Company registration number 05182526 (England and Wales)
BAR 166 PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BAR 166 PROPERTIES LIMITED
COMPANY INFORMATION
Directors
B A Turnock
M W Jones
B M Jones
Secretary
M W Jones
Company number
05182526
Registered office
5 Clayton Wood Court
West Park
Leeds
LS16 6QW
Auditor
Sedulo Audit Limited
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
United Kingdom
LS1 2ND
BAR 166 PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 36
BAR 166 PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors of Bar 166 Properties Limited (“the Company”) present the annual report and the audited financial statements of the Company and its subsidiaries (together “the Group”) for the year ended 31 December 2023.

The directors, in preparing this strategic report, have complied with section 414C of the Companies Act 2006. This strategic report has been prepared for the Group headed by the Company and therefore only gives emphasis to those matters which are significant to that Group.

Principal activities

The Company’s principal activity is that of a holding company. The Group’s principal activity is that of the operation of premium, free-of-tie, pubs and bars.

Review of the business

Following on from a successful 2022, the Group purchased 1 freehold property and opened 2 new venues in the year. As a result, Group revenue increased to £7.4m (2022: £5.4m), with EBITDA of £1.1m (2022: £0.5m). This resulted in profit for the financial year of £0.45m (2022: loss - £0.04m). The Group also divested itself of an internal building contractor, Yorkshire Project Design And Build Limited, during 2023 for a nominal consideration. As at the end of the financial year the Group had 12 venues open and operational.

 

At the balance sheet date, net assets were £1.4m (2022: £0.9m). Common with high-growth companies, the Group is funded by a combination of debt, share capital and the cash flow generated from its trading activities. Whilst the Group in a net current liabilities position at the end of the financial year, these have arisen due to a planned use of cash reserves to fund capital expenditure and expansion at new sites, and is in line with the Group’s strategic plan. . The Directors have reviewed forecasts for 2024 and 2025, including detailed trading and cash flow projections, which they feel adequately reflect the current economic environment, and are comfortable that the Group has sufficient operational facilities in place to facilitate the strategic plans of the Group.

Principal risks and uncertainties

Financial risk management objectives and policies

The Group’s activities expose it to a number of financial risks including operational and people risk, market risk and liquidity risk. The use of financial derivatives is governed by the Group’s policies approved by the board of directors. The Group does not use derivative financial instruments for speculative purposes. No derivatives are currently in place.

Liquidity risk

The directors monitor the liquidity and cash flow risk of the Group on a regular basis. The Group is cash positive and has access to a revolving credit facility. Finance facilities are in place to support further growth through new venues.

Operational and people risk

There is a risk that recruitment will become increasingly competitive and that staffing shortages within the hospitality industry could drive wage inflation. The Group has a business model built upon recruiting and keeping the best people to support its strategy. We have established a strategy which will ensure we continue to attract and retain highly trained, quality staff and have invested in internal development.

Market change risk

The Group operates in a highly competitive market and is subject to pricing pressure, from our suppliers and customers, as well as more general consumer trends. The Group continues to invest in its staff and offering and the directors are confident that the Group can continue to deliver a market leading customer experience.

Climate change risk

Climate change represents a risk to almost all companies within the UK, however the directors class the climate change risk as minimal to the sector in which the Group is involved with. That being said, the directors are conscious of reducing the Group’s carbon footprint wherever possible and have strategies in place to mitigate this risk. These strategies include; tracking energy consumption and promoting energy saving measures with the venue network; and tracking waste volumes in order to ensure we are recycling as much as possible.

BAR 166 PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The financial performance of the Group is measured using three key performance indicators (KPI) being turnover, adjusted EBITDA and EBITDA margin.

 

 

 

2023

£’000

 

2022

£’000

 

 

 

Turnover

7,437

5,473

EBITDA

1,164

602

EBITDA margin (%)

16

11

 

    

 

Management continues to monitor both financial and non-financial KPI’s on an ongoing basis. Non-financial KPI’s include customer feedback and sentiment, staff turnover and engagement, and consistency of operational standards.

Future developments

Since the balance sheet date the Group agreed to lease its’ closed freehold property, The Rosse Saltaire, with a future option to sell.

The Board of Directors are confident that the Group will report a year of strong performance in the next period and continue to look at opportunities to expand the business, in line with its’ strategic objectives.

