Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01No description of principal activity25false20truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06071412 2022-04-01 2023-03-31 06071412 2021-04-01 2022-03-31 06071412 2023-03-31 06071412 2022-03-31 06071412 c:Director2 2022-04-01 2023-03-31 06071412 d:Buildings 2022-04-01 2023-03-31 06071412 d:Buildings 2023-03-31 06071412 d:Buildings 2022-03-31 06071412 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06071412 d:PlantMachinery 2022-04-01 2023-03-31 06071412 d:PlantMachinery 2023-03-31 06071412 d:PlantMachinery 2022-03-31 06071412 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06071412 d:FurnitureFittings 2022-04-01 2023-03-31 06071412 d:FurnitureFittings 2023-03-31 06071412 d:FurnitureFittings 2022-03-31 06071412 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06071412 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06071412 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 06071412 d:FreeholdInvestmentProperty 2023-03-31 06071412 d:FreeholdInvestmentProperty 2022-03-31 06071412 d:CurrentFinancialInstruments 2023-03-31 06071412 d:CurrentFinancialInstruments 2022-03-31 06071412 d:Non-currentFinancialInstruments 2023-03-31 06071412 d:Non-currentFinancialInstruments 2022-03-31 06071412 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06071412 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06071412 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06071412 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06071412 d:ShareCapital 2023-03-31 06071412 d:ShareCapital 2022-03-31 06071412 d:CapitalRedemptionReserve 2023-03-31 06071412 d:CapitalRedemptionReserve 2022-03-31 06071412 d:RevaluationReserve 2023-03-31 06071412 d:RevaluationReserve 2022-03-31 06071412 d:MergerReserve 2023-03-31 06071412 d:MergerReserve 2022-03-31 06071412 d:RetainedEarningsAccumulatedLosses 2023-03-31 06071412 d:RetainedEarningsAccumulatedLosses 2022-03-31 06071412 c:FRS102 2022-04-01 2023-03-31 06071412 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06071412 c:FullAccounts 2022-04-01 2023-03-31 06071412 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06071412 d:WithinOneYear 2023-03-31 06071412 d:WithinOneYear 2022-03-31 06071412 d:BetweenOneFiveYears 2023-03-31 06071412 d:BetweenOneFiveYears 2022-03-31 06071412 5 2022-04-01 2023-03-31 06071412 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06071412 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 06071412 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 06071412 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 06071412 d:OtherDeferredTax 2023-03-31 06071412 d:OtherDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 06071412










ETIVE PUBS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ETIVE PUBS LIMITED
REGISTERED NUMBER: 06071412

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,214,302
5,258,950

Investment property
 5 
-
1,500,000

  
5,214,302
6,758,950

Current assets
  

Stocks
  
110,416
115,879

Debtors: amounts falling due within one year
 6 
61,060
61,761

Cash at bank and in hand
  
80,790
91,463

  
252,266
269,103

Creditors: amounts falling due within one year
 7 
(927,893)
(5,075,693)

Net current liabilities
  
 
 
(675,627)
 
 
(4,806,590)

Total assets less current liabilities
  
4,538,675
1,952,360

Creditors: amounts falling due after more than one year
 8 
(2,617,130)
(33,206)

Provisions for liabilities
  

Deferred tax
 9 
(425,297)
(331,748)

Net assets
  
1,496,248
1,587,406


Capital and reserves
  

Called up share capital 
  
978
978

Revaluation reserve
  
1,766,903
1,766,903

Capital redemption reserve
  
22
22

Investment property revaluation reserve
  
-
(131,647)

Profit and loss account
  
(271,655)
(48,850)

  
1,496,248
1,587,406

Page 1

 
ETIVE PUBS LIMITED
REGISTERED NUMBER: 06071412
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






O Pudney
Director

Date: 1 February 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Etive Pubs Limited, (registered number 06071412), is a private company limited by shares and incorporated in England and Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in GBP and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
20% reducing balance
Fixtures & fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 20).

Page 7

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Freehold property
Plant & Machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
5,022,147
218,401
226,877
5,467,425


Additions
-
4,484
3,055
7,539


Disposals
-
-
(5,670)
(5,670)



At 31 March 2023

5,022,147
222,885
224,262
5,469,294



Depreciation


At 1 April 2022
-
84,967
123,507
208,474


Charge for the year on owned assets
-
27,584
20,955
48,539


Disposals
-
-
(2,021)
(2,021)



At 31 March 2023

-
112,551
142,441
254,992



Net book value



At 31 March 2023
5,022,147
110,334
81,821
5,214,302



At 31 March 2022
5,022,147
133,434
103,369
5,258,950

Included in freehold land and property is land of £182,066 (2022: £182,066) which is not depreciated.

Page 8

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£





At 1 April 2022
1,500,000


Disposals
(1,500,000)



At 31 March 2023
-





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
1,631,647


6.


Debtors

2023
2022
£
£


Trade debtors
16,597
13,076

Other debtors
28,554
20,951

Prepayments and accrued income
15,909
27,734

61,060
61,761


Page 9

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
231,550
203,996

Bank loans
47,591
4,070,138

Trade creditors
120,288
103,222

Other taxation and social security
66,589
71,379

Obligations under finance lease and hire purchase contracts
-
6,302

Other creditors
427,972
532,260

Accruals and deferred income
33,903
88,396

927,893
5,075,693


The bank loan is secured upon the assets of the company.  The directors have personally guaranteed the bank loan.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,617,130
33,206


The bank loan is secured upon the assets of the company.  


9.


Deferred taxation




2023


£






At beginning of year
(331,748)


Charged to profit or loss
(93,549)



At end of year
(425,297)

Page 10

 
ETIVE PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(47,449)
(43,748)

Short term timing differences
1,327
173

Unrealised gain on freehold properties
(379,175)
(288,173)

(425,297)
(331,748)


10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
3,175
3,175

Later than 1 year and not later than 5 years
265
3,440

3,440
6,615

 
Page 11