Company registration number 02501551 (England and Wales)
THORLEY TAVERNS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
THORLEY TAVERNS LTD
COMPANY INFORMATION
Directors
P J Thorley
A S Thorley
L D Thorley
Secretary
N E Somers
Company number
02501551
Registered office
The Old Police Station
60 Gladstone Road
Broadstairs
Kent
United Kingdom
CT10 2TA
Auditor
Azets Audit Services
2nd Floor
32-33 Watling Street
Canterbury
Kent
United Kingdom
CT1 2AN
THORLEY TAVERNS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
5 - 7
Directors' responsibilities statement
4
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
THORLEY TAVERNS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors have pleasure in presenting their strategic report for the year ended 30 June 2022.
Fair review of the business
The principal activity of the company during the year was the management of its eclectic mix of licensed premises, which included pubs, restaurants and hotels. The company is well placed moving forward, it operated 19 sites of which 15 sites are owned freehold.
The company’s strategy is to provide high quality outlets for its clientele and employees alike in which great quality food, drink and accommodation can be enjoyed.
All key suppliers have remained the same and benefit continues to be gained from long term agreements.
The company continued to invest in the development of its outlets to ensure Thorley’s venues are known for the excellence of their premises and of the goods and services they supply. Expenditure on repairs, renovation and development for the year totalled £611,000.
It is recognised that any business is only as good as the people it employs so the company has a clear strategy of recruitment and training to make certain that a highly skilled team is able to ensure that customers receive only the best service. These teams have been retained despite the extremely challenging conditions of the past year.
Principal risks and uncertainties
In the normal course of business, the company continually assesses significant risks and takes relevant action
to mitigate any potential impact.
The following risks constitute, in the board’s opinion, the principal risks and uncertainties currently facing the
company but cannot represent a full list of all such matters:
Strategic risks
Economic and market conditions
Adverse economic conditions can affect operations although performance through recent difficult conditions have shown that the company can continue to survive in such circumstances. The availability of low price alcohol in supermarkets will continue to be an important element of these difficult trading conditions.
Regulation and taxation of alcohol sales
The industry is heavily regulated and taxed and as such the company’s performance can be affected by
significant changes to regulation and tax rates.
Commercial and operational risks
Suppliers
The company is reliant upon good trading relationships with all of its suppliers. Some of these relationships
have been in place for many years and the Directors have a policy of ensuring that strong links are maintained
with all suppliers of both goods and services.
Health and Safety
The company operates in an area where Health and Safety is a significant risk and this is recognised as an
important matter. The Directors are continually reviewing these issues, identifying risks and taking appropriate
action so that high levels of Health and Safety compliance are achieved.
THORLEY TAVERNS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Development and performance
Reputation and Brand
The company has built a strong brand and business reputation over many years and recognises that continual
vigilance is required to maintain the company’s position. Strong controls in areas such as quality standards, staff
training and review by senior managers and directors mitigate this risk.
Financial risks
The principal financial risk is the maintenance of sufficient working capital to enable the company to continue
and expand its operations. A close relationship is maintained with the company’s bankers to ensure that
funding is available appropriate to the company trading activities and capital assets.
Position at the end of the year
The company had a good cash position at the end of the year whilst continuing its investment in the repair, renovation and development of its outlets.
The current assets to current liabilities ratio is 1.1 for the current year.
The Company had funded all investing and financing activities in the year without recourse to further borrowing. The Company has maintained cash balances to provide the Company with the working capital it requires.
THORLEY TAVERNS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Section 172 statement
Stakeholder engagement
Thorley Taverns is a family owned and run Company and as such all team members and suppliers are treated as extended family members. Wherever possible the Company aims to play “ win win “ with staff , customers and suppliers. We communicate regularly with both Internal and External customers.
Our Team
We employ some 350 team members, we communicate regularly with Managers, Assistant Managers, Head Chefs, Senior Chefs and Head Office personnel and these messages are cascaded down to all team members. Many channels are used, including email and video updates.
We have an in-house Mental Health Councillor and have kept a close check on all team members, especially those perceived to be struggling. Support has been given where necessary .
Customers
We have communicated regularly with our customer base via Social Media, Press releases, and appearances by Philip on BBC TV, BBC Radio, Local radio and many more. We have continued to introduce a new EPOS system into part of the estate to allow Customer remote ordering via an App which has assisted with speed of service, an improved Gross Profit margin and a simplification for both customers and staff alike. Allergen training has been revisited and is being delivered by our team.
Suppliers
The company maintains and has encouraged dialogue with all suppliers throughout the year and all are paid to terms. We continue to put a high value on locally sourced food from local suppliers, we have shortened both food and drinks menus to streamline ordering and stock holding.
