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Registered number: 03124386
THE OLD SCHOOL HOUSE RESTAURANT LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03124386
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 284,943 263,463
284,943 263,463
CURRENT ASSETS
Stocks 6 26,135 22,143
Debtors 7 356,889 360,675
Cash at bank and in hand 705,880 603,626
1,088,904 986,444
Creditors: Amounts Falling Due Within One Year 8 (310,817 ) (253,554 )
NET CURRENT ASSETS (LIABILITIES) 778,087 732,890
TOTAL ASSETS LESS CURRENT LIABILITIES 1,063,030 996,353
Creditors: Amounts Falling Due After More Than One Year 9 (14,090 ) (17,020 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,900 ) (20,900 )
NET ASSETS 1,026,040 958,433
CAPITAL AND RESERVES
Called up share capital 11 450,000 450,000
Income Statement 576,040 508,433
SHAREHOLDERS' FUNDS 1,026,040 958,433
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr N M Dobson
Director
25/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
THE OLD SCHOOL HOUSE RESTAURANT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03124386 . The registered office is The Old School House Restaurant, Weeford, Lichfield, Staffordshire, WS14 0PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
2.2. Turnover
Turnover is the total amount receivable by the Company in the ordinary course of business for services provided, excluding VAT.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets, other than freehold land, are stated at cost of valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the folllowing basis:
Freehold 4% and 10% straight line
Plant & Machinery 10% and 20% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% straight line
Computer Equipment 33.3% straight line
2.6. Leasing and Hire Purchase Contracts
Rentals payments under operating leases are charged to the profit and loss account in the period in which they are incurred.
Where assets are financed by leasing or hire purchase agreements which give risks and rewards approximating to ownership they are treated as if they had been purchased outright on credit. They are therefore initially recorded as a fixed asset and a liability, at a sum equal to the fair value of the asset. Payments on such assets are regarded as consisting of a capital element which reduces the outstanding liability and an interest element which is charged to the profit and loss account.
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2.8. Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
2.9. Pensions
The Company operates a defined contribution scheme, on the advice of external actuaries, which is funded by payments to independent trusts or to insurance companies. The pension costs charge charge represents contributions payable for the year by the Company and comprises past and current service contributions. The Company provides no other post retirement benefits to its employees.
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2.10. Government Grant
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 52 (2023: 54)
52 54
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 376,685
As at 29 February 2024 376,685
Amortisation
As at 1 March 2023 376,685
As at 29 February 2024 376,685
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 420,219 128,164 97,750 326,813
Additions 11,010 - 73,820 29,040
Disposals - - (54,990 ) -
As at 29 February 2024 431,229 128,164 116,580 355,853
Depreciation
As at 1 March 2023 292,297 117,866 49,977 250,040
Provided during the period 20,877 3,293 22,665 14,110
Disposals - - (24,059 ) -
As at 29 February 2024 313,174 121,159 48,583 264,150
Net Book Value
As at 29 February 2024 118,055 7,005 67,997 91,703
As at 1 March 2023 127,922 10,298 47,773 76,773
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Computer Equipment Total
£ £
Cost
As at 1 March 2023 5,256 978,202
Additions 133 114,003
Disposals - (54,990 )
As at 29 February 2024 5,389 1,037,215
Depreciation
As at 1 March 2023 4,559 714,739
Provided during the period 647 61,592
Disposals - (24,059 )
As at 29 February 2024 5,206 752,272
Net Book Value
As at 29 February 2024 183 284,943
As at 1 March 2023 697 263,463
6. Stocks
2024 2023
£ £
Finished goods 26,135 22,143
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 333,585 336,485
Other debtors 23,304 24,190
356,889 360,675
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,930 2,930
Trade creditors 57,988 47,651
Amounts owed to group undertakings 8,360 11,135
Other creditors 97,158 104,150
Taxation and social security 144,381 87,688
310,817 253,554
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,090 17,020
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,930 2,930
Later than one year and not later than five years 14,090 17,020
17,020 19,950
17,020 19,950
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 450,000 450,000
12. Ultimate Controlling Party
The Company is a wholly owned subsidiary of The Old School House Holding Company Limited, a Company registered in England. The accounts for The Old School House Holding Company Limited are retained at the registered office being Old School House Restaurant, Weeford, Nr Lichfield, Staffordshire, WS14 0PW, which is also their principal place of business.
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