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Registered number: 03991418










BARONS PUB COMPANY LTD

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2023
 






 



 






 
BARONS PUB COMPANY LTD
 

COMPANY INFORMATION


Directors
Mr C M Price 
Miss H M Pillinger 




Company secretary
Mrs L C Price



Registered number
03991418



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
BARONS PUB COMPANY LTD
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Balance Sheet
 
 
10
Statement of Cash Flows
 
 
11
Notes to the Financial Statements
 
 
12 - 28


 
BARONS PUB COMPANY LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The Directors present their Strategic Report together with the audited financial statements for the year ended 30 September 2023.

Business review
 
The year ended 30th September 2023 proved to be another challenging but successful year.
Post year end Barons Pub Company were winners of The Publican Award for Best Pub Employer for the third year in a row and also Greene King Pub Partners Best Multiple Operator for the third year in a row too. This is a real endorsement of our people focused approach to the business and the opportunities that we provide for our 465 employees. These prestigious awards have some tangible benefits not least with recruitment and retention of good calibre staff in what has been a difficult labour market over the past few years. 
There have been many cost price challenges with upward pressure most notably on labour, energy and food and drink. We have responded by passing on a fair amount of this cost on to the customer by way of increased prices for our food and drink which has helped us maintain margin.     
Again there has been significant increase to the Government minimum wage, both during the financial year and beyond (in excess of 10%) meaning that wage costs have continued to increase. We continue to focus on rotas and labour control to manage this significant cost. 
Our teams remain focused on our goal of operational excellence and our continued success depends on our ability to give our customers excellent, consistent service.
Our pubs and café are very well maintained and the investment we have made in improving our facilities over the years has helped us to reach a new record of net turnover just under £20m net in this financial year.
 
All sites maintained a 5 star food safety rating.  
 

Page 1

 
BARONS PUB COMPANY LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
Strategic risks
The hospitality business is a highly regulated sector. The main areas of exposure are:
 
Compliance with food hygiene regulations;

Health & safety of staff & general public;

Employment regulations in respect of a broad employee base with regular staff turnover; and

The general responsibilities of operating premises licensed to sell alcohol.
 
Commercial risks
Inflationary cost pressures always pose a possible threat to the Company’s margin. We continue to work hard with our suppliers to review products and prices. There have been building cost pressure in the industry over the last year. Our experienced management team have been able to manage these difficulties well to mitigate the impact. Significant planned increases in the National Minimum Wage have put pressure on the cost of labour and it is important that we continue to find ways to increase productivity to remain competitive in the market. New technologies may be the long term solution and we continue to keep an eye on which of these can work positively for the business. 
Operational risks
Maintaining strong management teams is crucial to the successful running of the business. Both front and back of house positions are always important to ensure great food and service and we work hard to manage the staff closely and create a strong culture of ‘Barons values’. We rely on our information technology systems in the business and any prolonged or significant failure of these systems could pose a risk to the effective management of the business. Since the pandemic we have ensured that we have retained our teams and key positions which has allowed us to continue to operate at an excellent standard. 
Financial risks
The Company has sufficient funds to meet our business obligations and although there are still many uncertainties ahead we remain optimistic that that we will continue to trade well and return good profits. The quality of our pubs and café, with excellent gardens and outside space continues to be a real strength especially with the addition of our pizza trailers.

Financial key performance indicators
 
Our primary key performance indicator (KPI) is turnover, along with gross profit margin and shareholders funds. These KPI’s are used to measure performance and progress of the Company’s objectives. Due to our excellent value for money, we have had the necessary headroom to increase menu prices as necessary. We have continued to work with our excellent suppliers to keep price down and adapt our menus to reflect availability and value.


This report was approved by the board and signed on its behalf.


Mr C M Price
Director
Date: 9 September 2024

Page 2

 
BARONS PUB COMPANY LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the year under review continued to be that of restaurateur and publicans.

Results and dividends

The profit for the year, after taxation, amounted to £258,593 (2022 - £107,840).

During the year dividends of £388,569 (2022 - £404,559) were paid.

Directors

The Directors who served during the year were:

Mr C M Price 
Miss H M Pillinger 

Financial instruments

The Company holds financial instruments to finance its operations, being trade debtors, trade creditors and loans from third parties. Trade debtors and trade creditors arise directly from the Company's operations. Loans from third parties were mainly used to fund the acquisition and fit out of new premises. The operations and working capital of the Company are funded principally out of retained profits.

Page 3

 
BARONS PUB COMPANY LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Engagement with employees

The Company implements a policy of providing employees with information through the use of regular meetings, internal e-mails, monthly training briefs, staff briefings, compliance suite & our intranet system.
Regular communication occurs between management and employees through the direct involvement of management in the day to day running of the business.

