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Registered number: 10175363










HUNKY DORY PUBS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 2 JULY 2023

 
HUNKY DORY PUBS LIMITED
REGISTERED NUMBER: 10175363

BALANCE SHEET
AS AT 2 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,611,652
1,928,157

  
2,611,652
1,928,157

Current assets
  

Stocks
  
52,113
35,671

Debtors: amounts falling due within one year
 5 
150,902
184,408

Cash at bank and in hand
 6 
11,533
11,431

  
214,548
231,510

Creditors: amounts falling due within one year
 7 
(4,700,551)
(4,473,098)

Net current liabilities
  
 
 
(4,486,003)
 
 
(4,241,588)

Total assets less current liabilities
  
(1,874,351)
(2,313,431)

  

Net liabilities
  
(1,874,351)
(2,313,431)


Capital and reserves
  

Called up share capital 
  
400,000
400,000

Profit and loss account
  
(2,274,351)
(2,713,431)

  
(1,874,351)
(2,313,431)


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 statement of comprehensive income 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: 



Dermot King
Director

Date: 31 January 2024

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

Page 1

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

1.


General information

Hunky Dory Pubs Limited is a company limited by shares incorporated in England and Wales. The registered office address is Saxon House, 211 High Street, Berkhamsted, Hertfordshire, United Kingdom, HP4 1AD. The Company trades from various loactions in the UK where it operates pubs.
Post period end, the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns and Restaurants Limited at net book value on 3 July 2023. Following this “hive up” the Company no longer trades. See note 2.2 for further information.
 

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 following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the Directors have made the assessment of the entity’s ability to continue as a going concern.
Post period end, the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns and Restaurants Limited at net book value on 3 July 2023. Following this “hive up” the Company no longer trades.
For this reason, the Directors have concluded that the Company is no longer a going concern and these financial statements have been prepared on this basis. No material adjustments arose as a result of ceasing to apply the going concern basis.

 
2.3

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 for the sale of food and beverage in the pub operated by the Company excluding value added tax, other sales taxes and discounts.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.5

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 3

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Plant and machinery
-
12.5% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
33% straight line
Other fixed assets
-
33% straight line

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.

An impairment review was completed on the sites held at 2 July 2023. The key estimates and judgments in this review were discount rate, growth rate and forecast future cashflows.  The Directors concluded that based on current forecasts and the leasehold site market, no impairment charge was required in the current year and a release of previous impairment totalling £767k in relation to two sites was required. If the expected forecasts are not achieved, or leasehold site valuations were lower than anticipated, there could be a material impairment of the fixed asset carry value. There is therefore an area with significant estimates and judgments being made by management.

 
2.8

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 4

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
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 weighted average basis.

At each balance sheet 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.
Smallware inventories are held at cost which is determined by reference to the quantity in issue to each site. Smallware inventory relates to small value items which have short life spans relating to kitchen and bar equipment. These items are recorded under inventory as they are utilised in providing food and beverage to customers.

 
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. 

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
 
Page 5

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The employees are contracted with Oakman Inns and Restaurants Limited, the parent company. The costs are recharged to the Company and this is what the below disclosure reflects. 

The average monthly number of employees, including directors, during the period was 57 (2022 - 66).

Page 6

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets

£
£
£
£
£



Cost


At 3 July 2022
2,724,719
133,723
593,994
20,069
49,421


Additions
8,554
-
66,322
721
2,090



At 2 July 2023

2,733,273
133,723
660,316
20,790
51,511



Depreciation


At 3 July 2022
1,223,295
68,661
233,745
20,069
47,999


Charge for the period on owned assets
68,618
20,611
67,890
721
3,512


Impairment losses written back
(767,160)
-
-
-
-



At 2 July 2023

524,753
89,272
301,635
20,790
51,511



Net book value



At 2 July 2023
2,208,520
44,451
358,681
-
-



At 2 July 2022
1,501,424
65,062
360,249
-
1,422
Page 7

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

           4.Tangible fixed assets (continued)


Total

£



Cost


At 3 July 2022
3,521,926


Additions
77,687



At 2 July 2023

3,599,613



Depreciation


At 3 July 2022
1,593,769


Charge for the period on owned assets
161,352


Impairment losses written back
(767,160)



At 2 July 2023

987,961



Net book value



At 2 July 2023
2,611,652



At 2 July 2022
1,928,157

The property acts as security for the loan held in Oakman Inns and Restaurants Limited, a Company within the wider group.

Page 8

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
300

Amounts owed by group undertakings
27,922
14,372

Other debtors
81,794
74,724

Prepayments and accrued income
41,186
95,012

150,902
184,408


Amounts owed by group undertakings are interest free and repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,533
11,431

11,533
11,431



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
852,700

Trade creditors
266,655
302,068

Amounts owed to group undertakings
4,282,242
3,181,251

Amounts owed to related parties
1,308
1,308

Other creditors
8,649
446

Accruals and deferred income
141,697
135,325

4,700,551
4,473,098


The amounts owed to group undertakings are interest free and repayable on demand. 

Page 9

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
-
852,700


-
852,700




-
852,700


The other loan was held with EI Group PLC and interest was payable at 5% per annum from 1 April 2022. The loan was secured on the leasehold properties held by the Company. The loan was repaid in full in the period. 


9.


Pension commitments

The Company operates a defined contribution pension scheme. During the period, the Company made contributions totalling £16,525 (2022: £16,605). Contributions payable to the fund at the reporting date are recognised by Oakman Inns and Restaurants Limited where the employees are contracted.


10.


Related party transactions

The Company has taken advantage of the exemptions provided by Section 33.1A of FRS 102 not to disclose related party transactions with wholly owned subsidiary undertakings of the group.
Included within creditors is £1,308 (2022: £1,308) owed to companies under common control and due to mutual management teams.


11.


Post balance sheet events

On 3 July 2023, the Directors restructured the intercompany loans within Oakman Group and then “hived up” the trade and assets of the subsidiary Companies net of liabilities by transferring them to Oakman Inns and Restaurants Limited. Following this “hive up” Oakman Inns and Restaurants Limited has acquired properties and operates a number of additional sites post the restructure. The subsidiary Companies no longer trade post the restructure.


12.


Controlling party

The Company’s immediate parent is Oakman Ventures Limited. The ultimate controlling party is Oakman Group Plc. Both of these companies are registered at Saxon House, 211 High Street, Berkhamsted, Hertfordshire, United Kingdom, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company. 

Page 10

 
HUNKY DORY PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

13.


Auditors' information

The auditors' report on the financial statements for the period ended 2 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements. This explains that the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns and Restaurants on 3 July 2023. Following this “hive up” the Company no longer trades.
For this reason, the Directors have concluded that the Company is no longer a going concern and therefore these financial statements have been prepared on a basis other than going concern as described in noted 2.3. Our opinion is not modified in respect of this matter.

The audit report was signed on 31 January 2024 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 11