Going concern

The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future and in compliance with all conditions attaching to the terms of their bank facilities. The directors have also been provided with a commitment from Related Parties that outstanding loans would not be recalled for a period of at least 12 months; These loans account for £4.13m or the Group's £4.48m Net Current Liability. The Group is funded by debt and share capital and the cash flow generated from its trading activities. The Group’s forecasts and projections, having been reviewed by the directors and taking account of reasonably worst-case downside scenarios in trading performance, show that the Group will be able to operate within the level and terms of its current banking facilities and cash generated from trading operations. The directors, therefore, believe the Group is operating as a going concern and should continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

Post balance sheet events

Up to the date of signing of these financial accounts, the directors do not believe there to be any material adjusting post balance sheet events.

BAR 166 PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Section 172 statement

Section 172 of the Companies Act 2006 requires directors to act in a way they consider, in good faith, promotes the success of the Group for the benefit of its shareholders. Section 172 requires directors to have regard to a non-exhaustive list of factors, including the interests of employees and how the actions and behaviours of the Group affect customers, suppliers, the community and the environment, as well as the Group’s reputation.

This is supported by legislation requiring companies to report on how directors have had regard for the broader matters set out in section 172 when performing their duty, including considering the interests of employees, suppliers, customers and other stakeholders, as well as impacts on the community and the environment.

The directors believe that the success of the Group is dependent on maintaining strong relationships with our key stakeholders:

Customers

The ambition of the Group is to deliver high quality, reliable service to its customers. The Group spends time understanding its customers needs and views, listening to how it can improve its offering and service through various feedback platforms. This knowledge informs the Group’s decision-making process.

Suppliers

The Group continues to build strong relationships with suppliers to develop mutually beneficial and lasting partnerships. The Group recognises that relationships with suppliers are important to its long-term success. The board is briefed on supplier feed and contract updates on a regular basis.

Employees

People are an integral part of the success of the Group. The Group strives to ensure that staff are successful, both individually and as a team. Amongst the many ways the Group engages with its staff are surveys, briefings, training and newsletters. Key areas of focus include health and well-being, the future strategic direction of the business and development opportunities.

The Group values the input of its employees and actively seeks opportunities to engage with staff at all levels, inviting them to contribute to on-going dialogue and activities to improve the Group for the benefit of its staff and the business as a whole.

Community and Environment

The Group has numerous affiliations with local charities and community organisations, with a key strategy being to provide sponsorship and support locally. The board reviews these relationships on a regular basis.

The Group is conscious of the environmental impact of its activities and committed to promoting best practice across all regions, in order to lessen any negative effects on the environment. Key focus areas include monitoring energy consumption across the branch networks, and eliminating unnecessary travel by utilising virtual meeting tools.

Shareholders

The Group places reliance upon the support of shareholders, as the owners of the business, and makes decisions having considered their opinion. Discussions with shareholders cover a wide range of topics including financial performance, strategy, outlook, governance and ethical practices. Shareholder feedback is regularly discussed at a Group level, with their views considered as part of the decision-making process.

Sustainability information statement

 

Streamlined Energy and Carbon Reporting

The Group does not need to disclose information in respect to Streamlined Energy & Carbon Reporting (SECR) given that the subsidiaries making up the Group, and the Group itself, does not meet the threshold to make such disclosures under SECR legislation for the year ended 31 December 2023.

BAR 166 PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

On behalf of the board

M W Jones
Director
31 October 2024
BAR 166 PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 10.

The dividends paid are reflected on the group statement of changes in equity.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B A Turnock
M W Jones
B M Jones
Auditor

In accordance with the company's articles, a resolution proposing that Sedulo Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.true

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

BAR 166 PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M W Jones
Director
31 October 2024
BAR 166 PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAR 166 PROPERTIES LIMITED
- 7 -
Opinion

We have audited the financial statements of Bar 166 Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BAR 166 PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAR 166 PROPERTIES LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was capable of detecting irregularities, including fraud

 

The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

 

We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BAR 166 PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAR 166 PROPERTIES LIMITED
- 9 -

Other matters which we are required to address

As the group was exempt from audit under section 476 of the Companies Act 2006 in the prior year we have not audited the corresponding amounts for that year.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sam Perkin (Senior Statutory Auditor)
For and on behalf of Sedulo Audit Limited
31 October 2024
Chartered Accountants
Statutory Auditor
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
United Kingdom
LS1 2ND
BAR 166 PROPERTIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
7,437,100
5,473,360
Cost of sales
(3,222,616)
(2,705,971)
Gross profit
4,214,484
2,767,389
Administrative expenses
(3,512,482)
(2,629,941)
Other operating income
73,794
102,860
Operating profit
4
775,796
240,308
Interest payable and similar expenses
8
(145,015)
(135,548)
Profit before taxation
630,781
104,760
Tax on profit
9
(200,408)
(144,041)
Profit/(loss) for the financial year
25
430,373
(39,281)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
427,703
(46,479)
- Non-controlling interests
2,670
7,198
430,373
(39,281)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
427,703
(46,479)
- Non-controlling interests
2,670
7,198
430,373
(39,281)

The notes on pages 17 to 36 form part of these financial statements.

