Registered number
12074097
Good Times Pubs and Bars Ltd
Filleted Accounts
31 March 2023
Good Times Pubs and Bars Ltd
Registered number: 12074097
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,438 17,643
Current assets
Debtors 4 925,010 397,203
Cash at bank and in hand 1,247 6,764
926,257 403,967
Creditors: amounts falling due within one year 5 (900,005) (368,963)
Net current assets 26,252 35,004
Total assets less current liabilities 44,690 52,647
Creditors: amounts falling due after more than one year 6 (26,787) (35,476)
Net assets 17,903 17,171
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,803 17,071
Shareholders' funds 17,903 17,171
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.
Mr S R McEwan
Director
Approved by the board on 18 October 2023
Good Times Pubs and Bars Ltd
Notes to the Accounts
for the year ended 31 March 2023
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 21,114 9,167 30,281
Additions 2,649 4,295 6,944
At 31 March 2023 23,763 13,462 37,225
Depreciation
At 1 April 2022 8,627 4,011 12,638
Charge for the year 3,786 2,363 6,149
At 31 March 2023 12,413 6,374 18,787
Net book value
At 31 March 2023 11,350 7,088 18,438
At 31 March 2022 12,487 5,156 17,643
4 Debtors 2023 2022
£ £
Other debtors 925,010 397,203
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,800 11,191
Trade creditors 2,631 -
Taxation and social security costs 45,402 22,658
Other creditors 841,172 335,114
900,005 368,963
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,787 35,476
7 Other information
Good Times Pubs and Bars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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