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Registration number: 04730248

The Miners Arms (Hemerdon) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

The Miners Arms (Hemerdon) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

The Miners Arms (Hemerdon) Limited

(Registration number: 04730248)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

752,043

781,030

Current assets

 

Stocks

2,500

2,500

Debtors

6

4,058

8,512

Cash at bank and in hand

 

33,129

25

 

39,687

11,037

Creditors: Amounts falling due within one year

7

(608,046)

(438,377)

Net current liabilities

 

(568,359)

(427,340)

Total assets less current liabilities

 

183,684

353,690

Creditors: Amounts falling due after more than one year

7

(1,024,797)

(1,086,110)

Net liabilities

 

(841,113)

(732,420)

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

140,254

140,254

Profit and loss account

(981,467)

(872,774)

Shareholders' deficit

 

(841,113)

(732,420)

For the financial year ending 30 September 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 Statement of Comprehensive Income.

Approved and authorised by the director on 23 August 2024
 

 

The Miners Arms (Hemerdon) Limited

(Registration number: 04730248)
Statement of Financial Position as at 30 September 2023 (continued)


Mr J Maloney
Director

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of operating a public house and restaurant.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis with the company reliant upon the continued support of the director.

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises 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.

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess will be recognised in profit or loss.

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

Land and buildings

2% straight line

Improvements to property

10% straight line

Plant and machinery

15% straight line

Fixtures, fittings and equipment

15% straight line

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 6).

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2022

95,000

95,000

At 30 September 2023

95,000

95,000

Amortisation

At 1 October 2022

95,000

95,000

At 30 September 2023

95,000

95,000

Carrying amount

At 30 September 2023

-

-

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Tangible assets

Freehold property
£

Property improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Cost or valuation

At 1 October 2022

743,160

58,896

80,356

114,740

28,011

23,405

At 30 September 2023

743,160

58,896

80,356

114,740

28,011

23,405

Depreciation

At 1 October 2022

-

48,603

70,345

103,204

26,146

19,240

Charge for the year

14,863

4,712

3,044

3,825

1,502

1,041

At 30 September 2023

14,863

53,315

73,389

107,029

27,648

20,281

Carrying amount

At 30 September 2023

728,297

5,581

6,967

7,711

363

3,124

At 30 September 2022

743,160

10,293

10,011

11,536

1,865

4,165

Total
£

Cost or valuation

At 1 October 2022

1,048,568

At 30 September 2023

1,048,568

Depreciation

At 1 October 2022

267,538

Charge for the year

28,987

At 30 September 2023

296,525

Carrying amount

At 30 September 2023

752,043

At 30 September 2022

781,030

6

Debtors

2023
£

2022
£

Other debtors

4,058

8,512

4,058

8,512

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

233,459

55,989

Trade creditors

 

34,658

23,376

Taxation and social security

 

61,784

13,954

Other creditors

 

278,145

345,058

 

608,046

438,377

The bank overdraft and loan are secured. Contained within the figures above is a bounce back loan which benefits from a government guarantee.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

17,447

78,760

Other non-current financial liabilities

 

1,007,350

1,007,350

 

1,024,797

1,086,110

The bank overdraft and loan are secured. Contained within the figures above is a bounce back loan which benefits from a government guarantee.
 

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

140,254

140,254

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

The Miners Arms (Hemerdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,447

78,760

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

43,972

Bank overdrafts

-

12,017

Other borrowings

223,459

-

233,459

55,989

10

Related party transactions

Transactions with the director

During the year the director entered into the following advances and credits with the company:

2023

At 1 October 2022
£

Advances/(credits) to director
£

At 30 September 2023
£

Director

(1,348,808)

69,953

(1,278,855)

       
     

 

2022

At 1 October 2021
£

Advances/(credits) to director
£

At 30 September 2022
£

Director

(1,272,772)

(76,036)

(1,348,808)

 

Included in the loan balance as at 30 September 2023 is £1,007,350 (2022: £1,007,350) which is repayable in more than one year.