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REGISTERED NUMBER: 03938353 (England and Wales)









Unaudited Financial Statements

for the Year Ended 28 February 2023

for

THE ONE AND ONLY PUB CO LTD

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Contents of the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE ONE AND ONLY PUB CO LTD

Company Information
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: J S Mogg





REGISTERED OFFICE: C/o The Bird in Hand
1 Queen Square
North Curry
Taunton
Somerset
TA3 6LT





REGISTERED NUMBER: 03938353 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Balance Sheet
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 17,000 18,000
Tangible assets 5 607,873 459,579
624,873 477,579

CURRENT ASSETS
Stocks 4,897 4,910
Debtors 6 16,509 14,000
Cash at bank and in hand 1,399 1,500
22,805 20,410
CREDITORS
Amounts falling due within one year 7 (277,135 ) (213,478 )
NET CURRENT LIABILITIES (254,330 ) (193,068 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

370,543

284,511

CREDITORS
Amounts falling due after more than one
year

8

(215,227

)

(228,126

)

PROVISIONS FOR LIABILITIES (40,090 ) -
NET ASSETS 115,226 56,385

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 290,920 181,009
Retained earnings (176,694 ) (125,624 )
SHAREHOLDERS' FUNDS 115,226 56,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Balance Sheet - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 28 November 2023 and were signed by:





J S Mogg - Director


THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Notes to the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. COMPANY INFORMATION

The One and Only Pub Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company had net current liabilities of £248,180 as at 28 February 2023. The company's bankers and the director will provide the company with financial support for at least the next 12 months to enable it to continue to trade and meet its liabilities as they fall due.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on a going concern basis. Based on this assessment and the current resources available, the director has concluded that they can continue to adopt the going concern basis in preparing the financial statements.

The company entered into a Company Voluntary Arrangement on 2nd September 2020 when it was resolved by the requisite majorities that the directors' proposals for the Voluntary Arrangement were accepted without modifications.
The value of unsecured creditors entering the Company Voluntary Arrangement totalled £112,009.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods are physically received by the customer.

Customer relationships
Customer relationships, originally acquired in 2000, is being amortized evenly over 20 years in the financial statements with effect from 2020 and is subject to annual impairment reviews.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 15% on reducing balance
Fixture and fittings - 25% on reducing balance
Freehold property - not provided for as this asset is maintained to a constant condition

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Customer
relationships
£   
COST
At 1 March 2022
and 28 February 2023 20,000
AMORTISATION
At 1 March 2022 2,000
Amortisation for year 1,000
At 28 February 2023 3,000
NET BOOK VALUE
At 28 February 2023 17,000
At 28 February 2022 18,000

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022 450,000 48,626 19,258 517,884
Revaluations 150,000 - - 150,000
At 28 February 2023 600,000 48,626 19,258 667,884
DEPRECIATION
At 1 March 2022 - 41,652 16,653 58,305
Charge for year - 1,054 652 1,706
At 28 February 2023 - 42,706 17,305 60,011
NET BOOK VALUE
At 28 February 2023 600,000 5,920 1,953 607,873
At 28 February 2022 450,000 6,974 2,605 459,579

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2011 352,977 - - 352,977
Valuation in 2020 (170,000 ) - - (170,000 )
Valuation in 2023 150,000 - - 150,000
Cost 267,023 48,626 19,258 334,907
600,000 48,626 19,258 667,884

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 16,500 14,000
Prepayments and accrued income 9 -
16,509 14,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,311 24,057
Trade creditors 61,476 50,490
Social security and other taxes 7,395 1,220
VAT 94,721 72,777
Other creditors 1,389 4,257
Director's current account 86,203 58,277
Accrued expenses 2,640 2,400
277,135 213,478

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 80,763 86,229
Santander mortgage 134,464 141,897
215,227 228,126

THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan and mortgage 238,538 252,183

The company's bankers have a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. The mortgage is secured on the freehold property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000