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Registration number: 06291257

Shannon Pubs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Shannon Pubs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Shannon Pubs Limited

Company Information

Director

Mr John Shannon

Company secretary

Mrs Bernadette Shannon

Registered office

The Chequers
16 Duke Street
St James
SW1Y 6DB

Accountants

Silva Financial Limited
Chartered Accountants
Trading as Aims Accountants for Business
34 Pebworth Road
Harrow
Middlesex
HA1 3UD

 

Shannon Pubs Limited

(Registration number: 06291257)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

57,470

Tangible assets

5

27,348

92,368

 

27,348

149,838

Current assets

 

Stocks

7

31,980

41,046

Debtors

8

72,266

39,669

Other financial assets

6

562,836

561,619

Cash at bank and in hand

 

1,931,410

1,909,776

 

2,598,492

2,552,110

Creditors: Amounts falling due within one year

9

(273,356)

(209,610)

Net current assets

 

2,325,136

2,342,500

Total assets less current liabilities

 

2,352,484

2,492,338

Provisions for liabilities

(5,196)

(29,141)

Net assets

 

2,347,288

2,463,197

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

2,347,287

2,463,196

Shareholders' funds

 

2,347,288

2,463,197

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Shannon Pubs Limited

(Registration number: 06291257)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 28 March 2024
 

.........................................
Mr John Shannon
Director

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
The Chequers
16 Duke Street
St James
SW1Y 6DB

The principal place of business is:
The Chequers
16 Duke Street
St James
SW1Y 6DB

These financial statements were authorised for issue by the director on 28 March 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.

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.

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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% reducing balance

Short leasehold

The term of the lease

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

5% 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.

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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.

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.

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 the director) during the year, was 26 (2022 - 22).

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

170,000

170,000

Disposals

(170,000)

(170,000)

At 30 June 2023

-

-

Amortisation

At 1 July 2022

112,530

112,530

Amortisation charge

4,250

4,250

Amortisation eliminated on disposals

(116,780)

(116,780)

At 30 June 2023

-

-

Carrying amount

At 30 June 2023

-

-

At 30 June 2022

57,470

57,470

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2022

81,333

186,644

267,977

Additions

-

1,825

1,825

Disposals

(50,000)

(127,584)

(177,584)

At 30 June 2023

31,333

60,885

92,218

Depreciation

At 1 July 2022

31,090

144,519

175,609

Charge for the year

3,396

4,540

7,936

Eliminated on disposal

(13,464)

(105,211)

(118,675)

At 30 June 2023

21,022

43,848

64,870

Carrying amount

At 30 June 2023

10,311

17,037

27,348

At 30 June 2022

50,243

42,125

92,368

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Included within the net book value of land and buildings above is £10,311 (2022 - £50,243) in respect of short leasehold land and buildings.
 

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 July 2022

561,619

561,619

Fair value adjustments

1,217

1,217

At 30 June 2023

562,836

562,836

Impairment

Carrying amount

At 30 June 2023

562,836

562,836

7

Stocks

2023
£

2022
£

Other inventories

31,980

41,046

8

Debtors

Current

2023
£

2022
£

Trade debtors

47,370

37,852

Prepayments

8,614

1,816

Other debtors

16,282

1

 

72,266

39,669

9

Creditors

Creditors: amounts falling due within one year

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Due within one year

Trade creditors

49,279

6,580

Taxation and social security

186,977

164,598

Accruals and deferred income

30,344

36,930

Other creditors

6,756

1,502

273,356

209,610

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £541,000.00 (2022 - £55,000.00) per each Ordinary shares

 

541,000

 

55,000

         

12

Related party transactions

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr John Shannon

Interest free loans made to the compnay

188

767

956

       
     

 

2022

At 1 July 2021
£

Advances to director
£

At 30 June 2022
£

Mr John Shannon

Interest free loans made to the compnay

120

68

188

       
     

 

 

Shannon Pubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,642

9,590