REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET TAVERN STROUD LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET TAVERN STROUD LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
|
MARKET TAVERN STROUD LIMITED (REGISTERED NUMBER: 09049693) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
MARKET TAVERN STROUD LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
MARKET TAVERN STROUD LIMITED (REGISTERED NUMBER: 09049693) |
|
BALANCE SHEET |
31 MAY 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 7 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Non-distributable reserves |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
MARKET TAVERN STROUD LIMITED (REGISTERED NUMBER: 09049693) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
|
1. | STATUTORY INFORMATION |
|
Market Tavern Stroud Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The director has a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
|
Turnover |
The company intends to dispose of its freehold property, which is unlet, when its development potential can be realised. In the interim, the company's turnover is a facilitation fee for allowing its property be used as security for the borrowings of a connected company; it excludes discounts, rebates, value added tax and other sales taxes. |
|
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
MARKET TAVERN STROUD LIMITED (REGISTERED NUMBER: 09049693) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Investment property |
In accordance with FRS 102, the company's investment property is revalued annually at its open market value. Any gains and losses on revaluation are taken to the profit and loss account and a corresponding adjustment is made to reserves. |
|
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. |
|
Impairment of fixed assets |
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
|
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
|
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 (or cash-generating unit) is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
A reversal of an impairment loss is recognised immediately in profit or loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 June 2019 |
and 31 May 2020 |
|
NET BOOK VALUE |
At 31 May 2020 |
|
At 31 May 2019 |
|
|
Cost or valuation at 31 May 2020 is represented by: |
|
Land and |
buildings |
£ |
Valuation in 2020 | 750,000 |
MARKET TAVERN STROUD LIMITED (REGISTERED NUMBER: 09049693) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
If the freehold property had not been revalued it would have been included at the following historical cost: |
|
2020 | 2019 |
£ | £ |
Cost | 481,778 | 481,778 |
|
The freehold property was valued on an open market basis on 31 May 2020 by the director . |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 43,090 | 43,090 |
|
Deferred |
tax |
£ |
Balance at 1 June 2019 |
|
Balance at 31 May 2020 |
|
|
8. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date: |
- the parent company was owed £321,243 (2019: £321,243) by the Company; |
- a corporate shareholder of the Company owed £2,500 (2019: £2,500) to the Company. |
|
In the case of the loans mentioned above, no terms have been set regarding payment of interest or repayment of capital. |