Company registration number 13908781 (England and Wales)
The Royal Oak Worleston Ltd
Unaudited financial statements
For the year ended 31 March 2024
The Royal Oak Worleston Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The Royal Oak Worleston Ltd
Balance sheet
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
928,996
52,828
Current assets
Stocks
29,460
27,082
Debtors
4
68,040
86,925
Cash at bank and in hand
48,259
25,743
145,759
139,750
Creditors: amounts falling due within one year
5
(1,234,481)
(315,914)
Net current liabilities
(1,088,722)
(176,164)
Net liabilities
(159,726)
(123,336)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(159,826)
(123,436)
Total equity
(159,726)
(123,336)
For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mrs A Reade
Mr S Schofield
Director
Director
Company registration number 13908781 (England and Wales)
The Royal Oak Worleston Ltd
Notes to the financial statements
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
The Royal Oak Worleston Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Rd, CW5 6PF, Nantwich.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future due to the financial support of its shareholders. 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. Bar and food sales are recognised at the point of sale.
1.4
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:
Freehold land and buildings
50 years straight line life
Leasehold land and buildings
5 years straight line life
Plant and equipment
3-4 years straight line life
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
The Royal Oak Worleston Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
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:
2024
2023
Number
Number
Total
23
22
The Royal Oak Worleston Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
6,035
60,098
66,133
Additions
890,500
24,877
915,377
At 31 March 2024
896,535
84,975
981,510
Depreciation and impairment
At 1 April 2023
980
12,325
13,305
Depreciation charged in the year
19,017
20,192
39,209
At 31 March 2024
19,997
32,517
52,514
Carrying amount
At 31 March 2024
876,538
52,458
928,996
At 31 March 2023
5,055
47,773
52,828
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
18,476
44,716
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
49,564
42,209
Total debtors
68,040
86,925
The Royal Oak Worleston Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
850,000
Trade creditors
58,179
44,710
Taxation and social security
20,725
30,591
Other creditors
285,327
190,838
Accruals and deferred income
20,250
49,775
1,234,481
315,914
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
At the period end the share capital remained unpaid.
7
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
850,000
-
Entities with common control
180,751
111,481
Other related parties
104,861
76,037
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
-
11,676