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COMPANY REGISTRATION NUMBER: 04248124
The Proper Pub Company Limited
Filleted Unaudited Financial Statements
30 April 2022
The Proper Pub Company Limited
Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
1,320,672
1,320,948
Current assets
Stocks
15,489
7,750
Debtors
6
134,843
185,928
Cash at bank and in hand
432,610
159,598
---------
---------
582,942
353,276
Creditors: amounts falling due within one year
7
321,421
231,430
---------
---------
Net current assets
261,521
121,846
------------
------------
Total assets less current liabilities
1,582,193
1,442,794
Creditors: amounts falling due after more than one year
8
870,068
956,277
------------
------------
Net assets
712,125
486,517
------------
------------
The Proper Pub Company Limited
Statement of Financial Position (continued)
30 April 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
900
900
Share premium account
209,100
209,100
Revaluation reserve
350,000
350,000
Profit and loss account
152,125
( 73,483)
---------
---------
Shareholders funds
712,125
486,517
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 August 2022 , and are signed on behalf of the board by:
Mr C Crawford Mrs C Crawford
Director Director
Company registration number: 04248124
The Proper Pub Company Limited
Notes to the Financial Statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Finchs Arms, Oakham Road, Hambleton, Oakham, Rutland, LE15 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, Small Entities of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. The directors will also consider mitigating actions. These actions could include stopping all non-essential and non-committed capex in the next 12-18 months and control essential expenditure such as purchases, wages and salaries.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable.
Financial instruments
The Company only enters into basic financial instruments 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. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2021
1,293,393
356,019
5,118
2,162
1,656,692
Additions
6,018
856
6,874
------------
---------
--------
-------
------------
At 30 April 2022
1,293,393
356,019
11,136
3,018
1,663,566
------------
---------
--------
-------
------------
Depreciation
At 1 May 2021
333,080
1,322
1,342
335,744
Charge for the year
5,735
1,045
370
7,150
------------
---------
--------
-------
------------
At 30 April 2022
338,815
2,367
1,712
342,894
------------
---------
--------
-------
------------
Carrying amount
At 30 April 2022
1,293,393
17,204
8,769
1,306
1,320,672
------------
---------
--------
-------
------------
At 30 April 2021
1,293,393
22,939
3,796
820
1,320,948
------------
---------
--------
-------
------------
6. Debtors
2022
2021
£
£
Other debtors
134,843
185,928
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,905
Trade creditors
111,212
54,635
Corporation tax
72,869
40,241
Social security and other taxes
10,429
Other creditors
117,006
136,554
---------
---------
321,421
231,430
---------
---------
Barclays Bank holds a debenture dated 30 June 2015 representing a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
870,068
956,277
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C Crawford
28,276
( 1,645)
26,631
Mrs C Crawford
28,276
( 1,644)
26,632
--------
-------
--------
56,552
( 3,289)
53,263
--------
-------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C Crawford
34,211
( 5,935)
28,276
Mrs C Crawford
34,210
( 5,934)
28,276
--------
--------
--------
68,421
( 11,869)
56,552
--------
--------
--------
10. The ultimate controlling party
The company is controlled by the directors of the company.