Registered number
09926808
Toast Ale Ltd
Filleted Accounts
31 December 2018
Toast Ale Ltd
Registered number: 09926808
Balance Sheet
as at 31 December 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 8,667 3,866
Investments 3 281,002 -
289,669 3,866
Current assets
Stocks 134,125 25,967
Debtors 4 117,996 84,216
Cash at bank and in hand 618,935 5,351
871,056 115,534
Creditors: amounts falling due within one year 5 (123,339) (56,162)
Net current assets 747,717 59,372
Total assets less current liabilities 1,037,386 63,238
Creditors: amounts falling due after more than one year 6 (148,656) (165,788)
Net assets/(liabilities) 888,730 (102,550)
Capital and reserves
Called up share capital 138 100
Share premium 1,371,179 -
Profit and loss account (482,587) (102,650)
Shareholders' funds 888,730 (102,550)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Stuart
Director
Approved by the board on 3 July 2019
Toast Ale Ltd
Notes to the Accounts
for the year ended 31 December 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
Intangible fixed assets
Intangible fixed assets are made up of amounts paid for trade marks. These costs have been capitalised as intangible fixed assets at cost and have been amortised over a period of 10 years.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Trademarks:
Cost
At 1 January 2018 4,151
Additions 5,350
At 31 December 2018 9,501
Amortisation
At 1 January 2018 285
Provided during the year 549
At 31 December 2018 834
Net book value
At 31 December 2018 8,667
At 31 December 2017 3,866
Trademark costs are being written off in equal annual instalments over their estimated economic life of 10 years.
3 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 281,002
At 31 December 2018 281,002
Toast Ale Ltd holds a 90.1% investment in its subsidiary Toast Ale LLC a US based company. As allowed under the small companies regime Toast Ale UK has not prepared consolidated accounts.
4 Debtors 2018 2017
£ £
Trade debtors 107,776 83,315
Other debtors 10,220 901
117,996 84,216
5 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 105,057 29,343
Taxation and social security costs 9,473 12,222
Other creditors 8,809 14,597
123,339 56,162
6 Creditors: amounts falling due after one year 2018 2017
£ £
Other creditors 148,656 165,788
Other creditors represents amounts due to the director T Stuart. Interest payable on the outstanding loan is calculated at rate of 5% per annum. Interest is capitalised annually and will be settled as part of the capital repayment.
7 Related Party Disclosures
The Company received a loan from a director of £156,885 in 2017 of which £25,000 was repaid during the current year. Interest is charged at the rate of 5% per annum. The company accrued £7,916 (2017: £7,002) interest during the year.
8 Other information
Toast Ale Ltd is a private company limited by shares and incorporated in England. Its registered office is:
105 Sumner Street
London
SE1 9HZ
Toast Ale Ltd 09926808 false 2018-01-01 2018-12-31 2018-12-31 VT Final Accounts July 2019 T Stuart No description of principal activity 09926808 core:WithinOneYear 2017-12-31 09926808 core:AfterOneYear 2017-12-31 09926808 core:ShareCapital 2017-12-31 09926808 core:SharePremium 2017-12-31 09926808 core:RetainedEarningsAccumulatedLosses 2017-12-31 09926808 2018-01-01 2018-12-31 09926808 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 09926808 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 09926808 bus:Director40 2018-01-01 2018-12-31 09926808 1 2018-01-01 2018-12-31 09926808 2 2018-01-01 2018-12-31 09926808 core:Goodwill 2018-01-01 2018-12-31 09926808 countries:England 2018-01-01 2018-12-31 09926808 bus:FRS102 2018-01-01 2018-12-31 09926808 bus:FullAccounts 2018-01-01 2018-12-31 09926808 2018-12-31 09926808 core:WithinOneYear 2018-12-31 09926808 core:AfterOneYear 2018-12-31 09926808 core:ShareCapital 2018-12-31 09926808 core:SharePremium 2018-12-31 09926808 core:RetainedEarningsAccumulatedLosses 2018-12-31 09926808 core:Goodwill 2018-12-31 09926808 core:AdditionsToInvestments 2018-12-31 09926808 2017-12-31 09926808 core:Goodwill 2017-12-31 iso4217:GBP