Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-232024-03-23592023-03-26falseEvent catering activities53falsetrue 11039361 2023-03-26 2024-03-23 11039361 2022-03-27 2023-03-25 11039361 2024-03-23 11039361 2023-03-25 11039361 2022-03-27 11039361 c:Director1 2023-03-26 2024-03-23 11039361 d:Buildings 2023-03-26 2024-03-23 11039361 d:Buildings 2024-03-23 11039361 d:Buildings 2023-03-25 11039361 d:Buildings d:OwnedOrFreeholdAssets 2023-03-26 2024-03-23 11039361 d:Buildings d:LongLeaseholdAssets 2023-03-26 2024-03-23 11039361 d:Buildings d:LongLeaseholdAssets 2024-03-23 11039361 d:Buildings d:LongLeaseholdAssets 2023-03-25 11039361 d:LandBuildings 2024-03-23 11039361 d:LandBuildings 2023-03-25 11039361 d:FurnitureFittings 2023-03-26 2024-03-23 11039361 d:FurnitureFittings 2024-03-23 11039361 d:FurnitureFittings 2023-03-25 11039361 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-26 2024-03-23 11039361 d:OfficeEquipment 2023-03-26 2024-03-23 11039361 d:OfficeEquipment 2024-03-23 11039361 d:OfficeEquipment 2023-03-25 11039361 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-26 2024-03-23 11039361 d:OwnedOrFreeholdAssets 2023-03-26 2024-03-23 11039361 d:CurrentFinancialInstruments 2024-03-23 11039361 d:CurrentFinancialInstruments 2023-03-25 11039361 d:Non-currentFinancialInstruments 2024-03-23 11039361 d:Non-currentFinancialInstruments 2023-03-25 11039361 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-23 11039361 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-25 11039361 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-23 11039361 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-25 11039361 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-23 11039361 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-25 11039361 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-23 11039361 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-25 11039361 d:ShareCapital 2023-03-26 2024-03-23 11039361 d:ShareCapital 2024-03-23 11039361 d:ShareCapital 2022-03-27 2023-03-25 11039361 d:ShareCapital 2023-03-25 11039361 d:ShareCapital 2022-03-27 11039361 d:SharePremium 2023-03-26 2024-03-23 11039361 d:SharePremium 2024-03-23 11039361 d:SharePremium 2022-03-27 2023-03-25 11039361 d:SharePremium 2023-03-25 11039361 d:SharePremium 2022-03-27 11039361 d:RetainedEarningsAccumulatedLosses 2023-03-26 2024-03-23 11039361 d:RetainedEarningsAccumulatedLosses 2024-03-23 11039361 d:RetainedEarningsAccumulatedLosses 2022-03-27 2023-03-25 11039361 d:RetainedEarningsAccumulatedLosses 2023-03-25 11039361 d:RetainedEarningsAccumulatedLosses 2022-03-27 11039361 c:OrdinaryShareClass1 2023-03-26 2024-03-23 11039361 c:OrdinaryShareClass1 2024-03-23 11039361 c:OrdinaryShareClass1 2023-03-25 11039361 c:OrdinaryShareClass2 2023-03-26 2024-03-23 11039361 c:OrdinaryShareClass2 2024-03-23 11039361 c:OrdinaryShareClass2 2023-03-25 11039361 c:OrdinaryShareClass3 2023-03-26 2024-03-23 11039361 c:OrdinaryShareClass3 2024-03-23 11039361 c:OrdinaryShareClass3 2023-03-25 11039361 c:FRS102 2023-03-26 2024-03-23 11039361 c:Audited 2023-03-26 2024-03-23 11039361 c:FullAccounts 2023-03-26 2024-03-23 11039361 c:PrivateLimitedCompanyLtd 2023-03-26 2024-03-23 11039361 c:SmallCompaniesRegimeForAccounts 2023-03-26 2024-03-23 11039361 2 2023-03-26 2024-03-23 11039361 e:PoundSterling 2023-03-26 2024-03-23 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11039361










METROPOLITAN VILLAGE PUB COMPANY LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 52 WEEKS ENDED 23 MARCH 2024

 
METROPOLITAN VILLAGE PUB COMPANY LTD
REGISTERED NUMBER: 11039361

BALANCE SHEET
AS AT 23 MARCH 2024

23 March
As restated
25 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,566,070
3,644,470

Current assets
  

Stocks
 5 
52,075
50,639

Debtors: amounts falling due within one year
 6 
23,394
54,599

Cash at bank and in hand
 7 
163,910
398,937

  
239,379
504,175

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(510,620)
(481,199)

Net current (liabilities)/assets
  
 
 
(271,241)
 
 
22,976

Total assets less current liabilities
  
3,294,829
3,667,446

Creditors: amounts falling due after more than one year
 9 
(355,000)
(715,000)

Net assets
  
2,939,829
2,952,446


Capital and reserves
  

Called up share capital 
 11 
84,678
84,678

Share premium account
 12 
4,412,386
4,412,386

Profit and loss account
 12 
(1,557,235)
(1,544,618)

  
2,939,829
2,952,446


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.




