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Registration number: 05781605

Gastro Pubs Limited

Annual Report and Unaudited Financial Statements

for the Period from 2 May 2022 to 30 April 2023

 

Gastro Pubs Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Gastro Pubs Limited

(Registration number: 05781605)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,320,951

1,846,091

Current assets

 

Stocks

5

107,815

146,291

Debtors

6

349,437

639,620

Cash at bank and in hand

 

265,999

964,290

 

723,251

1,750,201

Creditors: Amounts falling due within one year

7

(5,162,256)

(5,432,549)

Net current liabilities

 

(4,439,005)

(3,682,348)

Total assets less current liabilities

 

(3,118,054)

(1,836,257)

Creditors: Amounts falling due after more than one year

7

(1,096,068)

(1,128,661)

Net liabilities

 

(4,214,122)

(2,964,918)

Capital and reserves

 

Called up share capital

111,111

111,111

Share premium reserve

388,889

388,889

Retained earnings

(4,714,122)

(3,464,918)

Shareholders' deficit

 

(4,214,122)

(2,964,918)

 

Gastro Pubs Limited

(Registration number: 05781605)
Balance Sheet as at 30 April 2023

For the financial period ending 30 April 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 period 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.

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 10 April 2024 and signed on its behalf by:
 

S Hutton
Company secretary and director

   
     
 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

1

General information

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

The address of its registered office is:
The Crown Inn
Lynn Road
King's Lynn
Norfolk
PE32 1RH

These financial statements were authorised for issue by the Board on 10 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 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.

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

Going concern

At the end of the period the company had net liabilities of £4,214,122 (2022 - £2,964,918)
Since the period end the company has entered into a companies voluntary arrangement (please refer to note 10). On succesful completion of the arrangement, some of the creditors will be paid at 10 pence in the pound.

The debt protection and arrangement is enabling creditors to be paid on terms and the directors are supporting the company to continue to trade as a going concern.

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.

 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

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

Freehold property

2% straight line method

Short-term leasehold property

10% straight line method

Plant and machinery

20% straight line method

Motor vehicles

20% straight line method

Fixtures and fittings

20% straight line method

Office equipment

33% straight line method

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.

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 stocks 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.

 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 period was 249 (2022 - 264).

 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 2 May 2022

3,719,512

2,294,843

72,633

6,086,988

Additions

-

40,593

-

40,593

Disposals

-

-

(72,633)

(72,633)

At 30 April 2023

3,719,512

2,335,436

-

6,054,948

Depreciation

At 2 May 2022

2,396,404

1,821,492

23,001

4,240,897

Charge for the period

426,395

89,706

-

516,101

Eliminated on disposal

-

-

(23,001)

(23,001)

At 30 April 2023

2,822,799

1,911,198

-

4,733,997

Carrying amount

At 30 April 2023

896,713

424,238

-

1,320,951

At 1 May 2022

1,323,108

473,351

49,632

1,846,091

Included within the net book value of land and buildings above is £611,763 (2022 - £625,990) in respect of freehold land and buildings and £284,950 (2022 - £697,118) in respect of short leasehold land and buildings.
 

 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

5

Stocks

2023
£

2022
£

Other inventories

107,815

146,291

6

Debtors

2023
£

2022
£

Other debtors

270,436

416,935

Prepayments

79,001

222,685

349,437

639,620

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

279,860

289,037

Trade creditors

 

504,373

707,845

Amounts due to related parties

9

2,997,197

3,047,197

Social security and other taxes

 

608,406

400,756

Other creditors

 

648,524

87,879

Accruals

 

123,896

899,835

 

5,162,256

5,432,549

Due after one year

 

Loans and borrowings

8

504,938

947,583

Other non-current financial liabilities

 

591,130

181,078

 

1,096,068

1,128,661

 

Gastro Pubs Limited

Notes to the Unaudited Financial Statements for the Period from 2 May 2022 to 30 April 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

504,938

947,583

Current loans and borrowings

2023
£

2022
£

Bank borrowings

279,853

289,037

Bank overdrafts

7

-

279,860

289,037

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

3,047,197

3,047,197

Repaid

(50,000)

(50,000)

At end of period

2,997,197

2,997,197

2022

Key management
£

Total
£

At start of period

3,247,197

3,247,197

Repaid

(200,000)

(200,000)

At end of period

3,047,197

3,047,197

Terms of loans from related parties

Loans to key management are interest free and repayable on demand.
 

10

Non adjusting events after the financial period

The company has entered into a companies voluntary arrangement taking effect 20 November 2023 which has been agreed by the creditors. The company has also completed a sale and leaseback of one of its properties. Two of the company leashold properties have been terminated.