La Boulangerie Artisan Ltd - Period Ending 2018-08-31

Registration number: 10922824

La Boulangerie Artisan Ltd

Annual Report and Unaudited Financial Statements

for the Period from 18 August 2017 to 31 August 2018

La Boulangerie Artisan Ltd

(Registration number: 10922824)
Balance Sheet as at 31 August 2018

	Note	31 August 2018  £
Fixed assets
Tangible assets	4	100,390
Current assets
Stocks		1,632
Debtors	5	12,999
Cash at bank and in hand		22,202
		36,833
Creditors: Amounts falling due within one year	6	(22,109)
Net current assets		14,724
Total assets less current liabilities		115,114
Creditors: Amounts falling due after more than one year	6	(227,488)
Net liabilities		(112,374)
Capital and reserves
Called up share capital		100
Profit and loss account		(112,474)
Total equity		(112,374)

For the financial period ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	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 by the Board on 17 May 2019 and signed on its behalf by:
 

J M Dunkerton
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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La Boulangerie Artisan Ltd

Notes to the Financial Statements for the Period from 18 August 2017 to 31 August 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dowdeswell Park
London Road
Cheltenham
GL52 6UT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	20% straight line
Motor vehicles	25% reducing balance
Plant and machinery	15% reducing balance
Office equipment	25% straight line

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La Boulangerie Artisan Ltd

Notes to the Financial Statements for the Period from 18 August 2017 to 31 August 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

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La Boulangerie Artisan Ltd

Notes to the Financial Statements for the Period from 18 August 2017 to 31 August 2018

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

	1 March 2018 to 31 August 2018  No.
Average number of employees	2

4

Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost
Additions	14,913	90,640	15,315	120,868
At 31 August 2018	14,913	90,640	15,315	120,868
Depreciation
Charge for the	2,983	13,666	3,829	20,478
At 31 August 2018	2,983	13,666	3,829	20,478
Carrying amount
At 31 August 2018	11,930	76,974	11,486	100,390

5

Debtors

	31 August 2018  £
Trade debtors	1,772
Other debtors	9,437
Prepayments	1,790
	12,999

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La Boulangerie Artisan Ltd

Notes to the Financial Statements for the Period from 18 August 2017 to 31 August 2018

6

Creditors

	Note	31 August 2018  £
Due within one year
Trade creditors		10,579
Social security and other taxes		1,075
Outstanding defined contribution pension costs		263
Other creditors		3,212
Accrued expenses		6,980
		22,109
Due after one year
Amounts owed to related parties	8	227,488

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £27,750.

8

Related party transactions

Summary of transactions with other related parties

At 31 August 2018, the company owed £227,488 to J M Dunkerton in the form of a director's loan account. Interest of £4,462 was accrued in the period, but not added to the loan balance.
 

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