Chequers Green Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03752269 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 February 2020

for

Chequers Green Limited

T/A

The Chequers Inn

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S M Thoyts

SECRETARY:

D E A Wells

REGISTERED OFFICE:

118 Old Milton Road

New Milton

Hampshire

BH25 6EB

REGISTERED NUMBER:

03752269 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

167

Tangible assets

6

132,425

138,421

132,425

138,588

CURRENT ASSETS

Stocks

7

13,000

13,000

Debtors

8

10,956

11,284

Cash at bank and in hand

3,592

2,124

27,548

26,408

CREDITORS

Amounts falling due within one year

9

(51,637

)

(46,836

)

NET CURRENT LIABILITIES

(24,089

)

(20,428

)

TOTAL ASSETS LESS CURRENT LIABILITIES

108,336

118,160

CREDITORS

Amounts falling due after more than one year

10

(212,306

)

(214,296

)

NET LIABILITIES

(103,970

)

(96,136

)

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

(133,970

)

(126,136

)

SHAREHOLDERS' FUNDS

(103,970

)

(96,136

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 February 2021 and were signed by:

S M Thoyts - Director

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:

118 Old Milton Road

New Milton

Hampshire

BH25 6EB

UK

The principal place of business is:

The Chequers Inn

Chequers Green

Lymington

Hampshire

SO41 8AH

2.	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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

GOING CONCERN

The financial statements have been prepared on a going concern basis on the understanding that the director will continue to financially support the 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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

GOODWILL

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

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

Land and buildings - leasehold properties

Straight line over the life of the lease

Plant and machinery

15% Reducing balance

Fixtures and fittings

15% Reducing balance

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 changes in value.

TRADE DEBTORS

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2019

and 29 February 2020

10,000

AMORTISATION

At 1 March 2019

9,833

Amortisation for year

167

At 29 February 2020

10,000

NET BOOK VALUE

At 29 February 2020

-

At 28 February 2019

167

6.	TANGIBLE FIXED ASSETS

Long

leasehold

Fixtures

land and

Plant and

and

buildings

machinery

fittings

Totals

£

£

£

£

COST

At 1 March 2019

217,371

116,808

24,335

358,514

Additions

-

3,195

-

3,195

At 29 February 2020

217,371

120,003

24,335

361,709

DEPRECIATION

At 1 March 2019

99,498

102,133

18,462

220,093

Charge for year

5,629

2,681

881

9,191

At 29 February 2020

105,127

104,814

19,343

229,284

NET BOOK VALUE

At 29 February 2020

112,244

15,189

4,992

132,425

At 28 February 2019

117,873

14,675

5,873

138,421

7.

STOCKS

2020

2019

£

£

Stocks

13,000

13,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

9,550

9,550

Prepayments and accrued income

1,406

1,734

10,956

11,284

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

238

Trade creditors

23,280

17,593

VAT control account

14,690

14,894

Other creditors

10,000

10,000

Social security and other taxes

1,314

1,073

Accruals and deferred income

2,353

3,038

51,637

46,836

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Loans and borrowings

75,378

88,139

Captify Loan

20,697

-

Directors current accounts

116,231

126,157

212,306

214,296

Amounts falling due in more than five years:

Repayable by instalments

Loans and borrowings

75,378

88,139

Captify Loan

20,697

-

96,075

88,139

11.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £163,930 (2018 - £181,187). Chequers Green Limited is guarantor for the outstanding borrowings of its parent company, Chequers Blue Limited. Security on the borrowings has been provided by way of a legal charge registered over the company's leasehold property.