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Registration number: 07379653

The Rosendale Pub Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Rosendale Pub Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

The Rosendale Pub Limited

Company Information

Directors

NM Fox

T Peake

M E L Reynolds

Registered office

65 Rosendale Road
London
SE21 8EX

Auditors

Carbon Accountancy Limited
Chartered Accountants and Statutory Auditors
80-83 Long Lane
London
EC1A 9ET

 

The Rosendale Pub Limited

(Registration number: 07379653)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

205,530

218,419

Current assets

 

Stocks

5

13,969

21,238

Debtors

6

1,246,977

1,201,621

Cash at bank and in hand

 

41,800

519,170

 

1,302,746

1,742,029

Creditors: Amounts falling due within one year

7

(1,286,543)

(1,538,783)

Net current assets

 

16,203

203,246

Total assets less current liabilities

 

221,733

421,665

Creditors: Amounts falling due after more than one year

7

-

(50,833)

Net assets

 

221,733

370,832

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

221,732

370,831

Shareholders' funds

 

221,733

370,832

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
NM Fox
Director

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
65 Rosendale Road
London
SE21 8EX

These financial statements were authorised for issue by the Board on 28 November 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2023 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

Revenue recognition

Revenue is recognised when bar and food products are served to customers, after deducting discounts and sales-based taxes. Deposits received in respect of advanced bookings are deferred until the relevant services are provided.

Government grants

Money received in the form of a government grant is treated as a revenue grant. Therefore, grant income is recorded within other income in the income statement on a systematic basis in the same periods as the related expenses occurred.

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Leasehold property

Over the term of lease

Leasehold improvements

Over the term of lease

Fixtures, fittings and equipments

10% straight line

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.

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 50 (2022 - 41).

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Long leasehold land and buildings
£

Leasehold improvements
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

275,023

47,239

435,505

757,767

Additions

-

-

14,203

14,203

At 31 March 2023

275,023

47,239

449,708

771,970

Depreciation

At 1 April 2022

153,376

8,032

377,940

539,348

Charge for the year

13,751

2,677

10,664

27,092

At 31 March 2023

167,127

10,709

388,604

566,440

Carrying amount

At 31 March 2023

107,896

36,530

61,104

205,530

At 31 March 2022

121,647

39,207

57,565

218,419

Included within the net book value of land and buildings above is £107,897 (2022 - £121,648) in respect of long leasehold land and buildings and £36,530 (2022 - £39,207) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Stock

13,969

21,238

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

12

1,240,008

1,196,050

Prepayments

 

6,969

5,532

Other debtors

 

-

39

 

1,246,977

1,201,621

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

575,000

880,000

Trade creditors

 

60,226

65,186

Amounts owed to group undertakings

12

585,006

420,915

Taxation and social security

 

43,278

169,332

Accruals and deferred income

 

3,350

3,350

Other creditors

 

19,683

-

 

1,286,543

1,538,783

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

50,833

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

50,833

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

305,000

Other borrowings

575,000

575,000

575,000

880,000

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

84,155

84,155

Later than one year and not later than five years

336,619

336,619

Later than five years

267,451

351,836

688,225

772,610

11

Financial commitments, guarantees and contingencies

HSBC Bank plc has the right to set-off bank balances of The Rosendale Pub Limited against other group companies bank debts. The Company has provided intercompany guarantees to HSBC Bank plc in respect of all debts due.

12

Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 Paragraph 33.1A and has not reported transactions with Three Cheers Pub Company Limited nor with other wholly owned members of the group.

 

The Rosendale Pub Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Other related party transactions
During the year the company made the following related party transactions:

Nicholas Mervyn Fox
(Director)
Interest rate - 2% above Bank of England base rate or 5%, whichever is higher.
At the balance sheet date the amount due to Nicholas Mervyn Fox was £300,000 (2022 - £300,000).

Andrew Gregg
(Andrew Gregg is related to Mark Reynolds, who is a director of the Company)
Interest rate - 2% above Bank of England base rate or 5%, whichever is higher.
At the balance sheet date the amount due to Andrew Gregg was £275,000 (2022 - £275,000).

13

Parent and ultimate parent undertaking

The company's immediate parent is Three Cheers Pub Company Limited, incorporated in England and Wales.