Lenders
NatWest remain to be the companies only bankers, and the relationship is over fifty years. We remain within terms on all loan facilities.
Rental Properties and Disposals
We have worked with all our tenants during the year. We have assisted them with advice where needed and all rental properties are let.
Government and Regulatory Authorities
We regularly engage with both National and local Government and Directors hold senior roles within the National Tradebody “ UK Hospitality ".
P J Thorley
Director
13 November 2023
THORLEY TAVERNS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THORLEY TAVERNS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,314,800. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
F G Thorley
(Deceased 22 March 2023)
P J Thorley
A S Thorley
L D Thorley
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Future developments
The company will continue to develop its brand and meet any changes to the market conditions as they arise.
Auditor
The auditors, Azets Audit Services, will be proposed for reappointment in accordance with section 485 of the Companies Act 2016.
THORLEY TAVERNS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
Energy and carbon report
Greenhouse Gas (GHG) Emissions
In line with the Greenhouse Gas Protocol (GHG) Corporate Accounting and Reporting Standard, Thorley Taverns continues to be engaged in a process aimed at reducing energy and greenhouse gas emissions.
Thorley maintains scopes one (1), two (2) and three (3) emissions, which includes electricity and natural gas. Thorley also maintain transport emissions inclusive of company owned and operated vehicles, and employee owned vehicles, where mileage is claimed as a business expense.
Thorley previously devised a strategy to reduce our overall carbon footprint significantly including:
- Encouraging employees to purchase renewable technology cars i.e., hybrid vehicles,
- Purchasing energy efficient equipment where appropriate in offices,
- Replacing HVAC systems with energy-efficient equipment where possible,
- Adopting behavioural change measures where possible.
Thorley have a longstanding commitment to tackling climate change. Calculated carbon footprint for the current financial year is 877.08 tCO2e, whilst energy consumption was 4,482,166.00 kWh (4,482.17 MWh).
Methodology
Thorley have reported our emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2022.
The reporting period is the financial year 2022 / 2023, the same as that covered by the Annual Report and Financial Statements. The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.
2022/2023 Emissions
Scope 1 (Natural gas and transport) - 449.24 Tonnes CO2 equivalent (tCO2e)
Scope 2 (Electricity) - 379.89 Tonnes CO2 equivalent (tCO2e)
Scope 1 (Electricity T&D and transport) - 47.95 Tonnes CO2 equivalent (tCO2e)
Total - 877.08 tCO2e
Scope 1, 2 and scope 3 carbon intensity 0.00006 (tCO2e/turnover)
The intensity metric is based on the total turnover figure of £14,005,126. Our emissions have increased by 8.53%. Whilst this is an increase, the increase reflects the growth of our business since the last reporting period.
Efficiency Measures Taken
Installation of solar panels at two sites
Installation of an electric vehicle charging point at head office.
LED & passive lighting being installed around the entirety of the estate.
Objectives for 2023 / 2024
Lighting: Continue to evolve and install low energy lighting across our building portfolio.
Continual review of existing office equipment and company policies.
Reviewing supply contracts to determine feasibility of renewable energy.
Finalise our Energy Savings Opportunity Scheme (ESOS) phase 3 compliance process.
Thorley will report on progress within our next set of financial accounts.
