Company Registration No. 11299116 (England and Wales)
VERMUTERIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
VERMUTERIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VERMUTERIA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,043
4,596
Tangible assets
4
386,485
454,494
390,528
459,090
Current assets
Stocks
7,945
11,303
Debtors
5
29,301
48,072
Cash at bank and in hand
81,911
58,936
119,157
118,311
Creditors: amounts falling due within one year
6
(156,758)
(206,622)
Net current liabilities
(37,601)
(88,311)
Total assets less current liabilities
352,927
370,779
Creditors: amounts falling due after more than one year
7
(253,283)
(211,616)
Net assets
99,644
159,163
Capital and reserves
Called up share capital
150
150
Share premium account
449,950
449,950
Profit and loss reserves
(350,456)
(290,937)
Total equity
99,644
159,163
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
VERMUTERIA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2021 and are signed on its behalf by:
M W Sodeau
Director
Company Registration No. 11299116
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Vermuteria Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 director
true
s
ha
ve
considered the effect of Covid-19 outbreak. Due to lockdown restrictions imposed by the government which has had an impact on the trade of the company and its business associates, the outbreak has caused disruption to the company's business to date. The director
s have
consider
ed
that a prolonged outbreak is likely to cause further disruption. However, the company has taken advantage of government incentives in the form of Bounce Back Loan Scheme
and Coronavirus Job Retention Scheme,
therefore no material uncertainty over the company's ability to continue as a going concern. Accordingly, at the time of approving the financial statements, the director
s
ha
ve
a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director
s
continue to adopt on going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the sales of food and drinks, net of VAT.
1.4
Intangible fixed assets other than goodwill
Intellectual Property and Trademarks are capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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:
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:
IP & Trademarks
Over 10 years
1.5
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.
Depreciation 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:
Leasehold improvements
Over 15 years
Plant and equipment
25% straight line
Fixtures and fittings
25% and 33.33% straight line
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
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
.
1.6
Impairment of fixed 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.
1.7
Stocks
Stock consists of ingredients and goods purchased for resale and are stated at the lower of cost and net realisable value. Cost reflects the purchase price only.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with bank
.
1.9
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 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.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
expense
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.14
Government grants
Government grants, which include amounts received towards coronavirus job retention scheme and from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
21
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
3
Intangible fixed assets
IP & Trademarks
£
Cost
At 1 April 2020 and 31 March 2021
5,526
Amortisation and impairment
At 1 April 2020
930
Amortisation charged for the year
553
At 31 March 2021
1,483
Carrying amount
At 31 March 2021
4,043
At 31 March 2020
4,596
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2020
375,715
89,808
79,842
545,365
Additions
750
750
At 31 March 2021
375,715
90,558
79,842
546,115
Depreciation and impairment
At 1 April 2020
34,450
30,585
25,836
90,871
Depreciation charged in the year
25,044
22,594
21,121
68,759
At 31 March 2021
59,494
53,179
46,957
159,630
Carrying amount
At 31 March 2021
316,221
37,379
32,885
386,485
At 31 March 2020
341,265
59,223
54,006
454,494
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,600
Other debtors
21,075
21,075
Prepayments and accrued income
6,626
26,997
29,301
48,072
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loan
8,333
Other borrowings
3,773
Trade creditors
27,334
53,670
Other taxation and social security
18,707
35,288
Other creditors
3,371
4,442
Accruals and deferred income
99,013
109,449
156,758
206,622
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loan
41,667
Other borrowings
211,616
211,616
253,283
211,616
The
bank
loan is unsecured and 100% guaranteed by the government with interest free period for 1st 12 months till
15
June
2021. The bank loan is repayable by 60 instalments, between
June
2021 and
June
2026. The bank loan interest rate is 2.50% per annum.
Other borrowings is secured by a fixed and floating charge over the assets of the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
880,833
950,833