3 false false false false false false false false false false true false false false false true false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02657558 2023-04-01 2024-03-31 02657558 2024-03-31 02657558 2023-03-31 02657558 2022-04-01 2023-03-31 02657558 2023-03-31 02657558 2022-03-31 02657558 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02657558 core:FurnitureFittings 2023-04-01 2024-03-31 02657558 core:MotorVehicles 2023-04-01 2024-03-31 02657558 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02657558 bus:Director1 2023-04-01 2024-03-31 02657558 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02657558 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 02657558 core:FurnitureFittings 2023-03-31 02657558 core:MotorVehicles 2023-03-31 02657558 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02657558 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 02657558 core:FurnitureFittings 2024-03-31 02657558 core:MotorVehicles 2024-03-31 02657558 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 02657558 core:WithinOneYear 2024-03-31 02657558 core:WithinOneYear 2023-03-31 02657558 core:AfterOneYear 2024-03-31 02657558 core:AfterOneYear 2023-03-31 02657558 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02657558 core:ShareCapital 2024-03-31 02657558 core:ShareCapital 2023-03-31 02657558 core:RevaluationReserve 2024-03-31 02657558 core:RevaluationReserve 2023-03-31 02657558 core:RetainedEarningsAccumulatedLosses 2024-03-31 02657558 core:RetainedEarningsAccumulatedLosses 2023-03-31 02657558 core:BetweenOneFiveYears 2024-03-31 02657558 core:BetweenOneFiveYears 2023-03-31 02657558 core:MoreThanFiveYears 2024-03-31 02657558 core:MoreThanFiveYears 2023-03-31 02657558 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 02657558 core:FurnitureFittings 2023-03-31 02657558 bus:SmallEntities 2023-04-01 2024-03-31 02657558 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02657558 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02657558 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02657558 bus:FullAccounts 2023-04-01 2024-03-31 02657558 bus:OrdinaryShareClass1 2024-03-31 02657558 bus:OrdinaryShareClass1 2023-03-31 02657558 core:OfficeEquipment 2023-04-01 2024-03-31 02657558 core:OfficeEquipment 2023-03-31 02657558 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 02657558
WOOLWICH TAVERNS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
WOOLWICH TAVERNS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
4,510,994
2,208,835
Current assets
Stocks
66,385
66,896
Debtors
6
72,955
71,806
Cash at bank and in hand
680,783
911,382
---------
------------
820,123
1,050,084
Creditors: amounts falling due within one year
7
481,074
650,583
---------
------------
Net current assets
339,049
399,501
------------
------------
Total assets less current liabilities
4,850,043
2,608,336
Creditors: amounts falling due after more than one year
8
1,696,039
741,779
Provisions
404,373
100,557
------------
------------
Net assets
2,749,631
1,766,000
------------
------------
Capital and reserves
Called up share capital
9
56
56
Revaluation reserve
1,555,426
683,971
Profit and loss account
1,194,149
1,081,973
------------
------------
Shareholders funds
2,749,631
1,766,000
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WOOLWICH TAVERNS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr K P Whelan
Director
Company registration number: 02657558
WOOLWICH TAVERNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 862 High Road, Tottenham, LONDON, N17 0EY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Leasehold property
-
over life of lease
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Apr 2023
2,224,441
268,029
469,872
49,245
5,950
3,017,537
Additions
1,290,358
15,706
66,335
3,273
1,375,672
Disposals
( 141,629)
( 49,245)
( 190,874)
Revaluations
1,183,483
1,183,483
------------
---------
---------
--------
-------
------------
At 31 Mar 2024
4,698,282
126,400
485,578
66,335
9,223
5,385,818
------------
---------
---------
--------
-------
------------
Depreciation
At 1 Apr 2023
199,057
162,835
391,665
49,245
5,900
808,702
Charge for the year
138,922
5,450
27,024
1,658
386
173,440
Disposals
( 58,073)
( 49,245)
( 107,318)
------------
---------
---------
--------
-------
------------
At 31 Mar 2024
337,979
110,212
418,689
1,658
6,286
874,824
------------
---------
---------
--------
-------
------------
Carrying amount
At 31 Mar 2024
4,360,303
16,188
66,889
64,677
2,937
4,510,994
------------
---------
---------
--------
-------
------------
At 31 Mar 2023
2,025,384
105,194
78,207
50
2,208,835
------------
---------
---------
--------
-------
------------
Tangible assets held at valuation
Two freehold properties were revalued during the year by Davis Coffer Lyons on the basis of open market value with vacant possession. The Director does not believe this value has changed at the year end. The market value of the third property was assessed by the Director was deemed not have changed. The historical cost disclosure below relates to these freehold properties.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2024
Aggregate cost
2,773,303
Aggregate depreciation
(381,126)
------------
Carrying value
2,392,177
------------
At 31 March 2023
Aggregate cost
1,482,945
Aggregate depreciation
(242,204)
------------
Carrying value
1,240,741
------------
6. Debtors
2024
2023
£
£
Trade debtors
1,772
Other debtors
72,955
70,034
--------
--------
72,955
71,806
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,475
237,390
Trade creditors
151,882
221,360
Corporation tax
124,845
53,443
Social security and other taxes
67,487
61,227
Other creditors
36,385
77,163
---------
---------
481,074
650,583
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,657,383
741,779
Other creditors
38,656
------------
---------
1,696,039
741,779
------------
---------
The company has the following secured creditors:
(1) The bank borrowings of £1,757,858 (2023: £979,169) are secured by legal mortgages over the freehold and leasehold properties concerned.
(2) The director has given a personal guarantee to the bank for the bank loan.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £113,746) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
56
56
56
56
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
97,863
146,633
Later than 1 year and not later than 5 years
391,452
440,028
Later than 5 years
1,026,402
2,420,011
------------
------------
1,515,717
3,006,672
------------
------------