ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2018.0.111 2018.0.111 2018-03-312018-03-312016-12-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activity 06028940 2016-12-01 2018-03-31 06028940 2015-12-01 2016-11-30 06028940 2018-03-31 06028940 2016-11-30 06028940 c:Director4 2016-12-01 2018-03-31 06028940 d:Buildings d:ShortLeaseholdAssets 2016-12-01 2018-03-31 06028940 d:Buildings d:ShortLeaseholdAssets 2018-03-31 06028940 d:Buildings d:ShortLeaseholdAssets 2016-11-30 06028940 d:LandBuildings 2018-03-31 06028940 d:LandBuildings 2016-11-30 06028940 d:FurnitureFittings 2016-12-01 2018-03-31 06028940 d:FurnitureFittings 2018-03-31 06028940 d:FurnitureFittings 2016-11-30 06028940 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-12-01 2018-03-31 06028940 d:OwnedOrFreeholdAssets 2016-12-01 2018-03-31 06028940 d:Goodwill 2016-12-01 2018-03-31 06028940 d:Goodwill 2018-03-31 06028940 d:Goodwill 2016-11-30 06028940 d:CurrentFinancialInstruments 2018-03-31 06028940 d:CurrentFinancialInstruments 2016-11-30 06028940 d:Non-currentFinancialInstruments 2018-03-31 06028940 d:Non-currentFinancialInstruments 2016-11-30 06028940 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 06028940 d:CurrentFinancialInstruments d:WithinOneYear 2016-11-30 06028940 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 06028940 d:Non-currentFinancialInstruments d:AfterOneYear 2016-11-30 06028940 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2018-03-31 06028940 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2016-11-30 06028940 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2018-03-31 06028940 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2016-11-30 06028940 d:ShareCapital 2018-03-31 06028940 d:ShareCapital 2016-11-30 06028940 d:RetainedEarningsAccumulatedLosses 2018-03-31 06028940 d:RetainedEarningsAccumulatedLosses 2016-11-30 06028940 c:FRS102 2016-12-01 2018-03-31 06028940 c:AuditExempt-NoAccountantsReport 2016-12-01 2018-03-31 06028940 c:FullAccounts 2016-12-01 2018-03-31 06028940 c:PrivateLimitedCompanyLtd 2016-12-01 2018-03-31 iso4217:GBP xbrli:pure
Registered number: 06028940


KELSEY HOUSE BAR & KITCHEN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

 
KELSEY HOUSE BAR & KITCHEN LIMITED
REGISTERED NUMBER: 06028940

BALANCE SHEET
AS AT 31 MARCH 2018

31 March
30 November
2018
2016
Note
£
£

Fixed assets
  

Intangible assets
 4 
17,500
31,500

Tangible assets
 5 
148,623
165,683

  
166,123
197,183

Current assets
  

Stocks
 6 
12,952
14,146

Debtors: amounts falling due within one year
 7 
112,449
61,277

Cash at bank and in hand
  
191,672
22,065

  
317,073
97,488

Creditors: amounts falling due within one year
 8 
(335,574)
(321,194)

Net current liabilities
  
 
 
(18,501)
 
 
(223,706)

Total assets less current liabilities
  
147,622
(26,523)

Creditors: amounts falling due after more than one year
 9 
(29,830)
(62,660)

  

Net assets/(liabilities)
  
117,792
(89,183)


Capital and reserves
  

Called up share capital 
  
10,003
4

Profit and loss account
  
107,789
(89,187)

  
117,792
(89,183)


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 16 months in question in accordance with section 476 of 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 comprehensive income in accordance with provisions
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KELSEY HOUSE BAR & KITCHEN LIMITED
REGISTERED NUMBER: 06028940
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

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 22 November 2018.




G C Mallen
Director

The notes on pages 3 to 11 form part of these financial statements.

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KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

 
1.4

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

Page 3

 
KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

1.Accounting policies (continued)

 
1.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the 16 months in which they are incurred.

 
1.6

Pensions

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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
1.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.9

Tangible fixed assets

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.

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KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

1.Accounting policies (continued)


1.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below:.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over life of lease
Fixtures and fittings
-
20%
reducing balance

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 the Statement of comprehensive income.

 
1.10

Stocks

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 lower of cost or net realisable valuebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
1.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.14

Financial instruments

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 non-puttable ordinary shares.

