The County Restaurant Limited Small abridged accounts
The County Restaurant Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
07578555
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Chartered Accountants
22 Whitworth Terrace
Spennymoor
Co Durham
England
DL16 7LD
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Abridged Financial Statements |
Year ended 30 April 2017
Contents |
Page |
Officers and professional advisers |
1 |
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
2 |
Abridged statement of financial position |
3 |
Notes to the abridged financial statements |
5 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Accountants |
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Chartered Accountants |
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22 Whitworth Terrace |
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Spennymoor |
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Co Durham |
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England |
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DL16 7LD |
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Bankers |
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29 Newgate Street |
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Bishop Auckland |
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County Durham |
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DL14 7ET |
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
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Year ended 30 April 2017
22 Whitworth Terrace
Spennymoor
Co Durham
England
DL16 7LD
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
6 |
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Tangible assets |
7 |
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-------- |
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Current assets
Stock |
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Debtors |
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Cash at bank and in hand |
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-------- |
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Creditors: amounts falling due within one year |
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-------- |
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Net current liabilities |
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-------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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-------- |
------- |
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Net assets |
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-------- |
------- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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-------- |
---- |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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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 abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 July 2017
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
07578555
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Notes to the Abridged Financial Statements |
Year ended 30 April 2017
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 22 Whitworth Terrace, Spennymoor, Co.Durham, DL16 7LD.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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.
Revenue recognition
Income tax
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Improvements to Property |
- |
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Furniture, F & F |
- |
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Equipment |
- |
20% reducing balance |
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Website Build |
- |
20% reducing balance |
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Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 32 (2016: 35).
5.
Profit before taxation
Profit before taxation is stated after charging:
2017 |
2016 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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------- |
------- |
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6.
Intangible assets
£ |
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Cost |
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At 1 May 2016 and 30 April 2017 |
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Amortisation |
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At 1 May 2016 |
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Charge for the year |
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-------- |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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7.
Tangible assets
£ |
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Cost |
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At 1 May 2016 |
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Additions |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
27,338 |
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At 30 April 2016 |
30,903 |
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8.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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2016 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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The above account is actually a joint account with both directors,S.Dale and C.Farrell.
9.
Related party transactions
The company was under the control of Mr.S.Dale and Ms.C.Farrell throughout the current and previous year. Dividends were paid during the year to,director,S.Dale of £24,000 and to director,C.Farrell of £24,000.
10.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.