Company Registration No. 11299116 (England and Wales)
VERMUTERIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
VERMUTERIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VERMUTERIA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
Notes
£
£
Fixed assets
Intangible assets
3
3,368
Tangible assets
4
487,067
490,435
Current assets
Stocks
15,139
Debtors
5
55,122
Cash at bank and in hand
57,392
127,653
Creditors: amounts falling due within one year
6
(172,682)
Net current liabilities
(45,029)
Total assets less current liabilities
445,406
Creditors: amounts falling due after more than one year
7
(211,573)
Net assets
233,833
Capital and reserves
Called up share capital
8
150
Share premium account
449,950
Profit and loss reserves
(216,267)
Total equity
233,833

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial period ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VERMUTERIA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 December 2019 and are signed on its behalf by:
M W Sodeau
Director
Company Registration No. 11299116
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information

Vermuteria Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis of that the company will continue to be supported by the directors. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the sales of food and drinks, net of VAT.

1.4
Intangible fixed assets other than goodwill

Intellectual Property and Trademarks are capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

IP & Trademarks
Over 10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over 15 years
Plant and equipment
25% straight line
Fixtures and fittings
25% and 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.7
Stocks

Stock consists of ingredients and goods purchased for resale and are stated at the lower of cost and net realisable value. Cost reflects the purchase price only.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with bank .

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

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 creditors 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to expense on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 24.

3
Intangible fixed assets
IP & Trademarks
£
Cost
At 9 April 2018
-
Additions
3,742
At 31 March 2019
3,742
Amortisation and impairment
At 9 April 2018
-
Amortisation charged for the period
374
At 31 March 2019
374
Carrying amount
At 31 March 2019
3,368
VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 9 April 2018
-
-
-
-
Additions
365,520
84,450
61,921
511,891
At 31 March 2019
365,520
84,450
61,921
511,891
Depreciation and impairment
At 9 April 2018
-
-
-
-
Depreciation charged in the period
9,830
8,635
6,359
24,824
At 31 March 2019
9,830
8,635
6,359
24,824
Carrying amount
At 31 March 2019
355,690
75,815
55,562
487,067
5
Debtors
2019
Amounts falling due within one year:
£
Trade debtors
22,848
Other debtors
24,077
Prepayments and accrued income
8,197
55,122
6
Creditors: amounts falling due within one year
2019
£
Trade creditors
35,247
Other taxation and social security
35,084
Other creditors
28,878
Accruals and deferred income
73,473
172,682
7
Creditors: amounts falling due after more than one year
2019
£
Other borrowings
211,573

Other borrowings is secured by a fixed and floating charge over the assets of the company.

VERMUTERIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 7 -
8
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
1,500,000 Ordinary shares of 0.01p each
150
150

On incorporation the company issued 2 Ordinary shares of £ 1 each at par.

 

As on 15 June 2018, the company issued 98 Ordinary shares of £ 1 each at par.

 

As on 18 June 2018, 100 Ordinary shares of £1 each were sub-divided into 1,000,000 Ordinary shares of 0.01p each.

 

As on 10 July 2018, 150,000 Ordinary shares of 0.01p each were issued for an aggregate consideration of £1.

 

As on 11 July 2018, 350,000 Ordinary shares of 0.01p each were issued for an aggregate consideration of £1.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2019
£
980,000
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