Registered number: 11039361
METROPOLITAN VILLAGE PUB COMPANY LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 52 WEEKS ENDED 23 MARCH 2024
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METROPOLITAN VILLAGE PUB COMPANY LTD
REGISTERED NUMBER: 11039361
BALANCE SHEET
AS AT 23 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2024.
The notes on pages 3 to 12 form part of these financial statements.
Page 1
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METROPOLITAN VILLAGE PUB COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEKS ENDED 23 MARCH 2024
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Comprehensive income for the period
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Total comprehensive income for the period
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Comprehensive income for the 52 weeks
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Total comprehensive income for the 52 weeks
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The notes on pages 3 to 12 form part of these financial statements.
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Page 2
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
Metropolitan Village Pub Company Ltd is a private company limited by shares incorporated in England and Wales. The Company's registered office is 59 Longlands Lane, Findern, Derby, Derbyshire, DE65 6AH. The principal activity of the Company is the operation of public houses.
2.Accounting policies
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Basis of preparation of financial statements
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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 Company's functional and presentational currency is £ sterling.
The financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The directors have considered the appropriateness of the going concern basis of the preparation of the financial statements by considering a period of at least 12 months from the date of the approval of these financial statements. Rockpool Investments, who are connected to the majority ownership of the Company, are fully supportive of the business and have indicated willingness to provide further finance where necessary to ensure that the business remains a going concern. As a result, the directors are of the opinion that there are adequate resources available to continue trading for a period of at least 12 months.
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue in respect of drink and food sales is recognised at the point at which the goods are provided, net of any discounts or rebates.
Page 3
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
All borrowing costs are recognised in profit or loss in the 52 weeks in which they are incurred.
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 profit or loss 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.
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.
Page 4
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Over the life of the lease
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Over the life of the lease
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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 profit or loss.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated on a first-in, first out basis. Provision is made for damaged and obsolete stock where appropriate.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.
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.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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
Page 5
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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 instruments
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
Page 6
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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discharged or cancelled.
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The average monthly number of employees, including the directors, during the 52 weeks was as follows:
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Long-term leasehold property
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Charge for the 52 weeks on owned assets
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Page 7
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
4.Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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Prepayments and accrued income
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Cash and cash equivalents
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Page 8
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The Company has a loan of £340,000 which is secured by floating charge over the freehold and leasehold property held by the Company. This loan attracts interest at 8% per annum. Loan interest is paid in installments. The principal value of the loan is due to be repaid by Sep-25.
The Company also has a loan of £25,000 which is a Bounce Back Loan. This loan is for a term of 72 months and there is no interest or capital repayments for the first twelve months after which interest is charged at 2.5% and the loan is repayable in 60 equal monthly installments. The loan is due to be repaid by Sep-26.
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Page 9
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
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Allotted, called up and fully paid
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24,412 (2023 - 24,412) A Ordinary shares of £1.00 each
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4,957,351 (2023 - 4,957,351) B Ordinary shares of £0.01 each
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10,692 (2023 - 10,692) Ordinary shares of £1.00 each
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Ordinary & A Ordinary shares have full voting rights, rights to dividends and capital distributions, including on winding up but have no rights of redemption.
B Ordinary shares have voting rights, rights to dividends and capital distributions, including on winding up but have no rights of redemption. As regards to voting, save in respect of any matter which requires the approval of B ordinary shareholders, the holders of B ordinary shares shall otherwise not be entitled to receive notice of attend or vote at general meetings of the company.
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Share premium account
Includes premiums received on issue of share capital, less associated transaction costs arising from the
share issue and is not distributable.
Profit and loss account
Includes all distributable current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,293 (2023 - £10,339). Contributions totalling £6,497 (2023 - £5,989) were payable to the fund at the balance sheet date and are included in creditors.
Page 10
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
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A prior period adjustment has been made to correct the accounting of rental costs recognised, so that these are recognised on a straight line basis and evenly spread across the operating lease term. The adjustment has resulted in the following figures being restated:
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As previously stated
2023
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Profit and loss account b/fwd
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Related party transactions
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There is not considered to be any key management personnel outside of the directors.
The following related party transactions occurred during the year:
Rockpool Investment Nominee Limited - majority shareholder
The Company incurred management charges of £111,800 (2023: £109,584) during the period. At the period end the Company owed £11,180 (2023: £11,180) which is included in trade creditors and accruals.
Flagstone Inns Limited - company with directors in common
The Company incurred management charges of £124,590 (2023: £125,000) during the period. At the period end the Company owed £22,580 (2023: £2,133 debtor) which is included in trade creditors. The prior period debtor was repaid in the year and was previously included in other debtors.
Danimon Limited - company with directors in common
The Company paid director fees of £24,712 (2023: £24,414) during the period to the Company with a director in common. At the period end the Company owed £nil (2022: £nil).
Suburban Village Pub Company Limited - company with directors in common
At the period end, the Company owed £nil (2023: £15,000 creditor) which is included in other creditors.
Urban Village Pub Company Limited - company with directors in common
At the period end, the Company owed £nil (2023: £178) which is included in other creditors.
Gavin Drew - Director
At the period end, the Company was owed £716 from the Director.
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The ultimate controlling party is Rockpool Investments Nominee Limited. No one party is considered to control Rockpool Investments Nominee Limited.
Page 11
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METROPOLITAN VILLAGE PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024
The auditors' report on the financial statements for the 52 weeks ended 23 March 2024 was unqualified.
The audit report was signed on 1 October 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 12
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