BAR 166 PROPERTIES LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,033,753
1,159,995
Tangible assets
11
5,343,304
4,570,749
6,377,057
5,730,744
Current assets
Stocks
15
137,161
96,082
Debtors
16
612,156
493,285
Cash at bank and in hand
851,606
1,045,536
1,600,923
1,634,903
Creditors: amounts falling due within one year
17
(6,081,666)
(5,942,642)
Net current liabilities
(4,480,743)
(4,307,739)
Total assets less current liabilities
1,896,314
1,423,005
Creditors: amounts falling due after more than one year
18
(255,739)
(252,409)
Provisions for liabilities
Deferred tax liability
20
252,369
212,763
(252,369)
(212,763)
Net assets
1,388,206
957,833
Capital and reserves
Called up share capital
22
736,185
736,185
Share premium account
23
158,474
158,474
Capital redemption reserve
24
60,000
60,000
Profit and loss reserves
25
423,679
(4,024)
Equity attributable to owners of the parent company
1,378,338
950,635
Non-controlling interests
9,868
7,198
1,388,206
957,833

The notes on pages 17 to 36 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

BAR 166 PROPERTIES LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
M W Jones
Director
Company registration number 05182526 (England and Wales)
BAR 166 PROPERTIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
12
440,000
440,000
Investments
13
1,735,302
1,735,302
2,175,302
2,175,302
Current assets
Debtors
16
472,032
437,234
Cash at bank and in hand
1,464
3,134
473,496
440,368
Creditors: amounts falling due within one year
17
(1,480,019)
(1,473,522)
Net current liabilities
(1,006,523)
(1,033,154)
Total assets less current liabilities
1,168,779
1,142,148
Creditors: amounts falling due after more than one year
18
(97,822)
(97,822)
Net assets
1,070,957
1,044,326
Capital and reserves
Called up share capital
22
736,185
736,185
Share premium account
23
158,474
158,474
Capital redemption reserve
24
60,000
60,000
Profit and loss reserves
25
116,298
89,667
Total equity
1,070,957
1,044,326

The notes on pages 17 to 36 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £26,631 (2022 - £27,912 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
M W Jones
Director
Company registration number 05182526 (England and Wales)
BAR 166 PROPERTIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
400,000
-
0
-
0
136,705
536,705
-
536,705
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
(46,479)
(46,479)
7,198
(39,281)
Issue of share capital
22
336,185
158,474
-
-
494,659
-
494,659
Dividends
-
-
-
(34,250)
(34,250)
-
(34,250)
Own shares acquired
-
-
-
(60,000)
(60,000)
-
(60,000)
Redemption of shares
22
-
-
60,000
-
60,000
-
60,000
Balance at 31 December 2022
736,185
158,474
60,000
(4,024)
950,635
7,198
957,833
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
427,703
427,703
2,670
430,373
Balance at 31 December 2023
736,185
158,474
60,000
423,679
1,378,338
9,868
1,388,206

The notes on pages 17 to 36 form part of these financial statements.

BAR 166 PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
400,000
-
0
-
0
136,705
536,705
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
27,912
27,912
Issue of share capital
22
336,185
158,474
-
-
494,659
Dividends
-
-
-
(14,950)
(14,950)
Own shares acquired
-
-
-
(60,000)
(60,000)
Redemption of shares
22
-
-
60,000
-
60,000
Balance at 31 December 2022
736,185
158,474
60,000
89,667
1,044,326
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
26,631
26,631
Balance at 31 December 2023
736,185
158,474
60,000
116,298
1,070,957

The notes on pages 17 to 36 form part of these financial statements.

