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Company No: 07743368 (England and Wales)

TYTHERLEIGH ARMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

TYTHERLEIGH ARMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

TYTHERLEIGH ARMS LIMITED

BALANCE SHEET

As at 30 November 2023
TYTHERLEIGH ARMS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 287,425 298,542
287,425 298,542
Current assets
Stocks 5 18,235 17,100
Debtors 6 5,878 5,965
Cash at bank and in hand 7 95,232 225,658
119,345 248,723
Creditors: amounts falling due within one year 8 ( 82,739) ( 116,960)
Net current assets 36,606 131,763
Total assets less current liabilities 324,031 430,305
Creditors: amounts falling due after more than one year 9 ( 234,107) ( 323,916)
Net assets 89,924 106,389
Capital and reserves
Called-up share capital 100 100
Profit and loss account 89,824 106,289
Total shareholders' funds 89,924 106,389

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tytherleigh Arms Limited (registered number: 07743368) were approved and authorised for issue by the Board of Directors on 10 April 2024. They were signed on its behalf by:

M J Starling
Director
TYTHERLEIGH ARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
TYTHERLEIGH ARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tytherleigh Arms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tytherleigh Arms, Tytherleigh, Axminster, EX13 7BE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill is fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 90,000 90,000
At 30 November 2023 90,000 90,000
Accumulated amortisation
At 01 December 2022 90,000 90,000
At 30 November 2023 90,000 90,000
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 358,094 43,224 65,817 3,386 470,521
Additions 0 1,607 1,536 0 3,143
Disposals 0 ( 330) ( 917) 0 ( 1,247)
At 30 November 2023 358,094 44,501 66,436 3,386 472,417
Accumulated depreciation
At 01 December 2022 78,782 30,824 59,920 2,453 171,979
Charge for the financial year 7,162 4,398 2,480 220 14,260
Disposals 0 ( 330) ( 917) 0 ( 1,247)
At 30 November 2023 85,944 34,892 61,483 2,673 184,992
Net book value
At 30 November 2023 272,150 9,609 4,953 713 287,425
At 30 November 2022 279,312 12,400 5,897 933 298,542

5. Stocks

2023 2022
£ £
Stocks 18,235 17,100

6. Debtors

2023 2022
£ £
Trade debtors 0 1,537
Other debtors 5,878 4,428
5,878 5,965

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 95,232 225,658

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 9,399 25,422
Trade creditors 19,460 31,549
Amounts owed to directors 0 12,965
Accruals 8,997 7,363
Taxation and social security 28,350 25,288
Other creditors 16,533 14,373
82,739 116,960

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 18,935 118,194
Amounts owed to directors 185,008 175,558
Other loans 30,164 30,164
234,107 323,916

The loan is secured by a floating charge which is secured against the property of the business.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 0 23,903

10. Government Grants

During the year, the company received £nil (2022 - £4,000) in respect of the Coronavirus Job Retention Scheme.

The total amount of grants received in the year was £nil (2022 - £4,000).