Company registration number 14641545 (England and Wales)
SALISBURY TAPROOMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SALISBURY TAPROOMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SALISBURY TAPROOMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
1
2024
Notes
£
£
Fixed assets
Tangible assets
3
113,163
Investment property
4
419,097
Investments
5
90
532,350
Current assets
Debtors
6
10,448
Cash at bank and in hand
16,194
26,642
Creditors: amounts falling due within one year
7
(22,530)
Net current assets
4,112
Total assets less current liabilities
536,462
Creditors: amounts falling due after more than one year
8
(724,403)
Net liabilities
(187,941)
Capital and reserves
Called up share capital
9
4
Profit and loss reserves
(187,945)
Total equity
(187,941)
SALISBURY TAPROOMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered 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 6 November 2024 and are signed on its behalf by:
Mr C Airey
Director
Company registration number 14641545 (England and Wales)
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
3
1
Accounting policies
Company information
Salisbury Taprooms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire, SO53 3DA.
1.1
Reporting period
These accounts represent the period from incorporation on 6 February 2023 to 31 March 2024. A period longer than 12 months.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration of rental income received in the normal course of business and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies (Continued)
4
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.8
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies (Continued)
5
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.
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.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
4
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 February 2023
Additions
150,886
At 31 March 2024
150,886
Depreciation and impairment
At 6 February 2023
Depreciation charged in the period
37,723
At 31 March 2024
37,723
Carrying amount
At 31 March 2024
113,163
4
Investment property
2024
£
Fair value
At 6 February 2023
Additions
419,097
At 31 March 2024
419,097
The directors consider that the open market value of the investment property at the Balance Sheet date is not materially different to the carrying value in the accounts.
5
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
90
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
5
Fixed asset investments (Continued)
7
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 6 February 2023
-
Additions
90
At 31 March 2024
90
Carrying amount
At 31 March 2024
90
6
Debtors
2024
Amounts falling due within one year:
£
Other debtors
10,448
7
Creditors: amounts falling due within one year
2024
£
Trade creditors
13,326
Other creditors
9,204
22,530
8
Creditors: amounts falling due after more than one year
2024
£
Other creditors
724,403
SALISBURY TAPROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
8
9
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
4
4
During the period the company issued four ordinary shares of £1 at par.