BAR 166 PROPERTIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,116,088
1,975,138
Interest paid
(145,015)
(135,548)
Income taxes (paid)/refunded
(17,785)
14,796
Net cash inflow from operating activities
953,288
1,854,386
Investing activities
Purchase of tangible fixed assets
(1,035,460)
(262,913)
Proceeds from disposal of tangible fixed assets
-
47,098
Purchase of subsidiaries, net of cash acquired
-
(1,044,131)
Net cash used in investing activities
(1,035,460)
(1,259,946)
Financing activities
Proceeds from issue of shares
-
554,449
Repayment of bank loans
(111,758)
(91,840)
Dividends paid to equity shareholders
-
0
(34,250)
Net cash (used in)/generated from financing activities
(111,758)
428,359
Net (decrease)/increase in cash and cash equivalents
(193,930)
1,022,799
Cash and cash equivalents at beginning of year
1,045,536
22,737
Cash and cash equivalents at end of year
851,606
1,045,536

The notes on pages 17 to 36 form part of these financial statements.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Bar 166 Properties Limited (“the company”) is a private limited company limited by shares domiciled and incorporated in England and Wales. The registered office is 5 Clayton Wood Court, West Park, Leeds, LS 16 6QW.

 

The group consists of Bar 166 Properties Limited and all of its subsidiaries.

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.

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
Business combinations

Investments in subsidiary undertakings are recognised at cost.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bar 166 Properties Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future and in compliance with all conditions attaching to the terms of their bank facilities. The directors have also been provided with a commitment from Related Parties that outstanding loans would not be recalled for a period of at least 12 months; These loans account for £4.13m or the Group's £4.48m Net Current Liability. The Group is funded by debt and share capital and the cash flow generated from its trading activities. The Group’s forecasts and projections, having been reviewed by the directors and taking account of reasonably worst-case downside scenarios in trading performance, show that the Group will be able to operate within the level and terms of its current banking facilities and cash generated from trading operations. The directors, therefore, believe the Group is operating as a going concern and should continue to adopt the going concern basis of accounting in preparing the financial statements.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future and in compliance with all conditions attaching to the terms of their bank facilities. The Group is funded by debt and share capital and the cash flow generated from its trading activities. The Group’s forecasts and projections, taking account of reasonably worst-case downside scenarios in trading performance, show that the Group will be able to operate within the level and terms of its current banking facilities and cash generated from trading operations.  The directors, therefore, believe the Group is operating as a going concern and should continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

In accordance with the Financial Reporting Standard 102 (FRS 102), an impairment review has been conducted to assess whether any indicators of impairment exist for the assets held by Bar 166 Properties as of 31/12/2023. The investments balance in group companies as at 31/12/2023 is £1.7m. Goodwill on consolidation is £1.0m.

After a thorough review of both external and internal indicators, as well as other relevant factors, it has been concluded that there are no indicators of impairment for any of the company’s assets.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost 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
2% straight-line
Leasehold land and buildings
2% straight-line
Leasehold improvements
10% straight-line
Plant and equipment
25% straight-line
Fixtures and fittings
10% straight-line
Computers
25% straight-line
Motor vehicles
25% straight-line
Lease premium
10% straight-line

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 recognised in the profit and loss account.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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 group’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 if, and only if, there is 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

 

Judgments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

The Group makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, seldom equal the related actual results.

 

Impairment of investments in subsidiaries

The Group assesses impairment if investments in subsidiaries at each reporting date by evaluating conditions specific to the Group and to the particular investment that may lead to impairment.  If an impairment trigger exists, the recoverable amount of the asset is determined.  This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.

 

Estimation of useful lives of assets

The Group determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets, these can be found in note 1.6 and 1.7. The useful lives could change significantly as a result of technical innovations or some other event.  The depreciation and amortisation charge will increase where the useful lives are less than previously estimated, or technically obsolete or nonstrategic assets that have been abandoned or sold will be written off or written down, refer to notes 9 and 10.

 