Disabled employees

The Company is an equal opportunities employer, which means that we are committed to providing equality of opportunity in employment to all persons. When recruiting new employees or when offering our current employees with opportunities for promotion, it means we will:
 
follow the good practice recommendations of the codes of practice and other guidance issued by the
Equality Commission;

not discriminate unlawfully against any person and select the best person for the job in terms of qualification
and abilities; and

to achieve these aims we have set up a recruitment and selection procedure. The Operations Director has
the main responsibility for implementing this policy procedure.
 

Matters covered in the Strategic Report

The review of the business, key performance indicators and the principal risks and uncertainties are not shown in the Directors Report as they are shown in the Strategic Report in accordance with S414C (11) of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





Mr C M Price
Director

Date: 9 September 2024

Page 4

 
BARONS PUB COMPANY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD
 

Opinion


We have audited the financial statements of Barons Pub Company Ltd (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
BARONS PUB COMPANY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BARONS PUB COMPANY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, food hygiene regulations, alcohol licensing regulations, health and   safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management, staff in compliance functions and roles to identify any instances of non-compliance
with laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on the nature of the Company's
affairs, underlying contractual terms and obligations and the requirements of accounting standards, ensuring
that sales are recorded in the correct period;
 
Assessing the reasonableness, in the context of financial reporting standards and the Company’s business,
any recognised provisions;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations and accounting standards; and
 
Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business, and reviewing accounting estimates for bias.
 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
BARONS PUB COMPANY LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Nelligan FCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
 

9 September 2024
Page 8

 
BARONS PUB COMPANY LTD
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
                                                                                                                         Note
£
£

  

Turnover
 4 
19,962,756
18,364,961

Cost of sales
  
(13,293,044)
(12,279,364)

Gross profit
  
6,669,712
6,085,597

Administrative expenses
  
(5,974,328)
(5,634,623)

Other operating income
 5 
-
111,309

Operating profit
 6 
695,384
562,283

Interest receivable and similar income
 10 
1,108
-

Interest payable and expenses
 12 
(387,622)
(327,350)

Profit before tax
  
308,870
234,933

Tax on profit
 11 
(50,277)
(127,093)

Profit after tax
  
258,593
107,840

  

  

Retained earnings at the beginning of the year
  
1,016,173
1,312,892

Profit for the year
  
258,593
107,840

Dividends declared and paid
  
(388,569)
(404,559)

Retained earnings at the end of the year
  
886,197
1,016,173

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
BARONS PUB COMPANY LTD
REGISTERED NUMBER: 03991418

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
                                                                          Note
£
£

Fixed assets
  

Intangible assets
 13 
104,640
133,600

Tangible assets
 14 
7,068,766
7,194,738

  
7,173,406
7,328,338

Current assets
  

Stocks
 15 
218,678
208,116

Debtors: amounts falling due after more than one year
 16 
124,205
124,203

Debtors: amounts falling due within one year
 16 
251,912
128,359

Cash at bank and in hand
 17 
773,050
1,670,145

  
1,367,845
2,130,823

Creditors: amounts falling due within one year
 18 
(4,397,275)
(4,679,497)

Net current liabilities
  
 
 
(3,029,430)
 
 
(2,548,674)

Total assets less current liabilities
  
4,143,976
4,779,664

Creditors: amounts falling due after more than one year
 19 
(2,925,182)
(3,382,322)

Provisions for liabilities
  

Deferred tax
 22 
(332,497)
(381,069)

  
 
 
(332,497)
 
 
(381,069)

Net assets
  
886,297
1,016,273


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
886,197
1,016,173

Shareholders' funds
  
886,297
1,016,273


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr C M Price
Director

Date: 9 September 2024

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
BARONS PUB COMPANY LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
258,593
107,840

Adjustments for:

Amortisation of intangible assets
28,960
28,960

Depreciation of tangible assets
416,236
413,598

Government grants
-
(83,500)

Interest paid
387,622
327,350

Interest received
(1,108)
-

Taxation charge
50,277
127,093

(Increase)/decrease in stocks
(10,562)
4

(Increase) in debtors
(123,553)
(6,698)

(Decrease)/increase in creditors
(116,224)
525,437

Corporation tax received/(paid)
-
(241,298)

Net cash generated from operating activities

890,241
1,198,786


Cash flows from investing activities

Purchase of tangible fixed assets
(290,265)
(513,508)

Government grants received
-
83,500

Interest received
1,108
-

Net cash from investing activities

(289,157)
(430,008)

Cash flows from financing activities

Repayment of loans
(574,727)
(618,785)

Repayment of debenture loans
-
(130,000)

Repayment of other loans
(45,692)
(50,566)

