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Registration number: 12489579

The Lapstone Pub limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

The Lapstone Pub limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

The Lapstone Pub limited

Company Information

Director

Mr Russell Kitching

Registered office

The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

Accountants

Cameron & Associates Limited
The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

 

The Lapstone Pub limited

(Registration number: 12489579)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

164,697

163,680

Current assets

 

Stocks

5

10,020

8,520

Debtors

6

8,429

7,102

Cash at bank and in hand

 

4,887

55,367

 

23,336

70,989

Creditors: Amounts falling due within one year

7

(20,974)

(26,252)

Net current assets

 

2,362

44,737

Total assets less current liabilities

 

167,059

208,417

Creditors: Amounts falling due after more than one year

7

(208,494)

(191,051)

Net (liabilities)/assets

 

(41,435)

17,366

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(41,535)

17,266

Shareholders' (deficit)/funds

 

(41,435)

17,366

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr Russell Kitching
Director

 

The Lapstone Pub limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The Company is dependent on the support of its shareholder and related companies, he has confirmed that funding and support will continue and will be made available as necessary. Current trading and restructuring of the Company has had a positive effect on the cash flow, requiring a decreasing level of support in the current period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture,fittings and equipment

20% reducing balance

Motor Vehicles

20% straight line

 

The Lapstone Pub limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 7).

 

The Lapstone Pub limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

159,462

35,084

194,546

Additions

35,155

-

35,155

At 31 January 2023

194,617

35,084

229,701

Depreciation

At 1 February 2022

23,850

7,016

30,866

Charge for the year

27,122

7,016

34,138

At 31 January 2023

50,972

14,032

65,004

Carrying amount

At 31 January 2023

143,645

21,052

164,697

At 31 January 2022

135,612

28,068

163,680

5

Stocks

2023
£

2022
£

Other inventories

10,020

8,520

6

Debtors

Current

2023
£

2022
£

Trade debtors

6,701

5,905

Prepayments

1,198

1,197

Other debtors

530

-

 

8,429

7,102

 

The Lapstone Pub limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,271

9,084

Taxation and social security

12,243

13,936

Accruals and deferred income

1,500

1,500

Other creditors

960

1,732

20,974

26,252

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

208,494

191,051

8

Related party transactions

The Company had the following transactions which are included within creditors falling due after more than one year with companies controlled by the director Russell Kitching:

• The Company has a balance due to Thirstee Limited of £89,340 (2022: £105,610) on an interest free basis.
• The Company has a balance due to Swimfarms Limited of £25,847 (2022: £846) on an interest free basis.
• The Company has a balance due to Thirstee Business (Southern) Limited of £51,536 (2022: £35,981) on an interest free basis.

The Company has a balance due to the Director of £41,771 (2022: £48,614).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100