Registration number:
The Latchmere Pub Limited
for the Year Ended 31 March 2023
The Latchmere Pub Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Latchmere Pub Limited
Company Information
Directors |
T Peake M E L Reynolds NM Fox |
Registered office |
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Auditors |
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The Latchmere Pub Limited
(Registration number: 08786668)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
555,172 |
527,993 |
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Shareholders' funds |
555,173 |
527,994 |
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
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The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Audit report
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Changes in accounting estimate
Depreciation
Lease term extension
The effect of the change on assets, liabilities, income and expense in the current year is as follows:
£ | |
Leasehold depreciation charge | 133,904 |
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.
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:
The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Asset class |
Depreciation method and rate |
Leasehold property |
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.
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.
The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £161,279 (2022 - £322,147) in respect of long leasehold land and buildings.
Stocks |
2023 |
2022 |
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Stock |
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The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
- |
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The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The Latchmere Pub Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Financial commitments, guarantees and contingencies |
HSBC Bank plc has the right to set-off bank balances of The Latchmere Pub Limited against other group companies bank debts. The Company has provided intercompany guarantees to HSBC Bank plc in respect of all debts due.
Related party transactions |
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 £150,000 (2022 - £250,000).
Bruce Lundie
(Bruce Lundie 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 Bruce Lundie was £Nil (2022 - £200,000).
John Brodie
(John Brodie 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 John Brodie was £Nil (2022 - £25,000).
Flic Brodie
(Flic Brodie 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 Flic Brodie was £Nil (2022 - £25,000).
Sophie Ward
(Sophie Ward 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 Sophie Ward was £Nil (2022 - £200,000).
Parent and ultimate parent undertaking |
The company's immediate parent is