G J Drew
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 1

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEKS ENDED 23 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
84,678
4,412,386
(1,378,431)
3,118,633


Comprehensive income for the period

Loss for the period
-
-
(166,187)
(166,187)
Total comprehensive income for the period
-
-
(166,187)
(166,187)



At 26 March 2023
84,678
4,412,386
(1,544,618)
2,952,446


Comprehensive income for the 52 weeks

Loss for the 52 weeks
-
-
(12,617)
(12,617)
Total comprehensive income for the 52 weeks
-
-
(12,617)
(12,617)


At 23 March 2024
84,678
4,412,386
(1,557,235)
2,939,829


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

1.


General information

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

 
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 Company's functional and presentational currency is £ sterling. 
The financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

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.

 
2.3

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:

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

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the 52 weeks in which they are incurred.

 
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 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.

 
2.9

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.

Page 4

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Freehold property
-
2% straight line
Long-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
Over the life of the lease
Office equipment
-
12.5% straight line

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.

 
2.10

Stocks

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.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

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. 

 
2.13

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.

 
2.14

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.

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

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the 52 weeks was as follows:


   52 weeks ended
       23 March
   52 weeks ended
        25 March
        2024
        2023
            No.
            No.







Management & operations
53
59


4.


Tangible fixed assets







Freehold property
Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 26 March 2023
2,145,071
1,180,758
692,682
19,251
4,037,762


Additions
7,144
-
29,382
375
36,901



At 23 March 2024

2,152,215
1,180,758
722,064
19,626
4,074,663



Depreciation


At 26 March 2023
137,878
100,088
146,461
8,865
393,292


Charge for the 52 weeks on owned assets
42,677
23,615
47,172
1,837
115,301



At 23 March 2024

180,555
123,703
193,633
10,702
508,593



Net book value



At 23 March 2024
1,971,660
1,057,055
528,431
8,924
3,566,070



At 25 March 2023
2,007,193
1,080,670
546,221
10,386
3,644,470

Page 7

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


23 March
25 March
2024
2023
£
£

Freehold
1,971,660
2,007,269

Long leasehold
1,057,055
1,080,595

3,028,715
3,087,864



5.


Stocks

23 March
25 March
2024
2023
£
£

Food and drink stock
52,075
50,639



6.


Debtors

23 March
25 March
2024
2023
£
£

Trade debtors
-
5,332

Other debtors
2,933
34,273

Prepayments and accrued income
20,461
14,994

23,394
54,599



7.


Cash and cash equivalents

23 March
25 March
2024
2023
£
£

Cash at bank and in hand
163,910
398,937


Page 8

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

8.


Creditors: Amounts falling due within one year

23 March
As restated
25 March
2024
2023
£
£

Bank loans
26,682
10,000

Trade creditors
155,357
133,780

Other taxation and social security
60,223
65,988

Other creditors
69,725
58,151

Accruals and deferred income
198,633
213,280

510,620
481,199



9.


Creditors: Amounts falling due after more than one year

23 March
25 March
2024
2023
£
£

Bank loans
355,000
715,000



10.


Loans


Analysis of the maturity of loans is given below:


23 March
25 March
2024
2023
£
£

Amounts falling due within one year

Bank loans
26,682
10,000

Amounts falling due 1-2 years

Bank loans
350,000
10,000

Amounts falling due 2-5 years

Bank loans
5,000
705,000

381,682
725,000


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.

Page 9

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

11.


Share capital

23 March
25 March
2024
2023
£
£
Allotted, called up and fully paid



24,412 (2023 - 24,412) A Ordinary shares of £1.00 each
24,412
24,412
4,957,351 (2023 - 4,957,351) B Ordinary shares of £0.01 each
49,574
49,574
10,692 (2023 - 10,692) Ordinary shares of £1.00 each
10,692
10,692

84,678

84,678

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.



12.


Reserves

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.


13.


Pension commitments

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

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

14.


Prior period adjustment

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:

As previously stated
2023
Adjustment
As restated
2023
        £
        £
        £

Accruals

(172,371)

(40,909)

(213,280)
 
Profit and loss account b/fwd

1,345,704

32,727

1,378,431
 
Rent costs

8,400

8,182

16,582
 


15.


Related party transactions

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.


16.


Controlling party

The ultimate controlling party is Rockpool Investments Nominee Limited. No one party is considered to control Rockpool Investments Nominee Limited.

Page 11

 
METROPOLITAN VILLAGE PUB COMPANY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 23 MARCH 2024

17.


Auditors' information

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