Registration number:
Best of British (BOB) Hospitality Limited
for the Year Ended 1 May 2020
Pages for filing with Registrar
Best of British (BOB) Hospitality Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Best of British (BOB) Hospitality Limited
Company Information
Directors |
M A Flavin I T Frost |
Registered office |
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Registered number |
11397149 |
Accountants |
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Best of British (BOB) Hospitality Limited
(Registration number: 11397149)
Balance Sheet as at 1 May 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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5 |
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Profit and loss account |
( |
(149,581) |
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Total equity |
( |
(149,576) |
Best of British (BOB) Hospitality Limited
(Registration number: 11397149)
Balance Sheet as at 1 May 2020
For the financial year ending 1 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
Director
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and have considered the uncertainty relating to the impact of Covid-19 and believe that the company is able to meet liabilities as they fall due.
Despite the extraordinary trading environment we continue to endure, due to the wide reaching economic and social impact of COVID-19, our business remains robust and well positioned to take advantage of the post COVID-19 trading environment.
With this in mind we would like to make the following comments
• Our businesses has been greatly assisted during the lock down periods by the Government assistance in the form of grants hospitality support grants. To date we have received in excess of £300,000.
• In addition we have received extensive support in terms of employment support, as the vast majority of our staff costs have been covered through the government job retention scheme.
• The cancellation of business rates charges for 2020-2021 has assisted the business to the tune of approximately £120,000
• During the periods when our pubs were able to trade we, we benefited from the reduction in the rate of VAT on the sale of food.
• We have secured a CBIL’s loan of £250,000, which we delayed drawing down until December 2020. This means that no repayments will be due until December 2021, when we believe our business will be back to trading at normal levels. This money still sits in reserve.
• During the lock down period we have taken the opportunity to agree improved terms with a number of our suppliers.
In summary, the last year or so has been challenging for our business. We believe however that with the strength of our balance sheet, the cash reserves we have available and most of all the first class management teams and members of staff that have remained loyal to the business, we are very shape to meet the challenges and opportunities that the post COVID 19 era will bring.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Leasehold improvements |
2% on cost |
Furniture, fittings and equipment |
10% on cost |
Computer equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Tangible fixed assets |
Leasehold property improvements |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost |
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At 2 May 2019 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 1 May 2020 |
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Depreciation |
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At 2 May 2019 |
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Charge for the year |
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At 1 May 2020 |
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Carrying amount |
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At 1 May 2020 |
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At 1 May 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Debtors: amounts falling due within one year |
Note |
2020 |
2019 |
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Amounts owed by associated undertakings |
- |
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Other debtors |
15,357 |
5,000 |
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Prepayments |
2,575 |
52,059 |
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Creditors |
Note |
2020 |
2019 |
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Amounts falling due within one year |
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Trade creditors |
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Amounts owed to associated undertakings |
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- |
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Social security and other taxes |
14,544 |
7,082 |
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VAT |
17,979 |
32,599 |
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Other creditors |
16,802 |
21,187 |
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Accruals |
30,469 |
13,462 |
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Directors' loan accounts |
37,999 |
189,995 |
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Due after one year |
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Directors' loan accounts |
151,996 |
- |
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151,996 |
- |
There is a cross-guarantee in place in respect of bank facilities of group companies.
Best of British (BOB) Hospitality Limited
Notes to the Unaudited Financial Statements for the Year Ended 1 May 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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5 |
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5 |
Obligations under leases and hire purchase contracts |
Operating leases
2020 |
2019 |
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The total of future minimum lease payments is as follows: |
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- |