Old Gate Restaurant Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08458799 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

OLD GATE RESTAURANT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A U Stenson

P Stenson

R A Stenson

SECRETARY:

Mrs A U Stenson

REGISTERED OFFICE:

1-5 Old Gate

Hebden Bridge

West Yorkshire

HX7 8JP

REGISTERED NUMBER:

08458799 (England and Wales)

ACCOUNTANTS:

Cresswells

12 Market Street

Hebden Bridge

West Yorkshire

HX7 6AD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

513,952

501,226

Investment property

6

160,137

160,137

674,089

661,363

CURRENT ASSETS

Stocks

17,489

12,575

Debtors

7

1,668

1,525

Cash at bank and in hand

40,627

103,845

59,784

117,945

CREDITORS

Amounts falling due within one year

8

478,742

527,514

NET CURRENT LIABILITIES

(418,958

)

(409,569

)

TOTAL ASSETS LESS CURRENT LIABILITIES

255,131

251,794

CREDITORS

Amounts falling due after more than one year

9

(222,549

)

(242,034

)

PROVISIONS FOR LIABILITIES

(8,236

)

(9,657

)

NET ASSETS

24,346

103

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

24,246

3

SHAREHOLDERS' FUNDS

24,346

103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2020 and were signed on its behalf by:

R A Stenson - Director

1.	STATUTORY INFORMATION

Old Gate Restaurant Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Computer equipment

-

over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2019 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

620,000

AMORTISATION

At 1 April 2019

and 31 March 2020

620,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

495,920

100,759

11,000

786

608,465

Additions

-

35,000

-

-

35,000

At 31 March 2020

495,920

135,759

11,000

786

643,465

DEPRECIATION

At 1 April 2019

42,980

60,735

2,738

786

107,239

Charge for year

9,919

11,253

1,102

-

22,274

At 31 March 2020

52,899

71,988

3,840

786

129,513

NET BOOK VALUE

At 31 March 2020

443,021

63,771

7,160

-

513,952

At 31 March 2019

452,940

40,024

8,262

-

501,226

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

160,137

NET BOOK VALUE

At 31 March 2020

160,137

At 31 March 2019

160,137

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

1,668

1,525

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

18,360

18,360

Trade creditors

24,488

60,591

Amounts owed to group undertakings

289,668

316,308

Tax

58,664

24,676

Social security and other taxes

410

1,543

VAT

40,112

50,393

Net wages

6,066

6,898

Directors' current accounts

35,225

43,545

Accrued expenses

5,749

5,200

478,742

527,514

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

18,360

18,360

Bank loans - 2-5 years

55,080

55,080

Bank loans more 5 yr by instal

149,109

168,594

222,549

242,034

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

149,109

168,594

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

240,909

260,394

There is a charge in place over 1-5 Old Gate, Hebden Bridge, in favour of Lloyds Bank Plc.