THORLEY TAVERNS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
P J Thorley
Director
13 November 2023
THORLEY TAVERNS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORLEY TAVERNS LTD
- 8 -
Opinion
We have audited the financial statements of Thorley Taverns Ltd (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audittrue:
• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THORLEY TAVERNS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORLEY TAVERNS LTD
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
THORLEY TAVERNS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORLEY TAVERNS LTD
- 10 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Claire Parry FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
13 November 2023
Chartered Accountants
Statutory Auditor
2nd Floor
32-33 Watling Street
Canterbury
Kent
United Kingdom
CT1 2AN
THORLEY TAVERNS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
13,783,569
13,415,915
Cost of sales
(3,988,671)
(3,823,298)
Gross profit
9,794,898
9,592,617
Administrative expenses
(9,711,828)
(9,587,764)
Other operating income
226,239
484,598
Operating profit
4
309,309
489,451
Interest receivable and similar income
13,515
720
Interest payable and similar expenses
8
(55,898)
(84,920)
Fair value gains and losses on investment properties
12
(10,722)
(1,499)
Profit before taxation
256,204
403,752
Tax on profit
9
(74,914)
(246,067)
Profit for the financial year
181,290
157,685
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THORLEY TAVERNS LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
14,798,207
16,615,512
Investment property
12
2,430,000
2,430,000
17,228,207
19,045,512
Current assets
Stocks
13
446,667
411,564
Debtors
14
236,773
192,777
Cash at bank and in hand
2,061,554
822,210
2,744,994
1,426,551
Creditors: amounts falling due within one year
15
(2,461,574)
(1,689,454)
Net current assets/(liabilities)
283,420
(262,903)
Total assets less current liabilities
17,511,627
18,782,609
Creditors: amounts falling due after more than one year
16
(1,702,987)
(1,840,459)
Net assets
15,808,640
16,942,150
Capital and reserves
Called up share capital
19
91,000
91,000
Share premium account
20
1,239,436
1,239,436
Capital redemption reserve
21
9,000
9,000
Profit and loss reserves
14,469,204
15,602,714
Total equity
15,808,640
16,942,150
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
P J Thorley
Director
Company Registration No. 02501551
THORLEY TAVERNS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
91,000
1,239,436
9,000
15,445,029
16,784,465
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
157,685
157,685
Balance at 30 June 2022
91,000
1,239,436
9,000
15,602,714
16,942,150
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
181,290
181,290
Dividends
10
-
-
-
(1,314,800)
(1,314,800)
Balance at 30 June 2023
91,000
1,239,436
9,000
14,469,204
15,808,640
THORLEY TAVERNS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,584,806
1,266,946
Interest paid
(55,898)
(84,920)
Income taxes paid
(229,469)
(521,895)
Net cash inflow from operating activities
1,299,439
660,131
Investing activities
Purchase of tangible fixed assets
(221,294)
(2,122,686)
Proceeds from disposal of tangible fixed assets
1,595,500
536,186
Purchase of investment property
(10,722)
(1,499)
Interest received
13,515
720
Net cash generated from/(used in) investing activities
1,376,999
(1,587,279)
Financing activities
Repayment of bank loans
(122,294)
(1,108,380)
Dividends paid
(1,314,800)
Net cash used in financing activities
(1,437,094)
(1,108,380)
Net increase/(decrease) in cash and cash equivalents
1,239,344
(2,035,528)
Cash and cash equivalents at beginning of year
822,210
2,857,738
Cash and cash equivalents at end of year
2,061,554
822,210
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information
Thorley Taverns Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Police Station, 60 Gladstone Road, Broadstairs, Kent, United Kingdom, CT10 2TA. The company runs its operations from its address at The Old Police Station, 60 Gladstone, Road, Broadstairs, CT10 2TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue recognised at the time of sale is the fair value of bar, food, slot machine and other related sales, after deducting discounts and sales-based taxes.
Revenue from hotel rooms is recognised when rooms are occupied as services are provided, after deductions of discounts and sales-based taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
over the period of the lease
Fixtures and fittings
12% to 20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, being selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Classification of freehold and investment properties
The company classifies its properties between tangible fixed assets and investment properties based on whether the company has control over the operations of the public house or hotel or receives regular rentals.
Valuation of trading and investment properties
The value of the company's trading and investment properties are reviewed annually by the Directors. As part of this process the Directors take advice from Chartered Surveyors who are specialist valuers to the licensed trade in order to arrive at current use valuations for each property. The carrying value of the properties is then amended to reflect these valuations.
Fixtures and fittings
Fixtures and fittings are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually, taking into account factors such as technological innovation, maintenance programmes, market information and management considerations. In assessing the residual values, the remaining life of the asset, its projected disposal values and future market conditions are taken into account.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of food, drinks and machine income
13,042,441
12,401,187
Accommodation
741,128
1,014,728
13,783,569
13,415,915
2023
2022
£
£
Other revenue
Interest income
13,515
720
Grants received
-
123,453
Rent receivable
226,239
226,422
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(123,453)
Depreciation of owned tangible fixed assets
166,492
186,250
Impairment of owned tangible fixed assets
250,000
1,147,532
Loss/(profit) on disposal of tangible fixed assets
26,607
