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Registration number: 05454563

The Stonhouse Pub Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Stonhouse Pub Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

The Stonhouse Pub Limited

Company Information

Directors

NM Fox

T Peake

M E L Reynolds

Registered office

165 Stonhouse Street
London
SW4 6BJ

Auditors

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

 

The Stonhouse Pub Limited

(Registration number: 05454563)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

338,472

372,973

Current assets

 

Stocks

5

13,639

14,429

Debtors

6

222,664

239,251

Cash at bank and in hand

 

62,222

79,020

 

298,525

332,700

Creditors: Amounts falling due within one year

7

(367,458)

(415,818)

Net current liabilities

 

(68,933)

(83,118)

Net assets

 

269,539

289,855

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

269,538

289,854

Shareholders' funds

 

269,539

289,855

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 Stonhouse 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:
165 Stonhouse Street
London
SW4 6BJ

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 Stonhouse 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

10% straight line

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 Stonhouse 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 22 (2022 - 17).

 

The Stonhouse Pub Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

14,571

304,579

249,261

568,411

Additions

-

-

9,407

9,407

At 31 March 2023

14,571

304,579

258,668

577,818

Depreciation

At 1 April 2022

7,286

32,741

155,411

195,438

Charge for the year

729

30,458

12,721

43,908

At 31 March 2023

8,015

63,199

168,132

239,346

Carrying amount

At 31 March 2023

6,556

241,380

90,536

338,472

At 31 March 2022

7,285

271,838

93,850

372,973

Included within the net book value of land and buildings above is £6,556 (2022 - £7,285) in respect of long leasehold land and buildings and £241,380 (2022 - £271,838) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Stock

13,639

14,429

 

The Stonhouse 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

197,704

181,654

Prepayments

 

4,792

3,803

Other debtors

 

20,168

53,794

 

222,664

239,251

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

100,000

Trade creditors

 

39,041

46,617

Amounts owed to group undertakings

12

282,000

252,000

Taxation and social security

 

41,879

12,973

Accruals and deferred income

 

3,350

3,350

Other creditors

 

1,188

878

 

367,458

415,818

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

100,000

 

The Stonhouse Pub Limited

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

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

97,716

97,716

Later than one year and not later than five years

390,865

390,865

Later than five years

341,873

439,857

830,454

928,438

11

Financial commitments, guarantees and contingencies

HSBC Bank plc has the right to set-off bank balances of The Stonhouse 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

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

NM Fox

Advance to the director

-

20,000

20,000

       
     

 

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

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

Gail Fox
(Gail Fox is related to Nicholas Fox, 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 Gail Fox was £Nil (2022 - £100,000).

13

Parent and ultimate parent undertaking

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