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Company registration number: 08718869
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2020
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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COMPANY INFORMATION
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
REGISTERED NUMBER:08718869
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
REGISTERED NUMBER:08718869
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2021.
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Mr P Kempe
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The notes on pages 3 to 6 form part of these financial statements.
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Tileyard Studios Cafe Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office and principal place of business is stated in the company information page.
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.
The following principal accounting policies have been applied:
The emergence and spread of COVID-19 in 2020 and the associated social distancing measures and imposed
travel restrictions have significantly impacted businesses globally. Due to government restrictions the cafe was
forced to close for a proportion of the year, which resulted in the reduction in turnover in the year.
The company made a loss of £26,349 and has a balance sheet deficit of £159,162 as at 31 December 2020. However the Directors are confident that they have secured funding arrangements sufficient to allow the company to trade for the foreseeable future, enabling the company to meet its liabilities with third parties as they fall due. As a result, the Directors have prepared the financial statements on the going concern basis.
Turnover represents amounts receivable for food and catering services net of VAT and trade discounts. Revenue from food and beverage sales are recognised at the point of sale.
The turnover also represents amounts receivable from the landlord for the contribution towards the running of
the Cafe.
Grants are accounted under the accruals model as permitted by FRS 102.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 12 (2019 - 13).
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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Prepayments and accrued income
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TILEYARD STUDIOS CAFE LTD T/A VINYL CAFE
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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