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COMPANY REGISTRATION NUMBER: 11229206
THE TACKLE TAVERN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2023
THE TACKLE TAVERN LIMITED
BALANCE SHEET
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
29,945
16,628
Current assets
Stocks
687,175
557,150
Debtors
6
96,329
45,297
Cash at bank and in hand
108,960
44,058
--------
--------
892,464
646,505
Creditors: amounts falling due within one year
7
( 547,342)
( 416,557)
--------
--------
Net current assets
345,122
229,948
--------
--------
Total assets less current liabilities
375,067
246,576
Creditors: amounts falling due after more than one year
8
( 22,501)
( 32,500)
Provisions
Taxation including deferred tax
( 5,838)
( 3,159)
--------
--------
Net assets
346,728
210,917
--------
--------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
346,727
210,916
--------
--------
Shareholders funds
346,728
210,917
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE TACKLE TAVERN LIMITED
BALANCE SHEET (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
D Stroud-Southey
Director
Company registration number: 11229206
THE TACKLE TAVERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
L'hold improvements
-
Over life of lease
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, bank loan and hire purchase 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 receipts discounted at a market rate of interest. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Tangible assets
L'hold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
14,000
4,988
13,844
32,832
Additions
13,350
6,622
5,300
25,272
Disposals
( 603)
( 603)
-------
-------
-------
-------
At 28 February 2023
27,350
11,007
19,144
57,501
-------
-------
-------
-------
Depreciation
At 1 March 2022
7,636
880
7,688
16,204
Charge for the year
6,631
1,585
3,387
11,603
Disposals
( 251)
( 251)
-------
-------
-------
-------
At 28 February 2023
14,267
2,214
11,075
27,556
-------
-------
-------
-------
Carrying amount
At 28 February 2023
13,083
8,793
8,069
29,945
-------
-------
-------
-------
At 28 February 2022
6,364
4,108
6,156
16,628
-------
-------
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
96,329
45,297
-------
-------
Included in other debtors is £15,000 which is due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
363,459
231,939
Corporation tax
92,962
80,162
Social security and other taxes
18,530
7,111
Other creditors
62,391
87,345
--------
--------
547,342
416,557
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,501
32,500
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
----
----
----
----
10. Operating leases and off balance sheet arrangements
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
50,000
19,583
Later than 1 year and not later than 5 years
200,000
25,000
Later than 5 years
116,667
--------
-------
366,667
44,583
--------
-------
The commitments are in relation to an operating lease for the rent of business property.