Company registration number 11015767 (England and Wales)
PUNCH TARMEYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PUNCH TARMEYS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PUNCH TARMEYS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
2,051
Tangible assets
4
1,051,303
1,111,359
1,051,303
1,113,410
Current assets
Stocks
63,494
44,905
Debtors
5
179,203
56,286
Cash at bank and in hand
141,155
138,289
383,852
239,480
Creditors: amounts falling due within one year
6
(842,800)
(512,256)
Net current liabilities
(458,948)
(272,776)
Total assets less current liabilities
592,355
840,634
Provisions for liabilities
7
(133,586)
(115,000)
Net assets
458,769
725,634
Capital and reserves
Called up share capital
8
100
100
Other reserves
9
802,000
802,000
Profit and loss reserves
9
(343,331)
(76,466)
Total equity
458,769
725,634

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 May 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 11015767 (England and Wales)
PUNCH TARMEYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
100
802,000
(49,725)
752,375
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(26,741)
(26,741)
Balance at 31 December 2022
100
802,000
(76,466)
725,634
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(266,865)
(266,865)
Balance at 31 December 2023
100
802,000
(343,331)
458,769
PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Punch Tarmeys Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bold Hotel, 583 Lord Street, Southport, England, PR9 0BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

The financial statements of the company are consolidated in the financial statements of Mikhail Hotels & Leisure Holdings Limited. These consolidated financial statements are available from its registered office, 583 The Bold Hotel, Lord Street, Southport, PR9 0BE.

1.2
Going concern

At the year end the company has made a loss and has a net current liabilitiestrue position. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
LuBan Title & Interests
Over the life of the asset
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Cutlery, crockery & glassware
50% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
61
48
PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Software
LuBan Title & Interests
Total
£
£
£
Cost
At 1 January 2023
2,198
-
0
2,198
Additions
-
0
10,000
10,000
At 31 December 2023
2,198
10,000
12,198
Amortisation and impairment
At 1 January 2023
147
-
0
147
Amortisation charged for the year
2,051
10,000
12,051
At 31 December 2023
2,198
10,000
12,198
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
2,051
-
0
2,051
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Cutlery, crockery & glassware
Total
£
£
£
£
£
Cost
At 1 January 2023
1,382,397
193,046
624,417
1,741
2,201,601
Additions
107,979
46,412
15,048
-
0
169,439
At 31 December 2023
1,490,376
239,458
639,465
1,741
2,371,040
Depreciation and impairment
At 1 January 2023
425,686
141,119
521,696
1,741
1,090,242
Depreciation charged in the year
113,509
26,474
89,512
-
0
229,495
At 31 December 2023
539,195
167,593
611,208
1,741
1,319,737
Carrying amount
At 31 December 2023
951,181
71,865
28,257
-
0
1,051,303
At 31 December 2022
956,711
51,927
102,721
-
0
1,111,359
PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,521
7,789
Amounts owed by group undertakings
113,360
3,452
Other debtors
41,724
8,977
Prepayments and accrued income
19,598
36,068
179,203
56,286
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,901
29,697
Amounts owed to group undertakings
456,695
169,829
Taxation and social security
29,623
48,149
Other creditors
229,128
203,542
Accruals and deferred income
48,453
61,039
842,800
512,256

An unlimited composite company guarantee is given by Mikhail Hotels and Leisure Holdings Limited, Mikhail Hotels Limited, A&V Mikhail Investments Limited, Eccleston Arms Bar & Grill Limited and Punch Tarmeys Limited to secure all liabilities of each other.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
133,586
115,000
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Reserves
Other reserve

Other reserves relate to a capital contribution made by a fellow group company. The capital contribution relates to the element of an intercompany loan that was forgiven during a previous period.

Profit and loss reserves

Profit and loss reserve represents earnings net of distributions to owners.

 

PUNCH TARMEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Stephen Grayson ACA FCCA.
The auditor was UHY Hacker Young Manchester LLP.
11
Financial commitments, guarantees and contingent liabilities

The company has a charge in favour of Lloyds Bank PLC. The charge contained a fixed and floating charge over all the property or undertaking of the company.

12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
920,000
966,000
13
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Mikhail Hotels and Leisure Holdings Limited and its subsidiary undertakings are related parties by virtue of their common control.

 

Debtors and creditors due within one year include the amounts owed to other group companies.

14
Directors' transactions

At the year end the company owed £Nil (2022: £9,969) to a director of the company. No interest has been charged on the outstanding amount.

15
Parent company

The immediate and ultimate parent company is Mikhail Hotels and Leisure Holdings Limited, a company registered in England and Wales. Copies of the financial statements of the immediate parent undertaking can be obtained from Mikhail Hotels and Leisure Holdings Limited, 583 The Bold Hotel, Lord Street, Southport, PR9 6HY.

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