Company registration number 02768425 (England and Wales)
BREWERY INNS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
BREWERY INNS LTD
COMPANY INFORMATION
Directors
Mr G Whitby
Miss L D Williams
Secretary
Mr G Whitby
Company number
02768425
Registered office
Unit 21
Belasis Court
Belasis Hall Technology Park
Billingham
TS23 4AZ
Accountants
Benson Wood Ltd
Unit 21
Belasis Court
Belasis Hall Technology Park
Billingham
TS23 4AZ
BREWERY INNS LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
BREWERY INNS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of ownership and operation of public house.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Whitby
Miss L D Williams
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Miss L D Williams
Director
19 August 2022
BREWERY INNS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BREWERY INNS LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brewery Inns Ltd for the year ended 31 March 2022 which comprise, the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Brewery Inns Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Brewery Inns Ltd and state those matters that we have agreed to state to the Board of Directors of Brewery Inns Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brewery Inns Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Brewery Inns 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 Brewery Inns Ltd. You consider that Brewery Inns 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 Brewery Inns 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.
Benson Wood Ltd
19 August 2022
Chartered Certified Accountants
Unit 21
Belasis Court
Belasis Hall Technology Park
Billingham
TS23 4AZ
BREWERY INNS LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
579,360
593,192
Current assets
Stocks
2,750
1,594
Debtors
4
720
205
Cash at bank and in hand
4,435
42,187
7,905
43,986
Creditors: amounts falling due within one year
5
(174,246)
(168,066)
Net current liabilities
(166,341)
(124,080)
Total assets less current liabilities
413,019
469,112
Creditors: amounts falling due after more than one year
6
(156,987)
(229,001)
Provisions for liabilities
(1,193)
(707)
Net assets
254,839
239,404
Capital and reserves
Called up share capital
2
2
Revaluation reserve
7
455,488
455,488
Profit and loss reserves
(200,651)
(216,086)
Total equity
254,839
239,404
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 year ended 31 March 2022 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.
The members have not required the company to obtain an audit of its financial statements for the year 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.
BREWERY INNS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2022 and are signed on its behalf by:
Miss L D Williams
Director
Company Registration No. 02768425
BREWERY INNS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
1
Accounting policies
Company information
Brewery Inns Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 21, Belasis Court, Belasis Hall Technology Park, Billingham, TS23 4AZ. The principal place of business is c/o The Bear and Ragged Staff, Station Road, Bransford, Worcester, Worcestershire, WR6 5JH.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
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:
Freehold land and buildings
25% on cost
Leasehold improvements
25% on cost
Fixtures and fittings
25% on reducing balance and cost
Computers
25% on cost
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BREWERY INNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
Financial assets and liabilities are both measured at amortised costs and accounted for accordingly.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
BREWERY INNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
7
3
Tangible fixed assets
Land and buildings
Plant & Equipment
Total
£
£
£
Cost or valuation
At 1 April 2021
814,129
49,394
863,523
Additions
4,065
4,065
At 31 March 2022
814,129
53,459
867,588
Depreciation and impairment
At 1 April 2021
225,255
45,076
270,331
Depreciation charged in the year
16,282
1,615
17,897
At 31 March 2022
241,538
46,690
288,228
Carrying amount
At 31 March 2022
572,591
6,769
579,360
At 31 March 2021
588,874
4,318
593,192
Land and buildings with a carrying amount of £809,124 were revalued at 9 September 2005 by Christie & Co, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were measured on an historical basis rather than a fair value basis, the total amounts included would have been as follows:
2022
2021
£
£
Cost
388,073
388,073
Accumulated depreciation
(51,605)
(51,605)
Carrying value
336,468
336,468
BREWERY INNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
720
205
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
35,525
38,833
Trade creditors
6,208
2,195
Taxation and social security
10,893
6,623
Other creditors
121,620
120,415
174,246
168,066
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
156,987
162,000
Other creditors
67,001
156,987
229,001
7
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
455,488
455,488
8
Directors' transactions
At the balance sheet date there was a loan balance due to the directors of £117,031 (2021: £115,178). The loan is unsecured, interest free and repayable on demand.