31/03/2021
2021-03-31
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No description of principal activities is disclosed
2020-04-01
Sage Accounts Production 2020 Update 1 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
06849190
2020-04-01
2021-03-31
06849190
2021-03-31
06849190
2020-03-31
06849190
2019-04-01
2020-03-31
06849190
2020-03-31
06849190
core:FurnitureFittingsToolsEquipment
2020-04-01
2021-03-31
06849190
bus:Director1
2020-04-01
2021-03-31
06849190
core:FurnitureFittingsToolsEquipment
2020-03-31
06849190
core:FurnitureFittingsToolsEquipment
2021-03-31
06849190
core:WithinOneYear
2021-03-31
06849190
core:WithinOneYear
2020-03-31
06849190
core:ShareCapital
2021-03-31
06849190
core:ShareCapital
2020-03-31
06849190
core:RetainedEarningsAccumulatedLosses
2021-03-31
06849190
core:RetainedEarningsAccumulatedLosses
2020-03-31
06849190
core:FurnitureFittingsToolsEquipment
2020-03-31
06849190
bus:Director1
2020-03-31
06849190
bus:Director1
2021-03-31
06849190
bus:Director1
2019-03-31
06849190
bus:Director1
2020-03-31
06849190
bus:Director1
2019-04-01
2020-03-31
06849190
bus:SmallEntities
2020-04-01
2021-03-31
06849190
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
06849190
bus:FullAccounts
2020-04-01
2021-03-31
06849190
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
06849190
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
06849190
1
2020-04-01
2021-03-31
Company registration number:
06849190
Neatlook Ltd
Unaudited filleted financial statements
31 March 2021
NEATLOOK LTD
Contents
Statement of financial position
Notes to the financial statements
NEATLOOK LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
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2021 |
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2020 |
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Note |
£ |
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£ |
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£ |
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£ |
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|
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Fixed assets |
|
|
|
|
|
|
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Tangible assets |
|
5 |
7,423 |
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|
6,206 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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7,423 |
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|
6,206 |
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|
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|
|
|
|
|
|
Current assets |
|
|
|
|
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Stocks |
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|
2,500 |
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4,000 |
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|
Debtors |
|
6 |
53,914 |
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|
|
149,479 |
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|
Cash at bank and in hand |
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11,467 |
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17,455 |
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|
_______ |
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|
_______ |
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67,881 |
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170,934 |
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|
Creditors: amounts falling due |
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|
within one year |
|
7 |
(
9,298) |
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|
(
14,409) |
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|
|
|
|
_______ |
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|
_______ |
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Net current assets |
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58,583 |
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156,525 |
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|
_______ |
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_______ |
|
Total assets less current liabilities |
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66,006 |
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162,731 |
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Provisions for liabilities |
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(
1,410) |
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(
1,179) |
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|
|
|
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|
_______ |
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_______ |
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Net assets |
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64,596 |
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161,552 |
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_______ |
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_______ |
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Capital and reserves |
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|
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Called up share capital |
|
|
|
|
100 |
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|
|
100 |
|
Profit and loss account |
|
8 |
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|
64,496 |
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161,452 |
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|
|
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|
_______ |
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_______ |
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Shareholders funds |
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64,596 |
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161,552 |
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_______ |
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_______ |
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For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 October 2021
, and are signed on behalf of the board by:
Mrs D G Williams
Director
Company registration number:
06849190
NEATLOOK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Longbridge Road, Marsh Mills, Plymouth, PL6 8LT.
The principal activity of the company is that of a retail store and public house.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2020:
5
).
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
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|
£ |
£ |
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Cost |
|
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|
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At 1 April 2020 |
8,593 |
8,593 |
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Additions |
2,527 |
2,527 |
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|
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|
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|
_______ |
_______ |
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At 31 March 2021 |
11,120 |
11,120 |
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|
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|
_______ |
_______ |
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Depreciation |
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At 1 April 2020 |
2,387 |
2,387 |
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Charge for the year |
1,310 |
1,310 |
|
|
|
|
|
|
|
_______ |
_______ |
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At 31 March 2021 |
3,697 |
3,697 |
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|
_______ |
_______ |
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Carrying amount |
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At 31 March 2021 |
7,423 |
7,423 |
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|
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|
|
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|
_______ |
_______ |
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|
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At 31 March 2020 |
6,206 |
6,206 |
|
|
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|
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|
_______ |
_______ |
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6.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Other debtors |
|
53,914 |
149,479 |
|
|
|
_______ |
_______ |
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|
7.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade creditors |
|
2,797 |
1,179 |
|
Social security and other taxes |
|
4,032 |
8,524 |
|
Other creditors |
|
2,469 |
4,706 |
|
|
|
_______ |
_______ |
|
|
|
9,298 |
14,409 |
|
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|
_______ |
_______ |
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|
8.
Reserves
Profit and loss account: This reserve records retained earnings and accumulated losses.
9.
Disposals
In the comparative year on 9 May 2019 the company disposed of the trade and assets of the retail store Dawn's Stores. The turnover of Dawn's Stores included in the comparative was £76,362 and showed a gross profit of £8,064. The principal activity of the company will now be solely to operate as a public house.
10.
Events after the end of the reporting period
There have been no events in the subsequent period that will require an adjustment to the balances reported in the statement of financial position of these financial statements dated 31 March 2021. However, the continued impact of the global Coronavirus outbreak that was declared a world health emergency by the World Health Organisation in January 2020 should be noted. In March 2020, and again in November 2020, the UK government implemented travel restrictions and other guidance in an attempt to reduce the spread of the virus, which has impacted, and continues to impact, the UK economy significantly. The financial impact of this situation has been reflected in these accounts as the public house had to remain closed for a large proportion of the year.
11.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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Loans to / (from) directors at 1 April 2020 |
Loans to / (from) the directors |
Balance at 31 March 2021 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors'
|
135,755 |
(
104,351) |
31,404 |
|
|
|
|
|
_______ |
_______ |
_______ |
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Loans to / (from) directors at 1 April 2019 |
Loans to / (from) the directors |
Balance at 31 March 2020 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors'
|
60,668 |
75,087 |
135,755 |
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|
_______ |
_______ |
_______ |
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This loan is repayable on demand and includes interest at the standard market rate of 2.25%.
12.
Related party transactions
The premises of The Melbourne Inn are owned wholly by the directors and an agreement is in place to allow the continued business operations of The Melbourne Inn to be conducted on a rent free basis.
13.
Government grants
During the year the company was the recipient of economic benefits as a result of the Small Business Grant Fund, Hospitality and Leisure Grant Funds and the Coronavirus Job Retention Scheme. The total funds received from the UK Government and recognised in other operating profit during the year was £45,416.
