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ARBORETUM LOUNGE LTD |
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Financial Statements |
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for the period |
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25 January 2019 to 31 January 2020 |
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ARBORETUM LOUNGE LTD |
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Financial Statements |
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for the period |
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25 January 2019 to 31 January 2020 |
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ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Contents of the Financial Statements |
for the period 25 January 2019 to 31 January 2020 |
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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 | 3 |
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ARBORETUM LOUNGE LTD |
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Company Information |
for the period 25 January 2019 to 31 January 2020 |
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Director: |
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Registered office: |
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Registered number: |
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ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Balance Sheet |
31 January 2020 |
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Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings | 8 |
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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. |
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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 and authorised for issue on
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ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Notes to the Financial Statements |
for the period 25 January 2019 to 31 January 2020 |
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1. | Statutory information |
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Arboretum Lounge Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(a) Critical judgements in applying the company's accounting policies |
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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(b) Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Financial instruments |
The company has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Notes to the Financial Statements - continued |
for the period 25 January 2019 to 31 January 2020 |
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2. | Accounting policies - continued |
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If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
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Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
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Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Notes to the Financial Statements - continued |
for the period 25 January 2019 to 31 January 2020 |
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2. | Accounting policies - continued |
Taxation |
Taxation for the period 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 period 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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Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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3. | Employees and directors |
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The average number of employees during the period was NIL. |
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4. | Tangible fixed assets |
Fixtures |
and |
fittings |
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Cost |
Additions |
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At 31 January 2020 |
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Depreciation |
Charge for period |
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At 31 January 2020 |
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Net book value |
At 31 January 2020 |
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ARBORETUM LOUNGE LTD (REGISTERED NUMBER: 11788417) |
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Notes to the Financial Statements - continued |
for the period 25 January 2019 to 31 January 2020 |
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5. | Debtors: amounts falling due within one year |
£ |
Trade debtors |
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VAT |
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Called up share capital not paid |
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6. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
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Directors' current accounts | 6,912 |
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7. | Called up share capital |
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Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 100 |
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100 Ordinary shares of £1 each were allotted at par on incorporation. |
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8. | Reserves |
Retained |
earnings |
£ |
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Profit for the period |
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At 31 January 2020 |
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9. | Post balance sheet events |
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In the view of the Directors given the timing of the outbreak, COVID-19 is considered to be a non-adjusting event as at 31 January 2020 and consequently no adjustment is made to these financial statements. |