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Registration number: 08044506

Ffostrasol Arms Limited

Unaudited Filleted

Financial Statements


for the Year Ended 30 April 2024

 

Ffostrasol Arms Limited

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ffostrasol Arms Limited

Company Information




 

Directors



 

Mr D N Davies

Mr J E Davies

Mr W A Davies

Registered office





 

Swyddfa Arfryn
Ffostrasol
Nr Llandysul
Ceredigion
SA44 4SY

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Ffostrasol Arms Limited

(Registration number: 08044506)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

36,000

 

48,000

Tangible assets

5

 

933,889

 

957,604

   

969,889

 

1,005,604

Current assets

   

 

Stocks

7,501

 

3,699

 

Debtors

6

2,906

 

3,299

 

Cash at bank and in hand

 

196,998

 

165,440

 

 

207,405

 

172,438

 

CREDITORS: Amounts falling due within one year

7

(53,501)

 

(29,880)

 

Net current assets

   

153,904

 

142,558

Total assets less current liabilities

   

1,123,793

 

1,148,162

CREDITORS: Amounts falling due after more than one year

7

 

(832,114)

 

(874,164)

Provisions for liabilities

 

(2,989)

 

(4,312)

Net assets

   

288,690

 

269,686

Capital and reserves

   

 

Called up share capital

6

 

6

 

Retained earnings

288,684

 

269,680

 

Shareholders' funds

   

288,690

 

269,686

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ffostrasol Arms Limited

(Registration number: 08044506)
Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr W A Davies
Director

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Swyddfa Arfryn
Ffostrasol
Nr Llandysul
Ceredigion
SA44 4SY

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Building improvements

20% straight line

Plant & machinery

20% straight line

Fixtures & fittings

20% straight line

Motor vehicles

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 28).

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

180,000

180,000

At 30 April 2024

180,000

180,000

Amortisation

At 1 May 2023

132,000

132,000

Amortisation charge

12,000

12,000

At 30 April 2024

144,000

144,000

Carrying amount

At 30 April 2024

36,000

36,000

At 30 April 2023

48,000

48,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,091,396

176,083

9,100

1,276,579

At 30 April 2024

1,091,396

176,083

9,100

1,276,579

Depreciation

At 1 May 2023

157,193

155,519

6,263

318,975

Charge for the year

15,210

7,618

887

23,715

At 30 April 2024

172,403

163,137

7,150

342,690

Carrying amount

At 30 April 2024

918,993

12,946

1,950

933,889

At 30 April 2023

934,203

20,564

2,837

957,604

Included within the net book value of land and buildings above is £918,993 (2023 - £934,203) in respect of freehold land and buildings.
 

 

Ffostrasol Arms Limited

Notes to the Unaudited Financial Statements

6

Debtors

2024
£

2023
£

Trade debtors

-

800

Prepayments

2,906

2,499

2,906

3,299

7

CREDITORS

CREDITORS: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,647

8,372

Taxation and social security

40,690

21,034

Accruals and deferred income

2,000

-

Other creditors

1,164

474

53,501

29,880

CREDITORS: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

832,114

874,164

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

832,114

874,164