| Cabaret of the Angels Limited |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the annual financial statements. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The company's turnover arises wholly within the UK and is attributable to the principal activity of the company, being that of an agency in the leisure industry. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
C M J Palmer |
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Firm: |
Palmers |
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Date of audit report: |
26 September 2019 |
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| 3 |
Exceptional items |
2018 |
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2017 |
| £ |
£ |
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PAYE settlement (including interest) |
680,087 |
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- |
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680,087 |
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During the previous year, agreement was reached with HM Revenue & Customs concerning the historic tax treatment of bonus payments to directors. |
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| 4 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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2 |
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| 5 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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1,562,713 |
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1,248,681 |
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Other debtors |
50,000 |
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- |
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1,612,713 |
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1,248,681 |
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| 6 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Taxation and social security costs |
29,497 |
|
38,050 |
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Other creditors |
- |
|
2,979 |
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Accruals and deferred income |
2,726 |
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2,476 |
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32,223 |
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43,505 |
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| 7 |
Related party transactions |
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The sum of £732,229 (2017: £764,542) was charged to the parent company, Stringfellow Restaurants Limited (SRL), in respect of management fees for the year ended 31 December 2018. At the balance sheet date, an amount of £1,562,213 (2017: £1,248,181) was owed to the company by SRL.
Included in other debtors is an interest-free loan amounting to £50,000 due from Karen Roberts, the daughter of P J Stringfellow Dec'd (a former director of the company). |
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| 8 |
Parent company |
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The ultimate parent company undertaking is Stringfellow Restaurants Limited, a company incorporated in England. |
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| 9 |
Controlling party |
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The ultimate controlling party as at 31 December 2018 was C S Silver, a director of the company. |
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| 10 |
Other information |
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Cabaret of the Angels Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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16/19 Upper St Martins Lane |
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London |
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WC2H 9EF |
