Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr R C Skinner 02/03/2010 Mr G T E Sloan 02/03/2010 09 November 2023 The principal activity of the company is the provision of bar and restaurant services. 07173315 2023-03-31 07173315 bus:Director1 2023-03-31 07173315 bus:Director2 2023-03-31 07173315 2022-03-31 07173315 core:CurrentFinancialInstruments 2023-03-31 07173315 core:CurrentFinancialInstruments 2022-03-31 07173315 core:ShareCapital 2023-03-31 07173315 core:ShareCapital 2022-03-31 07173315 core:RetainedEarningsAccumulatedLosses 2023-03-31 07173315 core:RetainedEarningsAccumulatedLosses 2022-03-31 07173315 core:Goodwill 2022-03-31 07173315 core:Goodwill 2023-03-31 07173315 core:LeaseholdImprovements 2022-03-31 07173315 core:PlantMachinery 2022-03-31 07173315 core:FurnitureFittings 2022-03-31 07173315 core:LeaseholdImprovements 2023-03-31 07173315 core:PlantMachinery 2023-03-31 07173315 core:FurnitureFittings 2023-03-31 07173315 bus:OrdinaryShareClass1 2023-03-31 07173315 2022-04-01 2023-03-31 07173315 bus:FullAccounts 2022-04-01 2023-03-31 07173315 bus:SmallEntities 2022-04-01 2023-03-31 07173315 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07173315 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07173315 bus:Director1 2022-04-01 2023-03-31 07173315 bus:Director2 2022-04-01 2023-03-31 07173315 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 07173315 core:Goodwill 2022-04-01 2023-03-31 07173315 core:PlantMachinery 2022-04-01 2023-03-31 07173315 core:FurnitureFittings 2022-04-01 2023-03-31 07173315 2021-04-01 2022-03-31 07173315 core:LeaseholdImprovements 2022-04-01 2023-03-31 07173315 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07173315 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 07173315 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07173315 (England and Wales)

OLD TIMERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

OLD TIMERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

OLD TIMERS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
OLD TIMERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr R C Skinner
Mr G T E Sloan
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 07173315 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
OLD TIMERS LIMITED

BALANCE SHEET

As at 31 March 2023
OLD TIMERS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 31,913 45,472
31,913 45,472
Current assets
Stocks 30,195 25,673
Debtors 5 368,922 368,725
Cash at bank and in hand 957,957 426,906
1,357,074 821,304
Creditors: amounts falling due within one year 6 ( 394,306) ( 272,744)
Net current assets 962,768 548,560
Total assets less current liabilities 994,681 594,032
Provision for liabilities ( 4,500) ( 5,360)
Net assets 990,181 588,672
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 990,081 588,572
Total shareholder's funds 990,181 588,672

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

Directors' responsibilities:

The financial statements of Old Timers Limited (registered number: 07173315) were approved and authorised for issue by the Board of Directors on 09 November 2023. They were signed on its behalf by:

Mr R C Skinner
Director
OLD TIMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
OLD TIMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Old Timers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
Centenary House
Peninsula Park
Rydon Lane,
Exeter
EX2 7XE

The principal place of business is:
Little Castle Street
Exeter
EX4 3PX

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

The turnover shown in the Profit and Loss Account represents takings received during the period, exclusive of Value Added Tax.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

During the year, the company received grants totalling £nil (2022: £12,031).

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 55,000 55,000
At 31 March 2023 55,000 55,000
Accumulated amortisation
At 01 April 2022 55,000 55,000
At 31 March 2023 55,000 55,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 122,363 38,829 36,880 198,072
Additions 0 3,044 0 3,044
Disposals 0 ( 18,465) ( 4,619) ( 23,084)
At 31 March 2023 122,363 23,408 32,261 178,032
Accumulated depreciation
At 01 April 2022 97,940 32,225 22,435 152,600
Charge for the financial year 8,566 840 1,895 11,301
Disposals 0 ( 14,969) ( 2,813) ( 17,782)
At 31 March 2023 106,506 18,096 21,517 146,119
Net book value
At 31 March 2023 15,857 5,312 10,744 31,913
At 31 March 2022 24,423 6,604 14,445 45,472

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 10,000 10,000
Prepayments 8,922 8,725
Other debtors 350,000 350,000
368,922 368,725

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 48,054 43,710
Amounts owed to Group undertakings 85,828 78,540
Taxation and social security 142,808 92,620
Other creditors 117,616 57,874
394,306 272,744

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £269,170 (2022: £228,362).

9. Related party transactions

Other related party transactions

2023 2022
£ £
Entities with joint control or significant influence 350,000 350,000

Loans are interest free and repayable on demand.

10. Ultimate controlling party

Parent Company:

The ultimate parent company is Skinner Sloan Limited, incorporated in England and Wales.

The ultimate controlling parties are Mr R C Skinner and MR G T E Sloan, by virtue of their shareholding in Skinner Sloan Limited.