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MASTERS OF BECKENHAM (2003) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Masters of Beckenham (2003) Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Kia, 2a Stone Park Avenue, Beckenham, Kent BR3 3LS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Masters of Beckenham Limited as at 31 December 2021 and these financial statements may be obtained from the registered office.
In the early part of 2020, the Covid 19 virus disrupted the business activities of the company. The directors were of the opinion that it would not be viable for the company to continue trading and they were able to surrender the leases back to the landlord with no penalty. Staff were re-deployed or made redundant as necessary and the business closed in July 2020.
The directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.The financial statements have therefore been prepared on a basis other than going concern. However, the company has no long term assets or liabilities and as such the assets and liabilities held at the balances sheet date would not be materially different if valued on a going concern basis rather than a break up basis.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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