Dividends paid
(388,569)
(404,559)

Interest paid
(387,622)
(327,350)

Net cash used in financing activities
(1,396,610)
(1,531,260)

Net (decrease) in cash and cash equivalents
(795,526)
(762,482)

Cash and cash equivalents at beginning of year
1,552,472
2,314,955

Cash and cash equivalents at the end of year
756,946
1,552,473


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
773,052
1,670,145

Bank overdrafts
(16,106)
(117,672)

756,946
1,552,473


Page 11

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Barons Pub Company Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 03991418. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
The principal place of business is The Cricketers Pub, Horsell Birch, Woking, Surrey, GU21 4XB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

 
2.3

Going concern

The directors have prepared the financial statements on a going concern basis which means that the Company is expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing the financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the current economic environment and risks to the business, including ongoing inflationary pressures and the impact of this on the Company’s cost base specifically wage and related expenses, as well as the impact of increased interest rates on the Company’s cashflows and ability to service its debt. In doing so the directors have considered both the Company’s business model and available cashflows. The directors cite that Company profitability has increased year on year and that the Company remains in a net asset position at the year end date. The Company has also generated sufficient operational cashflows during the financial year to meet its liabilities as they fall due. Further, performance subsequent to the year end has been profitable, in line with forecasts prepared by management, with sufficient cashflows generated to continue to meet liabilities as they fall due. Having undertaken this assessment, the directors consider it appropriate to prepare the financial statements on a concern basis.

Page 12

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Food and beverage revenue is recognised when goods are delivered to the customer at the point of sale.
Accommodation revenue is recognised over the period of occupancy.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight-line basis over the lease term.

  
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective
interest method.

 
2.7

Finance costs

Finance costs are charged to Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

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 Statement of Income and Retained Earnings 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.

Page 13

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years
Software
-
3
years

Page 14

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
held at historic cost less impairment
Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
33%
straight line
Improvements to freehold property
-
2%
straight line
Improvements to leasehold property
-
over the term of the lease

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 Statement of Income and Retained Earnings.

  
2.12

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 first in, first out 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 the Statement of Income and Retained Earnings.

 
2.13

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.

Page 15

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 16

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. 
The Directors are of the opinion, there are no material judgements when applying accounting policies or areas where material uncertainty exists regarding an estimation.

Page 17

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Wet and Dry
19,531,263
17,961,750

Accommodation
371,738
365,949

Rent receivable
59,756
37,262

19,962,757
18,364,961


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
83,500

Apprenticeship grant
-
27,809

-
111,309


Other operating income comprises grant income received from the UK and local government in response to COVID-19 under the various schemes as set out above.


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
1,183,416
1,095,338


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,290
14,450
Page 18

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
7,216,750
6,834,199

Social security costs
477,946
468,715

Cost of defined contribution scheme
351,159
376,763

8,045,855
7,679,677


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Retail staff
432
386



Administration staff
31
30



Directors
2
2

465
418


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
68,414
78,295

Company contributions to defined contribution pension schemes
121,474
135,409

189,888
213,704


During the year retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
1,108
-

Page 19

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
98,848
(14,739)


Deferred tax


Origination and reversal of timing differences
(48,571)
141,832


Taxation on profit on ordinary activities
50,277
127,093

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
308,869
234,933


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
67,982
44,637

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,471

Capital allowances for year in excess of depreciation
-
(54,856)

Utilisation of tax losses
-
(6,861)

Depreciation not attracting capital allowances
25,320
25,164

Amortisation of goodwill
5,502
4,750

Short-term timing difference leading to an increase (decrease) in taxation
(45,603)
51,361

Capitalised revenue items
-
(1,085)

Super deduction tax relief
(3,775)
(28,945)

Change in future tax rates
-
91,457

Other differences leading to an increase (decrease) in the tax charge
851
-

Total tax charge for the year
50,277
127,093

Page 20

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
236,437
167,054

Other loan interest payable
151,185
153,930

Pension fund interest
-
5,214

Other interest payable
-
1,152

387,622
327,350


13.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2022
12,000
436,341
448,341



At 30 September 2023

12,000
436,341
448,341



Amortisation


At 1 October 2022
5,126
309,615
314,741


Charge for the year on owned assets
3,960
25,000
28,960



At 30 September 2023

9,086
334,615
343,701



Net book value



At 30 September 2023
2,914
101,726
104,640



At 30 September 2022
6,874
126,726
133,600



Page 21

 


 
BARONS PUB COMPANY LTD


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


14.


