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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Market Tavern Stroud Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Market Tavern Stroud Limited |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Market Tavern Stroud Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1st Floor, Bridge House |
25 Fiddlebridge Lane |
Hatfield |
Hertfordshire |
AL10 0SP |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Balance Sheet |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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PROVISIONS FOR LIABILITIES | 7 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Balance Sheet - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Market Tavern Stroud Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Investment property |
In accordance with FRS 102, the company's investment property is revalued annually at its open |
market value. The gains and loss on revaluation are recorded in the profit and loss account. |
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Depreciation is not provided on the investment property, which is a departure from the Companies Act |
2006. In the opinion of the director, the property is primarily an investment and so its current value is |
of more significance than any measure of consumption; consequently, he believes that a depreciation |
charge would distort the true and fair view presented by the accounts, which therefore do not include a |
depreciation charge. |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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3. | TANGIBLE FIXED ASSETS |
Freehold |
property |
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COST OR VALUATION |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Cost or valuation at 31 May 2017 is represented by: |
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Freehold |
property |
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Valuation in 2017 | 750,000 |
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If the freehold property had not been revalued it would have been included at the following historical |
cost: |
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2017 | 2016 |
£ | £ |
Cost | 481,778 | 481,778 |
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The freehold property was valued on an open market basis on 31 May 2017 by the director . |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 45,287 | 48,765 |
Market Tavern Stroud Limited (Registered number: 09049693) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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7. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 June 2016 |
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Reduction in tax on |
property revaluation | (3,478 | ) |
Balance at 31 May 2017 |
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8. | RELATED PARTY DISCLOSURES |
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The Company is controlled by the director and his business partner, Mr AM Shah, as they control the |
Company's parent. |
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During the year, in support of a loan from a third-party lender to a fellow-subsidiary of the Company's |
parent, the Company gave the lender a fixed and floating charge over its assets, for which it charged a |
facilitation fee of £75,000 (2016: £nil) to that fellow-subsidiary. The full amount of this fee was |
outstanding at the year-end and no terms have been set regarding payment of this sum or interest on |
this loan. |
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At the balance sheet date: |
- the parent company was owed £321,243 (2016: £321,243) by the Company; |
- a company that is also controlled by the Company's director and Mr Shah was owed £145,275 (2016: |
£145,275) by the Company; and |
- a corporate shareholder of the Company that is also controlled by the Company's director and Mr |
Shah owed £2,500 (2016: £2,500) to the Company. |
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In the case of the two loans to the Company mentioned above, no terms have been set regarding |
payment of interest or repayment of capital, save that those companies have agreed not to seek |
repayment of their loans within one year of the balance sheet date. The loan by the Company of |
£2,500 mentioned above is interest-free and repayable on demand. |