REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
FOR |
CHESHIRE CAT PUBS AND BARS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
FOR |
CHESHIRE CAT PUBS AND BARS LIMITED |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHESHIRE CAT PUBS AND BARS LIMITED |
COMPANY INFORMATION |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Cheshire Cat Pubs and Bars Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of goods and services provided to customers during the period, excluding value added tax. |
Tangible fixed assets |
Freehold property | - |
Leasehold property and impr'ments | - |
Computer equipment | - |
Fixtures and fittings | - |
Government grants |
The company received Local Restrictions Support Grant payments during the prior period. These have been recognised as Other Operating Income when received. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Interest bearing bank loans, overdrafts and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
Shares which contain financial liabilities are reported accordingly, with any liability component included as a liability in the balance sheet. Corresponding dividends relating to such liability component of shares are charged as a finance expense. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Employee benefits and pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. Contributions to defined pension schemes are charged to profit or loss as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet. |
Going concern |
At 30 September 2023 the company had net current liabilities of £1,109,383 and negative shareholders' funds of (£58,863). The directors' current accounts represent a significant proportion of this net current liability. The company is therefore reliant upon the continued support of the directors to continue to trade. The directors have indicated that they are willing to continue to support the company, and have confirmed their intention not to withdraw any amounts owed to them, except to the extent that funds permit, for the foreseeable future. |
The company has maintained a strong cash position in the period up to the signing of these financial statements. |
In light of the above, the directors have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Leasehold |
property | Fixtures |
Freehold | and | Computer | and |
property | impr'ments | equipment | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 2 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 2 October 2022 |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 1 October 2022 |
Fixed charge security has been given over the freehold and leasehold properties in respect of the company's bank borrowings as disclosed in the notes to the financial statements. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
Deferred tax asset |
2022 |
£ |
Accelerated capital allowances | ( |
) |
Tax losses carried forward |
Other timing differences | 505 |
At 30 September 2023 other debtors includes £37,300 (2022 - £37,800) which is due after more than one year. |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
Trade creditors |
Social security and other taxes |
VAT | 421,038 | 378,059 |
Other creditors |
Directors' current accounts | 251,870 | 251,870 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
Directors' loan accounts | 750,000 | 750,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 598,700 | 770,962 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
8. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 598,700 | 770,962 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by fixed charges over the freehold and leasehold properties, and a floating charge over the assets of the company. |
11. | PROVISIONS FOR LIABILITIES |
2023 |
£ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
Other timing differences | (907 | ) |
7,561 |
Deferred |
tax |
£ |
Balance at 2 October 2022 | ( |
) |
Provided during period |
Balance at 30 September 2023 |
CHESHIRE CAT PUBS AND BARS LIMITED (REGISTERED NUMBER: 04326652) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 2 OCTOBER 2022 TO 30 SEPTEMBER 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 565,000 | 565,000 |
13. | RELATED PARTY DISCLOSURES |
T Bird and M C McLaughlin |
At 30 September 2023 the total amount of loans due to the directors was £1,001,870 (2022 - £1,001,870). These loans are unsecured and interest is charged on the balance outstanding since 28 September 2014 at 8% per annum, with a total of £80,918 charged in the period to 30 September 2023 (2022 - £80,918). At the period end £750,000 (2022 - £750,000) of the balance due to the directors was repayable after more than 12 months of the balance sheet date and the remaining balance has no fixed repayment date. |
During a prior period, the directors' Self Invested Personal Pensions (SIPPs) purchased the freehold of the Church Inn together with the company, with the SIPPs holding a 41.23% interest in the total freehold. During the period to 30 September 2023 the SIPPs charged rent totalling £24,051 to the company (2022 - £13,743). |
During the period the company met professional fees on behalf of the SIPPs as the sponsoring employer totalling £1,152 (2022 - £2,835). |
P F W Large |
During the period the company was charged £27,076 (2022 - £21,763) by the director in respect of professional services in connection with management of the company. |
14. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors, T Bird and M C McLaughlin. |