3
Turnover

All turnover arose in the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(786)
(28,667)
Depreciation of owned tangible fixed assets
262,905
259,243
Profit on disposal of tangible fixed assets
-
(3,045)
Amortisation of intangible assets
126,242
102,423
Operating lease charges
3,244
-
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,500
-
For other services
Taxation compliance services
8,000
-
All other non-audit services
15,000
-
23,000
-
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
148
169
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,050,351
2,145,252
-
0
-
0
Social security costs
12,802
2,037
5,774
-
Pension costs
109,595
46,601
-
0
-
0
2,172,748
2,193,890
5,774
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
23,750
-
Company pension contributions to defined contribution schemes
367
-
24,117
-
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
144,781
133,580
Other interest on financial liabilities
-
1,926
144,781
135,506
Other finance costs:
Other interest
234
42
Total finance costs
145,015
135,548
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
160,583
2,461
Adjustments in respect of prior periods
219
880
Total current tax
160,802
3,341
Deferred tax
Origination and reversal of timing differences
39,606
140,700
Total tax charge
200,408
144,041
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
630,781
104,760
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
157,695
19,904
Tax effect of expenses that are not deductible in determining taxable profit
11,239
3,418
Change in unrecognised deferred tax assets
(330)
6,387
Adjustments in respect of prior years
219
880
Permanent capital allowances in excess of depreciation
(6,534)
-
0
Deferred tax adjustments in respect of prior years
-
0
99,992
Tax at marginal rate
(10,641)
-
0
Deferred tax movements through other comprehensive income
-
0
(30,070)
Tax effect of pre-acquisition trade
-
0
1,995
Depreciation and amortisation not qualifying for tax allowances
48,760
41,535
Taxation charge
200,408
144,041

In the Spring Budget 2021, the UK Government announced from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.

10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,262,418
Amortisation and impairment
At 1 January 2023
102,423
Amortisation charged for the year
126,242
At 31 December 2023
228,665
Carrying amount
At 31 December 2023
1,033,753
At 31 December 2022
1,159,995
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Lease premium
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
3,108,834
329,127
616,095
173,935
535,316
999
33,210
10,185
4,807,701
Additions
331,142
64,920
585,994
19,888
33,516
-
0
-
0
-
0
1,035,460
At 31 December 2023
3,439,976
394,047
1,202,089
193,823
568,832
999
33,210
10,185
5,843,161
Depreciation and impairment
At 1 January 2023
62,177
8,605
39,448
30,242
84,592
250
8,146
3,492
236,952
Depreciation charged in the year
68,800
8,312
87,347
20,183
62,079
605
11,796
3,783
262,905
At 31 December 2023
130,977
16,917
126,795
50,425
146,671
855
19,942
7,275
499,857
Carrying amount
At 31 December 2023
3,308,999
377,130
1,075,294
143,398
422,161
144
13,268
2,910
5,343,304
At 31 December 2022
3,046,657
320,522
576,647
143,693
450,724
749
25,064
6,693
4,570,749
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
-
440,000

The directors value the properties based on open-market conditions.

 

As the investment properties in the group are owner-occupied, all rental is eliminated on consolidated. Therefore, these properties are classified as property, plant and equipment for group reporting purposes.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,735,302
1,735,302
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,735,302
Carrying amount
At 31 December 2023
1,735,302
At 31 December 2022
1,735,302
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Horsforth Investments Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Rental of commercial property
Ordinary
100.00
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
(Continued)
- 29 -
Concept Taverns Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bars, restaurants and leisure group
Ordinary
100.00
The Malt Brewhouse Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bar and restaurant
Ordinary
100.00
Granvilles (Horsforth) Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public house
Ordinary
100.00
Hawkhill Tavern Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Restaurant, bar and leisure
Ordinary
100.00
Great Northern (Thackely) Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bar, restaurant and leisure
Ordinary
100.00
Parkside Tavern Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bar, restaurant and leisure
Ordinary
100.00
Market Square Tavern Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bar, restaurant and leisure
Ordinary
100.00
Williams Beer & Gin House Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Bar, restaurant and leisure
Ordinary
100.00
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
(Continued)
- 30 -
Reubens Beerhouse Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public bars and houses
Ordinary
100.00
The Rosse Saltaire Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public bars and houses
Ordinary
100.00
Northern Pool Bar Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public house and bar
Ordinary
100.00
The Swan Concept Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public houses and bars
Ordinary
100.00
The Shed Bar Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Public house
Ordinary
60.00
Concept Taverns Services Ltd
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Dormant
Ordinary
100.00
Northern Snooker Centre (Leeds) Limited
5 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Snooker & billiards
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Horsforth Investments Ltd
91,067
6,872
Concept Taverns Ltd
58,479
(691)
The Malt Brewhouse Ltd
(246)
62,959
Granvilles (Horsforth) Limited
63,806
39,509
Hawkhill Tavern Ltd
(20,772)
27,107
Great Northern (Thackely) Ltd
(7,135)
57,184
Parkside Tavern Limited
95,407
91,568
Market Square Tavern Ltd
72,443
51,950
Williams Beer & Gin House Limited
(149,530)
(44,199)
Reubens Beerhouse Limited
5,178
5,168
The Rosse Saltaire Ltd
(40,287)
(39,917)
Northern Pool Bar Ltd
(98,973)
23,575
The Swan Concept Ltd
(36,141)
(36,142)
The Shed Bar Limited
21,973
5,587
Concept Taverns Services Ltd
1
Northern Snooker Centre (Leeds) Limited
1,094,803
360,621
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
137,161
96,082
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
25,084
13,794
-
0
-
0
Amounts owed by group undertakings
-
-
461,085
421,085
Other debtors
489,248
303,724
10,947
16,149
Prepayments and accrued income
97,824
175,767
-
0
-
0
612,156
493,285
472,032
437,234

Amounts owed by group undertakings are unsecured, bear no interest and are repayable on demand.

