Tom Cobley Tavern (Spreyton) Ltd 08433233 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is public house and bar Digita Accounts Production Advanced 6.30.9574.0 true true 08433233 2023-04-01 2024-03-31 08433233 2024-03-31 08433233 core:CurrentFinancialInstruments 2024-03-31 08433233 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08433233 core:Non-currentFinancialInstruments 2024-03-31 08433233 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08433233 core:FurnitureFittings 2024-03-31 08433233 bus:SmallEntities 2023-04-01 2024-03-31 08433233 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08433233 bus:FilletedAccounts 2023-04-01 2024-03-31 08433233 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08433233 bus:RegisteredOffice 2023-04-01 2024-03-31 08433233 bus:Director1 2023-04-01 2024-03-31 08433233 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08433233 core:FurnitureFittings 2023-04-01 2024-03-31 08433233 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08433233 countries:EnglandWales 2023-04-01 2024-03-31 08433233 2023-03-31 08433233 core:FurnitureFittings 2023-03-31 08433233 2022-04-01 2023-03-31 08433233 2023-03-31 08433233 core:CurrentFinancialInstruments 2023-03-31 08433233 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08433233 core:Non-currentFinancialInstruments 2023-03-31 08433233 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08433233 core:FurnitureFittings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 08433233

Tom Cobley Tavern (Spreyton) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Tom Cobley Tavern (Spreyton) Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tom Cobley Tavern (Spreyton) Ltd

(Registration number: 08433233)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,124

19,357

Current assets

 

Stocks

5

6,041

6,838

Debtors

6

35,576

40,109

Cash at bank and in hand

 

15,331

9,195

 

56,948

56,142

Creditors: Amounts falling due within one year

7

(63,298)

(63,674)

Net current liabilities

 

(6,350)

(7,532)

Total assets less current liabilities

 

14,774

11,825

Creditors: Amounts falling due after more than one year

7

(13,127)

(24,379)

Provisions for liabilities

(4,014)

(3,678)

Net liabilities

 

(2,367)

(16,232)

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

(2,371)

(16,236)

Shareholders' deficit

 

(2,367)

(16,232)

For the financial 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.

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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

 

Tom Cobley Tavern (Spreyton) Ltd

(Registration number: 08433233)
Statement of Financial Position as at 31 March 2024 (continued)


Mrs Caroline Cudlip
Director

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
7C Cranmere Road
Okehampton
Devon
EX20 1UE

Principal activity

The principal activity of the company is public house and bar

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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

Fittings, fixtures and equipment

15% reducing balance

Impairment

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

45,081

45,081

Additions

5,500

5,500

At 31 March 2024

50,581

50,581

Depreciation

At 1 April 2023

25,724

25,724

Charge for the year

3,733

3,733

At 31 March 2024

29,457

29,457

Carrying amount

At 31 March 2024

21,124

21,124

At 31 March 2023

19,357

19,357

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

6,041

6,838

6

Debtors

2024
£

2023
£

Other debtors

32,635

37,194

Prepayments

2,941

2,915

35,576

40,109

 

Tom Cobley Tavern (Spreyton) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,252

11,252

Trade creditors

 

7,259

12,961

Taxation and social security

 

18,753

14,755

Accruals and deferred income

 

8,917

3,549

Other creditors

 

17,117

21,157

 

63,298

63,674

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,127

24,379

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,127

24,379

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,252

11,252