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KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

2.


General information

The company is a private limited company incorporated in England and Wales.  Its principal place of business is situated at 75 High Street, Beckenham, Kent BR3 1AN.


3.


Employees

The average monthly number of employees, including directors, during the 16 months was 26 (2016 - 24).


4.


Intangible assets






Goodwill

£



Cost


At 1 December 2016
105,000



At 31 March 2018

105,000



Amortisation


At 1 December 2016
73,500


Charge for the year
14,000



At 31 March 2018

87,500



Net book value



At 31 March 2018
17,500



At 30 November 2016
31,500

Page 6

 
KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

5.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 December 2016
125,000
141,798
266,798


Additions
-
16,005
16,005



At 31 March 2018

125,000
157,803
282,803



Depreciation


At 1 December 2016
19,230
81,885
101,115


Charge for the 16 months on owned assets
12,820
20,245
33,065



At 31 March 2018

32,050
102,130
134,180



Net book value



At 31 March 2018
92,950
55,673
148,623



At 30 November 2016
105,770
59,913
165,683




The net book value of land and buildings may be further analysed as follows:


31 March
30 November
2018
2016
£
£

Short leasehold
92,950
105,770

92,950
105,770


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KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

6.


Stocks

31 March
30 November
2018
2016
£
£

Goods for resale
12,952
14,146

12,952
14,146



7.


Debtors

31 March
30 November
2018
2016
£
£


Trade debtors
9,530
2,299

Amounts owed by group undertakings
36,894
36,894

Other debtors
40,145
51

Called up share capital not paid
-
4

Prepayments and accrued income
25,880
22,029

112,449
61,277



8.


Creditors: Amounts falling due within one year

31 March
30 November
2018
2016
£
£

Bank loans
24,676
23,728

Trade creditors
63,629
41,840

Corporation tax
18,356
-

Other taxation and social security
76,625
42,040

Other creditors
144,095
206,696

Accruals and deferred income
8,193
6,890

335,574
321,194


Page 8

 
KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

9.


Creditors: Amounts falling due after more than one year

31 March
30 November
2018
2016
£
£

Bank loans
29,830
62,660

29,830
62,660



10.


Loans


Analysis of the maturity of loans is given below:


31 March
30 November
2018
2016
£
£

Amounts falling due within one year

Bank loans
24,676
23,728


24,676
23,728

Amounts falling due 1-2 years

Bank loans
25,553
24,385


25,553
24,385

Amounts falling due 2-5 years

Bank loans
4,277
38,275


4,277
38,275


54,506
86,388



11.


Share capital

31 March
30 November
2018
2016
£
£
Allotted, called up and fully paid



Page 9

 
KELSEY HOUSE BAR & KITCHEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

11.Share capital (continued)

10,003 (2016 - 4) Ordinary shares of £1.00 each
10,003
4


On 15 December 2016, the company issued 9,999 shares at par for cash in order to raise working capital.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,543 (2016 - £Nil) . Contributions totalling £26 (2016 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


13.Directors' personal guarantees

Bank loans totalling £54,506 (2016: £86,388) are personally guaranteed by the directors.


14.


Related party transactions

Included in administrative expenses are charges totalling £9,906 (2016: £6,580) for bookkeeping, stocktaking and consultancy charges by G C Mallen Consultancy Ltd, a company in which Mr G C Mallen, a director of the company, has a material interest.
Included in other creditors is an amount of £42,338 (2016: £71,450) owing to Mr V Read, a director of the company.
Included in other creditors is an amount of £17,165 (2016: £780) owing to Mr G C Mallen, a director of the company.
Included in other creditors is an amount  of £3,500 (2016: £15,000) owing to Mr C Kelly, a director of the company.
Included in other debtors is an amount of £30,216 (2016: £Nil) due from The Guinea Tunbridge Wells Ltd, a company in which the directors Mr V Read and C Kelly have a material interest.
Included in other creditors is an amount of £61,200 (2016: £45,600) due to Tanyard Lane Bar & Kitchen Ltd, a company in which Mr G C Mallen and Mr V Read have a material interest.
Included in other creditors is an amount of £18,000 (2016: £35,000) due to European Bars Ltd, a company in which Mr G C Mallen has a material interest.

Page 10

KELSEY HOUSE BAR & KITCHEN LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 16 MONTHS ENDED 31 MARCH 2018

15.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 11