Simpson's Gin Palace Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 10350142 (England and Wales)

SIMPSON'S GIN PALACE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

27 AUGUST 2016 TO 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J M Simpson

Mrs A M Simpson

B Simpson

REGISTERED OFFICE:

3 Preston Avenue

Sutton Coldfield

West Midlands

B76 1HS

BUSINESS ADDRESS:

Simpsons Gin Bar

7a High Street

Sutton Coldfield

West Midlands

B72 1XH

REGISTERED NUMBER:

10350142 (England and Wales)

ACCOUNTANTS:

Weatherer Bailey Bragg LLP

Chartered Certified Accountants

100 Boldmere Road

Sutton Coldfield

West Midlands

B73 5UB

FIXED ASSETS

Tangible assets

4

54,402

CURRENT ASSETS

Stocks

5

4,250

Debtors

6

7,034

Cash at bank

15,664

26,948

CREDITORS

Amounts falling due within one year

7

119,574

NET CURRENT LIABILITIES

(92,626

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(38,224

)

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

10

(38,324

)

SHAREHOLDERS' FUNDS

(38,224

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 May 2018 and were signed on its behalf by:

Mrs A M Simpson - Director

1.	STATUTORY INFORMATION

Simpson's Gin Palace Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As at 31 August 2017, the balance sheet is reflecting net current liabilities amounting to £91,777 and

an insolvent position of £37,375. However, included in creditors due within one year is £98,686 which

is due to the directors. The directors have given there assurances that they will not request repayment

of this amount until other creditors of the company have been paid. As such the directors believe the

going concern basis of preparation to be appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover from the sale of goods and services is recognised when the amount of turnover can be

measured reliably, it is probable that the economic benefits associated with the transaction will flow to

the company and the costs incurred or to be incurred in respect of the transaction can be measured

reliably. This is usually on the completion of each transaction

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the period end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

Additions

2,051

61,951

64,002

At 31 August 2017

2,051

61,951

64,002

DEPRECIATION

Charge for period

307

9,293

9,600

At 31 August 2017

307

9,293

9,600

NET BOOK VALUE

At 31 August 2017

1,744

52,658

54,402

5.

STOCKS

£

Stocks

4,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

5,000

Prepayments

2,034

7,034

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

11,950

Social security & other taxes

544

VAT

3,736

Wages control

4,879

Directors' loan accounts

96,686

Accrued expenses

1,779

119,574

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

£

Within one year

15,000

Between one and five years

48,750

63,750

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

10.

RESERVES

Retained

earnings

£

Deficit for the period

(38,324

)

At 31 August 2017

(38,324

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 August 2017:

£

Mrs A M Simpson

Balance outstanding at start of period

-

Amounts advanced

458

Amounts repaid

(47,094

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(46,636

)

D J M Simpson

Balance outstanding at start of period

-

Amounts repaid

(100

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(100

)

B Simpson

Balance outstanding at start of period

-

Amounts advanced

50

Amounts repaid

(50,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(49,950

)

No interest is charged on loans to from Directors. Amounts are repayable on demand.