Modern Rustic Ltd - Period Ending 2022-03-31

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Balance Sheet

31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	-	597,182
Current assets
Stocks	5	-	16,200
Debtors	6	8,861	83,673
Cash at bank and in hand		254,084	4,450
		262,945	104,323
Creditors: Amounts falling due within one year	7	(53,325)	(213,557)
Net current assets/(liabilities)		209,620	(109,234)
Total assets less current liabilities		209,620	487,948
Provisions for liabilities		(71,704)	(120,043)
Net assets		137,916	367,905
Capital and reserves
Called up share capital	11	100	100
Profit and loss account		137,816	367,805
Shareholders' funds		137,916	367,905

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 December 2022
 

......................................... Mr D C Worrall Director

Company Registration Number: 04501865

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Dominics Pub Company Limited.

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

These financial statements were authorised for issue by the director on 29 December 2022.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

While the company ceased trading on 25 November 2021 with the sale of the trade, the director's intention is to reinvest the proceeds in a new trade in the future. The director, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, is satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts.

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.

The company recognises revenue when goods or services are provided to customers.

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Government grants

During the year the company received CJRS grants in the sum of £10,364 (2021: £231,677) and local authority grants in respect of Covid-19 in the sum of £13,500 (2021: £40,357).

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	25% on a reducing balance basis
Furniture and fittings	25% on a reducing balance basis
Motor vehicles	25% on a reducing balance basis
Leasehold property	10% on a reducing balance basis
Office equipment	25% on a reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 42 (2021 - 36).

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 April 2021	710,914	222,009	9,167	98,363	1,040,453
Additions	-	16,197	-	6,008	22,205
Disposals	(710,914)	(238,206)	(9,167)	(104,371)	(1,062,658)
At 31 March 2022	-	-	-	-	-
Depreciation
At 1 April 2021	227,226	142,247	7,943	65,855	443,271
Eliminated on disposal	(227,226)	(142,247)	(7,943)	(65,855)	(443,271)
At 31 March 2022	-	-	-	-	-
Carrying amount
At 31 March 2022	-	-	-	-	-
At 31 March 2021	483,688	79,762	1,224	32,508	597,182

Included within the net book value of land and buildings above is £Nil (2021 - £483,688) in respect of short leasehold land and buildings.
 

5

Stocks

	2022 £	2021 £
Other inventories	-	16,200

6

Debtors

	2022 £	2021 £
Prepayments	-	2,866
Other debtors	8,861	80,807
	8,861	83,673

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

	Note	2022  £	2021  £
Due within one year
Loans and borrowings	8	-	57,821
Trade creditors		-	10,611
Social security and other taxes		49,810	95,972
Other creditors		15	39,587
Accrued expenses		3,500	9,566
		53,325	213,557

Creditors include no amounts which are secured in the current year. In 2021 there were bank loans and overdrafts which were secured of £57,821. Bank borrowings were secured against a fixed and floating charge over the assets of the company.

8	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank overdrafts	-	57,821

Modern Rustic Ltd
(formerly Dominics Pub Company Limited)

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2022  £	2021  £
Not later than one year	-	146,303
Later than one year and not later than five years	-	528,000
Later than five years	-	242,000
	-	916,303

The amount of non-cancellable operating lease payments recognised as an expense during the year was £91,303 (2021 - £90,475).

10	Deferred tax and other provisions

	Deferred tax £	Other provisions £	Total £
At 1 April 2021	28,339	91,704	120,043
Increase (decrease) in existing provisions	(28,339)	(20,000)	(48,339)
At 31 March 2022	-	71,704	71,704

11	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100