The Latchmere Pub Limited 08786668 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the operation of a public house. Digita Accounts Production Advanced 6.30.9574.0 true false true 08786668 2022-04-01 2023-03-31 08786668 2023-03-31 08786668 bus:OrdinaryShareClass1 2023-03-31 08786668 core:CurrentFinancialInstruments 2023-03-31 08786668 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08786668 core:BetweenTwoFiveYears 2023-03-31 08786668 core:WithinOneYear 2023-03-31 08786668 core:FurnitureFittingsToolsEquipment 2023-03-31 08786668 core:LandBuildings 2023-03-31 08786668 bus:SmallEntities 2022-04-01 2023-03-31 08786668 bus:Audited 2022-04-01 2023-03-31 08786668 bus:FullAccounts 2022-04-01 2023-03-31 08786668 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08786668 bus:RegisteredOffice 2022-04-01 2023-03-31 08786668 bus:Director1 2022-04-01 2023-03-31 08786668 bus:Director2 2022-04-01 2023-03-31 08786668 bus:Director3 2022-04-01 2023-03-31 08786668 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08786668 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08786668 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08786668 core:LandBuildings 2022-04-01 2023-03-31 08786668 1 2022-04-01 2023-03-31 08786668 countries:EnglandWales 2022-04-01 2023-03-31 08786668 2022-03-31 08786668 core:FurnitureFittingsToolsEquipment 2022-03-31 08786668 core:LandBuildings 2022-03-31 08786668 2021-04-01 2022-03-31 08786668 2022-03-31 08786668 bus:OrdinaryShareClass1 2022-03-31 08786668 core:CurrentFinancialInstruments 2022-03-31 08786668 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08786668 core:BetweenTwoFiveYears 2022-03-31 08786668 core:WithinOneYear 2022-03-31 08786668 core:FurnitureFittingsToolsEquipment 2022-03-31 08786668 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08786668

The Latchmere Pub Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Latchmere Pub Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

The Latchmere Pub Limited

Company Information

Directors

T Peake

M E L Reynolds

NM Fox

Registered office

503 Battersea Park Road
London
SW11 3BW

Auditors

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

 

The Latchmere Pub Limited

(Registration number: 08786668)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

211,536

372,901

Current assets

 

Stocks

5

23,502

26,810

Debtors

6

662,229

789,000

Cash at bank and in hand

 

58,298

219,991

 

744,029

1,035,801

Creditors: Amounts falling due within one year

7

(400,392)

(880,708)

Net current assets

 

343,637

155,093

Net assets

 

555,173

527,994

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

555,172

527,993

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 Board on 28 November 2023 and signed on its behalf by:
 

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

 

The Latchmere 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:
503 Battersea Park Road
London
SW11 3BW

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.

 

The Latchmere Pub Limited

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

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.

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

539,284

132,346

671,630

Additions

-

14,153

14,153

At 31 March 2023

539,284

146,499

685,783

Depreciation

At 1 April 2022

217,137

81,592

298,729

Charge for the year

160,868

14,650

175,518

At 31 March 2023

378,005

96,242

474,247

Carrying amount

At 31 March 2023

161,279

50,257

211,536

At 31 March 2022

322,147

50,754

372,901

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.
 

5

Stocks

2023
£

2022
£

Stock

23,502

26,810

 

The Latchmere 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

657,001

780,001

Prepayments

 

5,228

8,915

Other debtors

 

-

84

 

662,229

789,000

 

The Latchmere Pub Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

150,000

700,000

Trade creditors

 

48,450

56,332

Amounts owed to group undertakings

12

112,000

20,000

Taxation and social security

 

85,688

101,026

Accruals and deferred income

 

3,350

3,350

Other creditors

 

904

-

 

400,392

880,708

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

150,000

700,000

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

79,652

78,450

Later than one year and not later than five years

225,863

313,802

305,515

392,252

 

The Latchmere Pub Limited

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

11

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.

12

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).

13

Parent and ultimate parent undertaking

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