Registered number
04487732
Beresford's Restaurant & Pub Limited
Filleted Accounts
For the Year Ended
31 March 2023
Beresford's Restaurant & Pub Limited
Registered number: 04487732
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,665 15,808
Tangible assets 4 75,215 76,637
83,880 92,445
Current assets
Stocks 18,900 12,220
Debtors 5 14,095 10,536
Cash at bank and in hand 829 7,120
33,824 29,876
Creditors: amounts falling due within one year 6 (181,317) (176,107)
Net current liabilities (147,493) (146,231)
Net liabilities (63,613) (53,786)
Capital and reserves
Called up share capital 100 100
Profit and loss account (63,713) (53,886)
Shareholder's funds (63,613) (53,786)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
G K Bowness
Director
Approved by the board on 2 November 2023
Beresford's Restaurant & Pub Limited
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 15% reducing balance basis
Leasehold alterations 2% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 5 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 142,875
At 31 March 2023 142,875
Amortisation
At 1 April 2022 127,067
Provided during the year 7,143
At 31 March 2023 134,210
Net book value
At 31 March 2023 8,665
At 31 March 2022 15,808
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Leasehold land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 56,990 97,133 154,123
Additions - 3,138 3,138
At 31 March 2023 56,990 100,271 157,261
Depreciation
At 1 April 2022 11,398 66,088 77,486
Charge for the year 1,140 3,420 4,560
At 31 March 2023 12,538 69,508 82,046
Net book value
At 31 March 2023 44,452 30,763 75,215
At 31 March 2022 45,592 31,045 76,637
5 Debtors 2023 2022
£ £
Trade debtors 1,038 -
Deferred tax asset 11,943 9,662
Other debtors 1,114 874
14,095 10,536
Amounts due after more than one year included above 11,943 9,662
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,483 -
Trade creditors 14,267 -
Taxation and social security costs 1,839 704
Other creditors 147,728 175,403
181,317 176,107
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 17,483 -
Floating charge over the company's assets.
8 Related party transactions
The company paid rent to the director for use of the premises from which the company operates of £0 (2022 - £10,000) for the year.
9 Other information
Beresford's Restaurant & Pub Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beresford Road
Bowness-on-Windermere
Cumbria
LA23 2JG
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