Company Registration No. 07787880 (England and Wales)
KINGS HEAD GUNNERSIDE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
KINGS HEAD GUNNERSIDE LTD
COMPANY INFORMATION
Directors
Mr Nicholas Glanvill
Mrs Karen Glanvill
Secretary
Mr Nicholas Glanvill
Company number
07787880
Registered office
Kings Head
Gunnerside
Richmond
North Yorkshire
DL11 6LD
Accountants
O'Reilly Chartered Accountants
Kiln Hill
Market Place
Hawes
North Yorkshire
DL8 3RA
Business address
Kings Head
Gunnerside
Richmond
North Yorkshire
DL11 6LD
KINGS HEAD GUNNERSIDE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KINGS HEAD GUNNERSIDE LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
4
-
139,609
Tangible assets
5
8,499
36,479
8,499
176,088
Current assets
Stocks
3,275
7,981
Debtors
6
2,777
9,432
Cash at bank and in hand
11,699
19,465
17,751
36,878
Creditors: amounts falling due within one year
7
(94,152)
(53,194)
Net current liabilities
(76,401)
(16,316)
Total assets less current liabilities
(67,902)
159,772
Creditors: amounts falling due after more than one year
8
-
(248,298)
Net liabilities
(67,902)
(88,526)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(68,002)
(88,626)
Total equity
(67,902)
(88,526)
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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
KINGS HEAD GUNNERSIDE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2017 and are signed on its behalf by:
Mr Nicholas Glanvill
Mrs Karen Glanvill
Director
Director
Company Registration No. 07787880
KINGS HEAD GUNNERSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Kings Head Gunnerside Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Head, Gunnerside, Richmond, North Yorkshire, DL11 6LD.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Due to the continued financial support provided to the company by the directors, they consider it appropriate to prepare the accounts on a going concern basis, having considered a period of 12 months from approving the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. The directors consider it appropriate to amortise goodwill
over its useful life
on a straight line basis.
Goodwill has been disposed of in the year, and therefore no amortisation charged in the year.
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:
Plant and machinery
25% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
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
.
KINGS HEAD GUNNERSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 5).
3
Taxation
The company has estimated losses of £77,000 (2016: £115,000) available for carry forward against future trading profits.
On the basis of these financial statements no provision has been made for corporation tax due to trading losses brought forward.
KINGS HEAD GUNNERSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016
179,178
Disposals
(179,178)
At 31 March 2017
-
Amortisation and impairment
At 1 April 2016
39,569
Disposals
(39,569)
At 31 March 2017
-
Carrying amount
At 31 March 2017
-
At 31 March 2016
139,609
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
96,235
Additions
474
Disposals
(77,512)
At 31 March 2017
19,197
Depreciation and impairment
At 1 April 2016
59,756
Depreciation charged in the year
2,833
Eliminated in respect of disposals
(51,891)
At 31 March 2017
10,698
Carrying amount
At 31 March 2017
8,499
At 31 March 2016
36,479
KINGS HEAD GUNNERSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
2,777
9,432
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
7,867
27,009
Other taxation and social security
3,964
6,207
Other creditors
82,321
19,978
94,152
53,194
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
248,298
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
11
Related party transactions
Directors loan
The directors have provided the company with working capital in the form of an interest free loan which is repayable on demand. This loan is presented within 'Creditors: amounts due within one year'. As at 31st March 2017 the balance of this loan amounted to £78,631 (2016: £248,298).
Other Transactions with directors
The properties that the company operates from are owned equally by the directors. The rent paid during the year amounted to £45,500 (2016: £48,000) which was on a normal commercial basis and at market value.
KINGS HEAD GUNNERSIDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
12
Disposal of business
During the year, the company disposed of the goodwill and fixtures and fittings of Keld Lodge hotel. The trade from this business ceased on 28th February 2017. The company continues the trade from Kings Head Gunnerside.