Registered number
05128766
The Little Tap Pub Co. Ltd
Filleted Accounts
31 March 2024
The Little Tap Pub Co. Ltd
Registered number: 05128766
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 122,554 118,244
Current assets
Stocks 10,159 15,517
Debtors 4 20,690 36,683
Cash at bank and in hand 170,042 124,326
200,891 176,526
Creditors: amounts falling due within one year 5 (200,057) (166,420)
Net current assets 834 10,106
Total assets less current liabilities 123,388 128,350
Creditors: amounts falling due after more than one year 6 (69,333) (103,333)
Net assets 54,055 25,017
Capital and reserves
Called up share capital 3 3
Profit and loss account 54,052 25,014
Shareholders' funds 54,055 25,017
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Renouccie
Director
Approved by the board on 30 October 2024
The Little Tap Pub Co. Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% straight line
Fixtures, fittings, tools and equipment 25%/15 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 16
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 288,898
Additions 20,440
At 31 March 2024 309,338
Depreciation
At 1 April 2023 170,654
Charge for the year 16,130
At 31 March 2024 186,784
Net book value
At 31 March 2024 122,554
At 31 March 2023 118,244
4 Debtors 2024 2023
£ £
Trade debtors 13,423 9,337
Other debtors 7,267 27,346
20,690 36,683
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 32,000 30,000
Trade creditors 40,677 11,946
Taxation and social security costs 14,682 9,259
Other creditors 112,698 115,215
200,057 166,420
Bank loans and overdrafts are secured against the assets of the company by fixed and floating
charges dated February 2005, October 2014 and April 2021.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 69,333 103,333
7 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no contributions payable to the fund at the balance sheet date.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 908,174 1,059,374
9 Related party transactions
Fairfield associates (Leeds) Ltd and R & R Holdings are entities under common control. Amounts owed from/(to) related parties were as follows:
2024 2023
£ £
Amounts due from/(to) directors (1,102) (1,102)
Amount due from/(to) R & R Holdings (85,062) (94,745)
Amount due from/(to) Fairfield Assoicates (Leeds) Ltd (1,823) 21,265
10 Other information
The Little Tap Pub Co. Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Fox & Grapes
107 Stanley Road
Wakefield
West Yorkshire
WF1 4LH
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