33
30/04/2020
2020-04-30
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No description of principal activities is disclosed
2019-05-01
Sage Accounts Production 20.0 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
NI613655
2019-05-01
2020-04-30
NI613655
2020-04-30
NI613655
2019-04-30
NI613655
2018-05-01
2019-04-30
NI613655
2019-04-30
NI613655
core:NetGoodwill
2019-05-01
2020-04-30
NI613655
core:IntangibleAssetsOtherThanGoodwill
2019-05-01
2020-04-30
NI613655
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-05-01
2020-04-30
NI613655
core:LandBuildings
core:LongLeaseholdAssets
2019-05-01
2020-04-30
NI613655
core:FurnitureFittingsToolsEquipment
2019-05-01
2020-04-30
NI613655
core:MotorVehicles
2019-05-01
2020-04-30
NI613655
bus:RegisteredOffice
2019-05-01
2020-04-30
NI613655
bus:LeadAgentIfApplicable
2019-05-01
2020-04-30
NI613655
bus:Director1
2019-05-01
2020-04-30
NI613655
core:NetGoodwill
2019-04-30
NI613655
core:IntangibleAssetsOtherThanGoodwill
2019-04-30
NI613655
core:NetGoodwill
2020-04-30
NI613655
core:IntangibleAssetsOtherThanGoodwill
2020-04-30
NI613655
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-04-30
NI613655
core:LandBuildings
core:LongLeaseholdAssets
2019-04-30
NI613655
core:FurnitureFittingsToolsEquipment
2019-04-30
NI613655
core:MotorVehicles
2019-04-30
NI613655
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-30
NI613655
core:LandBuildings
core:LongLeaseholdAssets
2020-04-30
NI613655
core:FurnitureFittingsToolsEquipment
2020-04-30
NI613655
core:MotorVehicles
2020-04-30
NI613655
core:WithinOneYear
2020-04-30
NI613655
core:WithinOneYear
2019-04-30
NI613655
core:AfterOneYear
2020-04-30
NI613655
core:AfterOneYear
2019-04-30
NI613655
core:ShareCapital
2020-04-30
NI613655
core:ShareCapital
2019-04-30
NI613655
core:RetainedEarningsAccumulatedLosses
2020-04-30
NI613655
core:RetainedEarningsAccumulatedLosses
2019-04-30
NI613655
core:NetGoodwill
2019-04-30
NI613655
core:IntangibleAssetsOtherThanGoodwill
2019-04-30
NI613655
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-04-30
NI613655
core:LandBuildings
core:LongLeaseholdAssets
2019-04-30
NI613655
core:FurnitureFittingsToolsEquipment
2019-04-30
NI613655
core:MotorVehicles
2019-04-30
NI613655
bus:Director1
2019-04-30
NI613655
bus:Director1
2020-04-30
NI613655
bus:Director1
2018-04-30
NI613655
bus:Director1
2019-04-30
NI613655
bus:Director1
2018-05-01
2019-04-30
NI613655
bus:SmallEntities
2019-05-01
2020-04-30
NI613655
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2019-05-01
2020-04-30
NI613655
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2019-05-01
2020-04-30
NI613655
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2019-05-01
2020-04-30
NI613655
bus:PrivateLimitedCompanyLtd
2019-05-01
2020-04-30
Company registration number:
NI613655
Carlane Limited
Unaudited filleted financial statements
30 April 2020
Carlane Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Carlane Limited
Directors and other information
|
|
|
|
Director
|
Mrs Eileen Vernon
|
|
|
|
|
|
|
|
Company number
|
NI613655
|
|
|
|
|
|
|
|
Registered office
|
9 Upper Crescent
|
|
|
Belfast
|
|
|
BT7 1NT
|
|
|
|
|
|
|
|
Business address
|
86 Main Street
|
|
|
Moira
|
|
|
Craigavon
|
|
|
BT67 0LH
|
|
|
|
|
|
|
|
Accountant
|
SWM Accountancy Services
|
|
|
9 Upper Crescent
|
|
|
Belfast
|
|
|
Antrim
|
|
|
BT7 1NT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Bank of Ireland
|
|
|
28 University Road
|
|
|
Belfast
|
|
|
BT7 1NH
|
|
|
|
Carlane Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Carlane Limited
Year ended 30 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Carlane Limited for the year ended 30 April 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Certified Public Accountants' Association , I am subject to its ethical and other professional requirements. My work has been undertaken in accordance with the requirements of the CPAA.
It is your duty to ensure that Carlane Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carlane Limited. You consider that Carlane Limited is exempt from the statutory audit requirement for the year.
