Fosters Rooms Limited - Period Ending 2022-06-30
Fosters Rooms Limited - Period Ending 2022-06-30
Registration number:
Fosters Rooms Limited
for the Year Ended 30 June 2022
Pages for filing with Registrar
Fosters Rooms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fosters Rooms Limited
Company Information
Directors |
N Lodge C G Clarke A M J Currie T R King |
Registered office |
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Registered number |
00523897 |
Accountants |
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Fosters Rooms Limited
(Registration number: 00523897)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
663,595 |
663,595 |
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Share premium reserve |
13,000 |
13,000 |
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Profit and loss account |
(1,515,690) |
(1,018,256) |
|
Total equity |
(839,095) |
(341,661) |
Fosters Rooms Limited
(Registration number: 00523897)
Balance Sheet as at 30 June 2022
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.
Group accounts not prepared
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Judgements
The preparation of the financial statements requires management to make judgments, estimates an assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
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.
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.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Other grants
Tax
The tax expense for the period comprises 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 income 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.
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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 fixed 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 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:
Leasehold property improvements |
over the life of the lease |
Office equipment |
15% straight line |
Motor vehicles |
15% straight line |
Computer equipment |
15% straight line |
Plant and machinery |
15% straight line |
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.
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Interest income
Interest income, where applicable, is recognised in income using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost 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.
Trade creditors
Trade creditors are recognised initially at the transaction price.
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.
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.
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible fixed assets |
Goodwill |
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Cost |
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At 1 July 2021 |
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At 30 June 2022 |
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Amortisation |
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At 1 July 2021 |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
- |
At 30 June 2021 |
- |
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible fixed assets |
Leasehold property improvements |
Office equipment |
Motor vehicles |
Computer equipment |
Plant and machinery |
Total |
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Cost |
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At 1 July 2021 |
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Additions |
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Disposals |
- |
- |
( |
( |
( |
( |
Transfers |
( |
- |
- |
- |
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- |
At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
( |
( |
Transfers |
( |
- |
- |
- |
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- |
At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 July 2021 |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Details of undertakings
Details of the investments are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
Subsidiary undertakings |
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Unit 5 Avonside Road,
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England and Wales |
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Unit 5 Avonside Industrial Estate,
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England and Wales |
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Stocks |
2022 |
2021 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Debtors: amounts falling due within one year |
2022 |
2021 |
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Trade debtors |
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Prepayments |
110,065 |
129,451 |
Other debtors |
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Creditors |
Note |
2022 |
2021 |
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Amounts falling due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Other creditors |
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Accruals |
392,530 |
32,721 |
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Bank borrowings |
287,394 |
- |
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Directors' loan accounts |
24,230 |
24,230 |
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2022 |
2021 |
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Due after one year |
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Bank borrowings |
938,544 |
1,324,134 |
Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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50,000 |
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50,000 |
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475,000 |
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475,000 |
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40,100 |
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40,100 |
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98,495 |
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98,495 |
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Share premium |
The share premium account records the amount above the nominal value received for shares sold, less transaction costs.
Preference shares |
The company may, subject to the provisions of the Companies Act 2006, at any time redeem any fully paid preference shares upon giving to the shareholders whose shares are to be redeemed not less than two months' notice in writing, expiring at any time of the date proposed for redemption, provided always that no preference share may be redeemed before the first anniversary of its issue and that no preference share shall be redeemed unless it is a fully paid share.
There is no premium payable on redemption.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Fosters Rooms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Parent and ultimate parent undertaking |
The company is under the joint control of the directors by virtue of their controlling shareholding. There is no ultimate controlling party.
Fosters Rooms Limited is exempt from producing consolidated accounts by virtue of the group satisfying the small group definition.