Met-Bar Ltd - Accounts to registrar (filleted) - small 18.2
Met-Bar Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| MET-BAR LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| MET-BAR LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Langdon House |
| Langdon Road |
| SA1 Swansea Waterfront |
| Swansea |
| SA1 8QY |
| BANKERS: |
| P O Box 299 |
| Birmingham |
| B1 3PF |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| BALANCE SHEET |
| 31 MARCH 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| BALANCE SHEET - continued |
| 31 MARCH 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director on |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 1. | STATUTORY INFORMATION |
| Met-Bar Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| 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 year 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 year 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. |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
| Section 12 'Other Financial I instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the |
| company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
| when there is a legally enforceable right to set off the recognised amounts and there is an intention to |
| settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables and cash and bank balances, are |
| initially measured at transaction price including transaction costs and are subsequently carried at |
| amortised cost using the effective interest method unless the arrangement constitutes a financing |
| transaction, where the transaction is measured at the present value of the future receipts discounted at |
| a market rate of interest. |
| Trade debtors, loans and other receivables that have fixed or determinable payments that are not |
| quoted in an active market are classified as 'loans and receivables'. Loans and receivables are |
| measured at amortised cost using the effective interest method, less any impairment. |
| Interest is recognised by applying the effective interest rate, except for short-term receivables when the |
| recognition of interest would be immaterial. The effective interest method is a method of calculating the |
| amortised cost of a debt instrument and of allocating the interest income over the relevant period. The |
| effective interest rate is the rate that exactly discounts estimated future cash receipts through the |
| expected life of the debt instrument to the net carrying amount on initial recognition. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators |
| of impairment at each reporting end date. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
| expire or are settled, or when the company transfers the financial asset and substantially all the risks |
| and rewards of ownership to another entity, or if some significant risks and rewards of ownership are |
| retained but control of the asset has transferred to another party that is able to sell the asset in its |
| entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
| the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group |
| companies and preference shares that are classified as debt, are initially recognised at transaction |
| price unless the arrangement constitutes a financing transaction, where the debt instrument is |
| measured at the present value of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary |
| course of business from suppliers. Accounts payable are classified as current liabilities if payment is |
| due within one year or less. If not, they are presented as non-current liabilities. Trade payables are |
| recognised initially at transaction price and subsequently measured at amortised cost using the |
| effective interest method. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into, An equity instrument is any contract that evidences a residual interest in |
| the assets of the company after deducting all of its liabilities. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are |
| discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue |
| costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at |
| the discretion of the company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | and |
| property | property | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 5. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| MET-BAR LTD (REGISTERED NUMBER: 03926584) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other Debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 14,219 | 11,044 |
| Other creditors |
| Directors' loan accounts | 1 | 41,245 |
| Accrued expenses |
| Deferred government grants |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Mortgage | 129,023 | 172,679 |
| Intercompany Account |
| Deferred income |
| 9. | RELATED PARTY DISCLOSURES |
| During the year, the company paid £550,000 in the form of dividends to its parent company. |
| 10. | ULTIMATE CONTROLLING PARTY |
| During the year, the companies shareholders sold 100% of their shares to Red Town Taverns Ltd, to |
| become its parent company. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| MET-BAR LTD |
| The following reproduces the text of the report prepared for the director in respect of the company's |
| annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
| other primary statements and the Report of the Director are not required to be filed with the Registrar |
| of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Met-Bar Ltd for the year ended 31 March 2018 which comprise the Statement of |
| Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records |
| and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Met-Bar Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Met-Bar Ltd and state those matters that we have agreed to state to the director of Met-Bar Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Met-Bar Ltd and its director for our work or for this report. |
| It is your duty to ensure that Met-Bar Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Met-Bar Ltd. You consider that Met-Bar Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Met-Bar Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Langdon House |
| Langdon Road |
| SA1 Swansea Waterfront |
| Swansea |
| SA1 8QY |