SWM Accountancy Services
Certified Public Accountants
9 Upper Crescent
Belfast
Antrim
BT7 1NT
1 December 2020
Carlane Limited
Statement of financial position
30 April 2020
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
99,279
|
|
|
|
132,372
|
|
|
Tangible assets
|
|
6
|
800,554
|
|
|
|
811,690
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
899,833
|
|
|
|
944,062
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
18,693
|
|
|
|
17,249
|
|
|
Debtors
|
|
7
|
25,100
|
|
|
|
16,153
|
|
|
Cash at bank and in hand
|
|
|
59,278
|
|
|
|
130,135
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
103,071
|
|
|
|
163,537
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
130,695)
|
|
|
|
(
162,979)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
(
27,624)
|
|
|
|
558
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
872,209
|
|
|
|
944,620
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
615,933)
|
|
|
|
(
690,996)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
256,276
|
|
|
|
253,624
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1
|
|
|
|
1
|
Profit and loss account
|
|
|
|
|
256,275
|
|
|
|
253,623
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholder funds
|
|
|
|
|
256,276
|
|
|
|
253,624
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
01 December 2020
, and are signed on behalf of the board by:
Mrs Eileen Vernon
Director
Company registration number:
NI613655
Carlane Limited
Notes to the financial statements
Year ended 30 April 2020
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Carlane Limited, 9 Upper Crescent, Belfast, BT7 1NT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
20 % |
straight line
|
Liquor licence |
- |
20 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property
|
-
|
2 %
|
straight line
|
|
Long leasehold property
|
-
|
2 %
|
straight line
|
|
Fittings fixtures and equipment
|
-
|
20 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2019:
35
).
5.
Intangible assets
|
|
Goodwill
|
Liquor licence
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 May 2019 and 30 April 2020
|
90,465
|
75,000
|
165,465
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 May 2019
|
18,093
|
15,000
|
33,093
|
|
|
|
|
Charge for the year
|
18,093
|
15,000
|
33,093
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
At 30 April 2020
|
36,186
|
30,000
|
66,186
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 April 2020
|
54,279
|
45,000
|
99,279
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
At 30 April 2019
|
72,372
|
60,000
|
132,372
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property
|
Long leasehold property
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
£
|
£
|
£
|
£
|
£
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 May 2019
|
619,006
|
190,198
|
45,287
|
8,549
|
863,040
|
|
|
|
Additions
|
-
|
-
|
12,056
|
-
|
12,056
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 30 April 2020
|
619,006
|
190,198
|
57,343
|
8,549
|
875,096
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 May 2019
|
12,380
|
7,608
|
24,842
|
6,520
|
51,350
|
|
|
|
Charge for the year
|
12,380
|
3,804
|
6,501
|
507
|
23,192
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 30 April 2020
|
24,760
|
11,412
|
31,343
|
7,027
|
74,542
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 April 2020
|
594,246
|
178,786
|
26,000
|
1,522
|
800,554
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 30 April 2019
|
606,626
|
182,590
|
20,445
|
2,029
|
811,690
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
3,239
|
6,800
|
|
Other debtors
|
|
21,861
|
9,353
|
|
|
|
_______
|
_______
|
|
|
|
25,100
|
16,153
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
85,078
|
90,274
|
|
Trade creditors
|
|
9,764
|
11,021
|
|
Corporation tax
|
|
9,433
|
13,161
|
|
Social security and other taxes
|
|
19,767
|
39,786
|
|
Other creditors
|
|
6,653
|
8,737
|
|
|
|
_______
|
_______
|
|
|
|
130,695
|
162,979
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Debt due to the bank within 1 year of £7,468 is secured by way of a first legal charge over the property to which the loan relates. Further debt due to the bank within 1 year of £33,623 is secured by way of a first legal charge over the property to which the loan relates. The bank also has a debenture over the assets and undertakings of the company. Debt due to another external lender within 1 year of £6,667 is secured by way of a second legal charge over the property to which the loan relates.
9.
Creditors: amounts falling due after more than one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
518,953
|
555,862
|
|
Other creditors
|
|
96,980
|
135,134
|
|
|
|
_______
|
_______
|
|
|
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615,933
|
690,996
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|
|
|
_______
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_______
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|
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Debt due to the bank after 1 year of £89,877 is secured by way of a first legal charge over the property to which the loan relates. Further debt due to the bank after 1 year of £429,076 is secured by way of a first legal charge over the property to which the loan relates. The bank also has a debenture over the assets and undertakings of the company. Debt due to another external lender after 1 year of £29,167 is secured by way of a second legal charge over the property to which the loan relates.
Included within creditors: amounts falling due after more than one year is an amount of £ 60,004
(2019 £ 59,911 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The terms of repayment are a monthly payment of £1,228.82 capital and interest.
10.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company:
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|
|
|
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|
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2020
|
|
|
|
|
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Balance brought forward
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Advances /(credits) to the director
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Amounts repaid
|
Balance o/standing
|
|
|
|
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£
|
£
|
£
|
£
|
|
|
|
Mrs Eileen Vernon
|
3,150
|
4,000
|
(
3,150)
|
4,000
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_______
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_______
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2019
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|
|
|
|
|
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|
|
|
Balance brought forward
|
Advances /(credits) to the director
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Mrs Eileen Vernon
|
14,000
|
4,000
|
(
14,850)
|
3,150
|
|
|
|
|
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_______
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_______
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_______
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The director's loan of £4,000 will be repaid in full via the declaration of a dividend.
The director has provided personal guarantees to the company's bank in the sum of £525,000. In addition, the director has provided a personal guarantee to the company's other external lenders in the sum of £210,500. The director has also provided personal guarantees to some of the company's trade suppliers.
11.
Related party transactions
The director was paid £5,820 (£4,941 in 2019) for services rendered in her capacity as a self- employed bookkeeper.