Tangible fixed assets






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Improvement to properties
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 October 2022
4,130,796
832,158
1,090,215
24,639
1,319,755
341,638
3,384,767
11,123,968


Additions
-
-
77,159
-
204,739
8,367
-
290,265



At 30 September 2023

4,130,796
832,158
1,167,374
24,639
1,524,494
350,005
3,384,767
11,414,233



Depreciation


At 1 October 2022
-
657,966
847,775
16,380
701,892
316,535
1,388,683
3,929,231


Charge for the year on owned assets
-
8,009
99,465
4,747
144,996
14,307
144,712
416,236



At 30 September 2023

-
665,975
947,240
21,127
846,888
330,842
1,533,395
4,345,467



Net book value



At 30 September 2023
4,130,796
166,183
220,134
3,512
677,606
19,163
1,851,372
7,068,766



At 30 September 2022
4,130,796
174,192
242,440
8,259
617,863
25,104
1,996,084
7,194,738

Page 22

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Stocks

2023
2022
£
£

Wet and dry stocks
218,678
208,116



16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
124,205
124,203


2023
2022
£
£

Due within one year

Trade debtors
168,343
26,945

Other debtors
13,519
39,152

Prepayments and accrued income
55,311
47,523

Tax recoverable
14,739
14,739

251,912
128,359



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
773,050
1,670,145

Less: bank overdrafts
(16,105)
(117,672)

756,945
1,552,473


Page 23

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Debenture loans
1,400,000
1,400,000

Bank overdrafts
16,105
117,672

Bank loans
533,297
650,882

Other loans
8,202
53,896

Trade creditors
980,262
763,068

Corporation tax
98,848
-

Other taxation and social security
504,847
864,361

Other creditors
277,713
320,335

Accruals and deferred income
578,001
509,283

4,397,275
4,679,497



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,925,182
3,382,322


Page 24

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
533,297
650,882

Other loans
8,202
53,896

Debenture loans
1,400,000
1,400,000


1,941,499
2,104,778

Amounts falling due 1-2 years

Bank loans
540,854
651,494


540,854
651,494

Amounts falling due 2-5 years

Bank loans

645,221
1,373,542

Amounts falling due after more than 5 years

Bank loans

1,739,107
1,357,287

4,866,681
5,487,101


Page 25

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
20. (continued)

Bank loans are accounted for at amortised cost and are repayable in instalments.
Bank loans comprise two mortgages, a general business loan, and a Government backed Coronavirus Business Interruption Loan - maturing on May 2026. The mortgages attract interest at 2.5% over the Bank of England base rate and are repayable over a period of 13 years, maturing in October 2033 and November 2033 respectively. The general business loan is repayable over a period of 6 years and attracts interest at 3.25% over the Bank of England base rate. The Coronavirus Business Interruption Loan is repayable over a period of 6 years, maturing in May 2026 and attracts interest at 3.99% over the Bank of England base rate.
The Company's debenture loans attract interest at 8% per annum and are repayable on demand.
A short term loan from the Trustees of the Barons Company Pension Scheme, included within other loans, is repayable in instalments in 1 year and attracts fixed rate interest of 5%.
Secured loans
Of the debenture loans, £600,000 is secured by a second legal charge over The Inn at West End, freehold property and £350,000 is secured by a legal charge over The Black Boy, leasehold property. An additional £220,000 is secured by a second legal charge over The Jovial Sailor, freehold property.
The bank loans and overdrafts are secured by legal charges over the below freehold  premises as well as the goodwill arising on any business carried on within the below leasehold premises:
- The Cricketers Inn, Horsell Birch, Woking, Surrey (a leasehold property);
- The Rose & Crown, Green Road, Thorpe Green, Egham, Surrey (a leasehold property);
- The Inn at West End, 42 Guildford Rd, West End, Woking (a freehold property); and
- The Jovial Sailor, Portsmouth Road, Ripley, Woking, (a freehold property).
The Trustees of the Barons Company Pension Scheme have a floating charge over the leasehold of The Horseshoe.
 

21.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value cost through profit or loss
773,052
1,670,145



Financial liabilities


Other financial liabilities measured at fair value through profit or loss
16,105
117,672


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial liabilities measured at fair value through profit or loss comprise a bank overdraft.

 

Page 26

 
BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Deferred taxation




2023
2022


£

£






At beginning of year
381,069
239,237


Charged to profit or loss
(48,571)
141,832



At end of year
332,498
381,069

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
332,498
381,069


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



24.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


25.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
705,875
705,875

Later than 1 year and not later than 5 years
2,823,499
2,823,499

Later than 5 years
4,477,208
5,183,083

8,006,582
8,712,457



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BARONS PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

26.


Related party transactions

At the balance sheet date, a Directors was owed £1,890 (2022 - £1,890) by the Company. This amount is interest free, repayable on demand, this is included within other creditors.
Dividends paid to a Director amounted to £194,285 (2022 - £200,557).



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