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Registration number: 8616891

The Coach & Horses at Buckland Brewer Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

The Coach & Horses at Buckland Brewer Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

The Coach & Horses at Buckland Brewer Limited

Company Information

Directors

Mrs N Wolfe

Mr O Wolfe

Registered office

The Coach & Horses Inn
Buckland Brewer
BIDEFORD
Devon
EX39 5LU

Accountants

H K Smith Accountancy Services
Plyms Farmhouse
Manor Road
Landkey
Barnstaple
Devon
EX32 0JL

 

The Coach & Horses at Buckland Brewer Limited

(Registration number: 8616891)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

33,330

39,997

Tangible assets

5

3,221

3,790

 

36,551

43,787

Current assets

 

Stocks

6,000

6,000

Debtors

6

-

7,599

Cash at bank and in hand

 

59,233

65,865

 

65,233

79,464

Prepayments and accrued income

 

1,195

4,863

Creditors: Amounts falling due within one year

7

(44,910)

(54,719)

Net current assets

 

21,518

29,608

Total assets less current liabilities

 

58,069

73,395

Creditors: Amounts falling due after more than one year

(17,217)

(23,533)

Provisions for liabilities

(426)

(534)

Accruals and deferred income

 

(4,475)

(3,773)

Net assets

 

35,951

45,555

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

833

980

Retained earnings

35,018

44,475

Shareholders' funds

 

35,951

45,555

 

The Coach & Horses at Buckland Brewer Limited

(Registration number: 8616891)
Abridged Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 8 April 2024 and signed on its behalf by:
 

.........................................
Mrs N Wolfe
Director

.........................................
Mr O Wolfe
Director

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Coach & Horses Inn
Buckland Brewer
BIDEFORD
Devon
EX39 5LU

These financial statements were authorised for issue by the Board on 8 April 2024.

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

15% written down value

Plant

15% written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15 years 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.

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

100,000

At 31 July 2023

100,000

Amortisation

At 1 August 2022

60,003

Amortisation charge

6,667

At 31 July 2023

66,670

Carrying amount

At 31 July 2023

33,330

At 31 July 2022

39,997

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

8,166

3,526

11,692

At 31 July 2023

8,166

3,526

11,692

Depreciation

At 1 August 2022

5,410

2,492

7,902

Charge for the year

414

155

569

At 31 July 2023

5,824

2,647

8,471

Carrying amount

At 31 July 2023

2,342

879

3,221

At 31 July 2022

2,756

1,034

3,790

Revaluation

The fair value of the company's Other tangible assets was revalued on 19 July 2013. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £422 (2022 - £496).

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

The fair value of the company's Furniture fittings and equipment was revalued on 19 July 2013. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £412 (2022 - £484).

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

Creditors include an unsecured Bounce Back Loan of £5,000 (2022 - £4,999).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

147

147

Surplus/deficit on revaluation of other assets

(147)

-

(147)

(147)

147

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

The Coach & Horses at Buckland Brewer Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

173

173

Surplus/deficit on revaluation of other assets

(173)

-

(173)

(173)

173

-

Adjustment to the Corporation Tax nominal in the Balance Sheet therefore no effect on Corporation Taxes payable on the current year.