(80,157)
Operating lease charges
194,473
242,917
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,230
17,603
For other services
Taxation compliance services
2,537
3,500
Other taxation services
6,750
All other non-audit services
4,936
2,900
14,223
6,400
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Head office and administration staff
13
13
Public house, restuarant and hotel staff
399
418
Total
412
431
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,160,633
5,058,251
Social security costs
358,817
332,388
Pension costs
86,792
157,503
5,606,242
5,548,142
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
188,418
188,386
Company pension contributions to defined contribution schemes
4,800
81,463
193,218
269,849
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
55,898
84,920
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
92,497
247,052
Adjustments in respect of prior periods
(17,583)
(985)
Total current tax
74,914
246,067
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
256,204
403,752
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
64,051
76,713
Tax effect of expenses that are not deductible in determining taxable profit
57,036
133,912
Effect of change in corporation tax rate
(11,529)
Effect of revaluations of investments
2,198
285
Under/(over) provided in prior years
(17,583)
Capital allowances for year in excess of depreciation
(19,259)
35,157
Taxation charge for the year
74,914
246,067
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
10
Dividends
2023
2022
£
£
Interim paid
1,314,800
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
17,130,644
532,448
5,229,389
125,407
23,017,888
Additions
140,936
4,589
56,769
19,000
221,294
Disposals
(1,617,531)
(870,129)
(10,500)
(2,498,160)
At 30 June 2023
15,654,049
537,037
4,416,029
133,907
20,741,022
Depreciation and impairment
At 1 July 2022
1,399,254
121
4,909,818
93,183
6,402,376
Depreciation charged in the year
47,423
925
101,748
16,396
166,492
Impairment losses
250,000
250,000
Eliminated in respect of disposals
(13,851)
(851,702)
(10,500)
(876,053)
At 30 June 2023
1,682,826
1,046
4,159,864
99,079
5,942,815
Carrying amount
At 30 June 2023
13,971,223
535,991
256,165
34,828
14,798,207
At 30 June 2022
15,731,390
532,327
319,571
32,224
16,615,512
The carrying value of land and buildings comprises:
2023
2022
£
£
Freehold
13,971,223
15,346,226
Long leasehold
313,204
312,638
Short leasehold
222,787
425,718
14,507,214
16,084,582
Freehold land and buildings and investment properties with a carrying amount of £16,401,224 (2022 - £17,508,402) have been pledged to secure borrowings of the company.
The directors have considered the values of all assets in the Company’s property portfolio during each year. It was determined that one property where extensive refurbishment and remodelling was carried out required impairment to reflect its recoverable amount.
An impairment loss of £250,000 (2022 - £1,147,532) was recognised in administrative expenses within the profit and loss account.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
12
Investment property
2023
£
Fair value
At 1 July 2022
2,430,000
Additions
10,722
Net gains or losses through fair value adjustments
(10,722)
At 30 June 2023
2,430,000
The 2023 valuations were made by the directors, on an open market value for existing use basis.
13
Stocks
2023
2022
£
£
Goods for resale
446,667
411,564
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,198
15,026
Other debtors
36,579
38,081
Prepayments and accrued income
147,996
139,670
236,773
192,777
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
133,411
118,233
Trade creditors
553,975
433,892
Corporation tax
92,497
247,052
Other taxation and social security
576,818
248,944
Other creditors
922,771
434,290
Accruals
182,102
207,043
2,461,574
1,689,454
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
1,702,987
1,840,459
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
16
Creditors: amounts falling due after more than one year
(Continued)
- 25 -
The bank loans are secured on various freehold, leasehold and investment premises owned by the company and an unscheduled mortgage debentures incorporating a fixed and floating charge over all current and future assets of the company.
17
Loans and overdrafts
2023
2022
£
£
Bank loans
1,836,398
1,958,692
Payable within one year
133,411
118,233
Payable after one year
1,702,987
1,840,459
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
86,792
157,503
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
91,000
91,000
91,000
91,000
20
Share premium account
Share premium is the amount received by the company over and above the face value of its shares.
21
Capital redemption reserve
The capital redemption reserve arose on the redemption of 9,000 Ordinary £1 shares.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
153,640
153,140
Between two and five years
614,310
612,560
In over five years
514,000
667,140
1,281,950
1,432,840
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
36,000
25,000
Between two and five years
144,000
100,000
In over five years
235,000
150,000
415,000
275,000
23
Directors' transactions
There were amounts due to Directors at the year end amounting to £515,817 (2022: overdrawn amount of £8,827).
24
Ultimate controlling party
The company is controlled by the executors of F Thorley by virtue of his majority shareholding.
THORLEY TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
181,290
157,685
Adjustments for:
Taxation charged
74,914
246,067
Finance costs
55,898
84,920
Investment income
(13,515)
(720)
Loss/(gain) on disposal of tangible fixed assets
26,607
(80,157)
Fair value loss on investment properties
10,722
1,499
Depreciation and impairment of tangible fixed assets
416,492
1,333,782
Movements in working capital:
Increase in stocks
(35,103)
(98,763)
Increase in debtors
(43,996)
(20,935)
Increase/(decrease) in creditors
911,497
(356,432)
Cash generated from operations
1,584,806
1,266,946
26
Analysis of changes in net funds/(debt)
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
822,210
1,239,344
2,061,554
Borrowings excluding overdrafts
(1,958,692)
122,294
(1,836,398)
(1,136,482)
1,361,638
225,156
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