the company.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,250,000 Ordinary of £1 each
1,250,000
100
During the year the company issued 1,249,900 ordinary shares of £1 each.
In addition , the company issued 500 redeemable preference shares of £1,000 each.