Soulful Bars & Restaurants Limited - Period Ending 2019-12-31

Registration number: 09914797

Soulful Bars & Restaurants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Soulful Bars & Restaurants Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 5

Soulful Bars & Restaurants Limited

Company Information

Directors

Mr P Kinsey Mr A P Kinsey

Registered office

Unit G3 Croft Business Park Kirk Deighton Wetherby West Yorkshire LS22 5HG

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Soulful Bars & Restaurants Limited

(Registration number: 09914797)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Current assets
Cash at bank and in hand		100	100
Capital and reserves
Called up and fully paid share capital		100	100
Total equity		100	100

For the financial year ending 31 December 2019 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 year 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 16 July 2020 and signed on its behalf by:
 

......................................... Mr P Kinsey Director

The notes on pages 3 to 5 form an integral part of these financial statements.

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Soulful Bars & Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.

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.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the current financial position and future needs of the company and that the company still needs the support of the trading company and the directors.

The directors have considered the impact that Covid-19 has had on the performance of the business and attention is drawn to the fact that the company is still liable for all rent and fixed costs relating to the trade even though these are recharged across to the trading company.

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 value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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Soulful Bars & Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

2	Accounting policies (continued)

Share capital

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) in the year, was 2 (2018 - 2).

4	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

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Soulful Bars & Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

5	Operating lease commitments

Operating leases

The total of future minimum lease payments is as follows:

	2019 £	2018 £
Not later than one year	42,000	-
Later than one year and not later than five years	168,000	-
Later than five years	504,000	-
	714,000	-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £33,993 (2018 - £Nil).

The company owns the lease of 15 Town Street, Horsforth, Leeds, LS18 5LJ.

6	Related party transactions

Summary of transactions with other related parties

Harewood Entertainments Limited
 
During the year, the company made recharges amounting to £48,354 (2018 - £Nil) to Harewood Entertainments Limited. At the balance sheet date, Harewood Entertainments Limited owed £nil (2018 - £nil) to the company.
 

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