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Company No: 14064968 (England and Wales)

FB TAVERNS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

FB TAVERNS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

FB TAVERNS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
FB TAVERNS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS Mr A Embiricos
Mr J Maizels
REGISTERED OFFICE 85 Great Portland Street
London
W1W 7LT
England
United Kingdom
COMPANY NUMBER 14064968 (England and Wales)
CHARTERED ACCOUNTANTS MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
FB TAVERNS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
FB TAVERNS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Tangible assets 3 105,532 1,271,534
105,532 1,271,534
Current assets
Debtors 4 1,909,047 28,007
Cash at bank and in hand 29,489 750,900
1,938,536 778,907
Creditors: amounts falling due within one year 5 ( 213,633) ( 166,050)
Net current assets 1,724,903 612,857
Total assets less current liabilities 1,830,435 1,884,391
Creditors: amounts falling due after more than one year 6 ( 839,000) ( 1,869,000)
Provision for liabilities ( 1,008) ( 1,658)
Net assets 990,427 13,733
Capital and reserves
Called-up share capital 7 727 100
Share premium account 999,189 0
Profit and loss account ( 9,489 ) 13,633
Total shareholders' funds 990,427 13,733

For the financial year ending 31 December 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 FB Taverns Limited (registered number: 14064968) were approved and authorised for issue by the Board of Directors on 24 July 2024. They were signed on its behalf by:

Mr A Embiricos
Director
Mr J Maizels
Director
FB TAVERNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
FB TAVERNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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 period, unless otherwise stated.

General information and basis of accounting

FB Taverns 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 85 Great Portland Street, London, W1W 7LT, England, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 not depreciated
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an
individual asset, the company estimates the recoverable amount of the cash-generating unit to which the
asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset
for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of
an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at
the discretion of the company.

2. Employees

Year ended
31.12.2023
Period from
25.04.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 1,264,903 6,860 1,271,763
Additions 96,939 4,400 101,339
Disposals ( 1,260,343) ( 6,860) ( 1,267,203)
At 31 December 2023 101,499 4,400 105,899
Accumulated depreciation
At 01 January 2023 0 229 229
Charge for the financial year 0 367 367
Disposals 0 ( 229) ( 229)
At 31 December 2023 0 367 367
Net book value
At 31 December 2023 101,499 4,033 105,532
At 31 December 2022 1,264,903 6,631 1,271,534

4. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 4,182 8,192
Amounts owed by Group undertakings 1,843,179 0
Other debtors 61,686 19,815
1,909,047 28,007

5. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 40,349 31,774
Amounts owed to Group undertakings 40,000 0
Taxation and social security 1,846 128,641
Other creditors 131,438 5,635
213,633 166,050

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

31.12.2023 31.12.2022
£ £
Other creditors 839,000 1,869,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
727 Ordinary shares of £ 1.00 each (31.12.2022: 100 shares of £ 1.00 each) 727 100

On 26 June 2023 627 £1shares were issued at a premium of £999,189 in total

8. Related party transactions

In accordance with Section 1AC.35 the company has not disclosed transactions with the companies under
common control.