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
109,800
224,658
-
0
-
0
Trade creditors
336,115
330,066
-
0
1,513
Amounts owed to group undertakings
-
0
-
0
449,950
447,950
Corporation tax payable
161,154
18,137
8,442
571
Other taxation and social security
346,096
350,065
-
-
Other creditors
4,542,956
4,508,110
1,020,877
1,020,876
Accruals and deferred income
585,545
511,606
750
2,612
6,081,666
5,942,642
1,480,019
1,473,522

Included in other creditors are amounts due to related parties. Refer to note 28 for further details.

 

Amounts owed to group undertakings are unsecured, bear no interest and are repayable on demand.

 

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
157,917
154,587
-
0
-
0
Other creditors
97,822
97,822
97,822
97,822
255,739
252,409
97,822
97,822
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
267,717
379,245
-
0
-
0
Payable within one year
109,800
224,658
-
0
-
0
Payable after one year
157,917
154,587
-
0
-
0

One of the bank loans is secured by fixed charges in favour of Santander UK PLC. The bank loans accrue interest at a rate of 3.8% above Base Rate.

 

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
253,357
282,420
Tax losses
-
(69,114)
Pension obligations
(988)
(543)
252,369
212,763
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
212,763
-
Charge to profit or loss
39,606
-
Liability at 31 December 2023
252,369
-

 

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,595
46,601

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
736,185 ordinary shares of 100p each.
736,185
736,185
736,185
736,185
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share capital
(Continued)
- 34 -

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

23
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
158,474
-
0
158,474
-
0
Issue of new shares
-
158,474
-
158,474
At the end of the year
158,474
158,474
158,474
158,474
24
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
60,000
-
0
60,000
-
0
Transfers
-
60,000
-
60,000
At the end of the year
60,000
60,000
60,000
60,000
25
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
(4,024)
136,705
89,667
136,705
Profit/(loss) for the year
427,703
(46,479)
26,631
27,912
Dividends
-
(34,250)
-
(14,950)
Own shares acquired
-
(60,000)
-
(60,000)
At the end of the year
423,679
(4,024)
116,298
89,667
BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
124,270
124,270
-
-
Between two and five years
497,080
497,080
-
-
In over five years
463,081
587,351
-
-
1,084,431
1,208,701
-
-
27
Controlling party
The Directors are of the view that the controlling party of the group is Mr. Matthew William Jones by virtue of his majority shareholding.
28
Related Parties

Included in other creditors are the following balances with related parties:

 

 

Jones Bar Group Limited - £939,627 (2022: £870,438)

Roxy Leisure Limited - £109,608 (2022: £147,427)

TJ Will Trust - £3,054,521 (2022: £2,134,574)

B M Jones - £98,438 (2022: £98,438)

M W Jones - £98,438 (2022: £98,438)

 

Included in other debtors are the following balances with related parties:

 

Jones Bar Group Limited - £138,079 (£2022: £72,645)

Roxy Ball Room Ltd - £29,336 (2022: £130)

 

Included in profit and loss are the following transactions with related parties:

 

Rental of £1,440 (2022: £1,440) has been paid to Jones Bar Group Limited

BAR 166 PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
29
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
430,373
(39,281)
Adjustments for:
Taxation charged
200,408
144,041
Finance costs
145,015
135,548
Gain on disposal of tangible fixed assets
-
(3,045)
Amortisation and impairment of intangible assets
126,242
102,423
Depreciation and impairment of tangible fixed assets
262,905
259,243
Movements in working capital:
Increase in stocks
(41,079)
(4,043)
(Increase)/decrease in debtors
(118,640)
1,112,439
Increase in creditors
110,865
267,813
Cash generated from operations
1,116,089
1,975,138
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,045,536
(193,930)
851,606
Borrowings excluding overdrafts
(379,245)
111,528
(267,717)
666,291
(82,402)
583,889
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