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Company registration number: 07527391
The Cornwall Pub Company Limited
Unaudited filleted financial statements
28 February 2024
The Cornwall Pub Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Cornwall Pub Company Limited
Directors and other information
Directors Mr. Neythan Edward Hayes
Mrs. Sarah Hayes
Company number 07527391
Registered office 13 Church St
Helston
Cornwall
TR13 8TD
Business address Bodilly Veor
Trenear
Helston
Cornwall
TR13 0HA
Accountants Paul & Maundrell Limited
13 Church Street
Helston
Cornwall
TR13 8TD
The Cornwall Pub Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of The Cornwall Pub Company Limited
Year ended 28th February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Cornwall Pub Company Limited for the year ended 28th February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Cornwall Pub Company Limited, as a body, in accordance with the terms of our engagement letter dated 26th February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of The Cornwall Pub Company Limited and state those matters that we have agreed to state to the board of directors of The Cornwall Pub Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Cornwall Pub Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Cornwall Pub Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Cornwall Pub Company Limited. You consider that The Cornwall Pub Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Cornwall Pub Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paul & Maundrell Limited
Chartered Accountants
13 Church Street
Helston
Cornwall
TR13 8TD
26th November 2024
The Cornwall Pub Company Limited
Statement of financial position
28th February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,234 1,796
Investments 7 445,080 445,754
_______ _______
446,314 447,550
Current assets
Debtors 8 43,790 67,530
Cash at bank and in hand 156 230
_______ _______
43,946 67,760
Creditors: amounts falling due
within one year 9 ( 125,620) ( 69,439)
_______ _______
Net current liabilities ( 81,674) ( 1,679)
_______ _______
Total assets less current liabilities 364,640 445,871
Creditors: amounts falling due
after more than one year 10 ( 228,087) ( 237,688)
Provisions for liabilities ( 25,886) ( 19,781)
_______ _______
Net assets 110,667 188,402
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 82,873 82,873
Profit and loss account 27,694 105,429
_______ _______
Shareholders funds 110,667 188,402
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr. Neythan Edward Hayes Mrs. Sarah Hayes
Director Director
Company registration number: 07527391
The Cornwall Pub Company Limited
Notes to the financial statements
Year ended 28th February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 13 Church St, Helston, Cornwall, TR13 8TD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 33.33 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Short leasehold property - 20 % straight line
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
Including Directors
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries - ( 19)
Social security costs 71 -
Other pension costs - 8,000
_______ _______
71 7,981
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st March 2023 and 28th February 2024 1,000 1,000
_______ _______
Amortisation
At 1st March 2023 and 28th February 2024 1,000 1,000
_______ _______
Carrying amount
At 28th February 2024 - -
_______ _______
At 28th February 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1st March 2023 and 28th February 2024 2,814 2,814
_______ _______
Depreciation
At 1st March 2023 1,018 1,018
Charge for the year 562 562
_______ _______
At 28th February 2024 1,580 1,580
_______ _______
Carrying amount
At 28th February 2024 1,234 1,234
_______ _______
At 28th February 2023 1,796 1,796
_______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1st March 2023 20,080 20,080
Additions 425,000 425,000
_______ _______
At 28th February 2024 445,080 445,080
_______ _______
Impairment
At 1st March 2023 and 28th February 2024 - -
_______ _______
Carrying amount
At 28th February 2024 445,080 445,080
_______ _______
At 28th February 2023 20,080 20,080
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors - 1,308
Amounts owed by group undertakings and undertakings in which the company has a participating interest 29,908 35,908
Other debtors 13,882 30,314
_______ _______
43,790 67,530
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 22,010 11,338
Trade creditors 211 2,476
Amounts owed to group undertakings and undertakings in which the company has a participating interest 101,874 10,572
Corporation tax - 43,600
Social security and other taxes - 13
Other creditors 1,525 1,440
_______ _______
125,620 69,439
_______ _______
Aldermore Bank PLC have 2 Legal Charges dated 3rd June 2019 over the assets of the Company and also over the freehold property at 6 North Terrace, St Ives.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 22,066 31,667
Other creditors 206,021 206,021
_______ _______
228,087 237,688
_______ _______
Aldermore Bank PLC have 2 Legal Charges dated 3rd June 2019 over the assets of the Company and also over the freehold property at 6 North Terrace, St Ives.
The mortgage is secured on the property 6 North Terrace, St Ives and is over a 20 year term. The interest rate is fixed for 5 years at 3.38%.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr. Neythan Edward Hayes 15,157 69,265 ( 77,649) 6,773
Mrs. Sarah Hayes 15,157 69,264 ( 77,649) 6,772
_______ _______ _______ _______
30,314 138,529 ( 155,298) 13,545
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr. Neythan Edward Hayes 5,104 42,553 ( 32,500) 15,157
Mrs. Sarah Hayes 5,104 42,553 ( 32,500) 15,157
_______ _______ _______ _______
10,208 85,106 ( 65,000) 30,314
_______ _______ _______ _______
The Directors both received an interest free loan of £15,165 in the year and at the year end the amount outstanding was £6,773 each. The loans are to be repaid in full within 9 months. Interest was charged on these loans at the HMRC official rate of 2.25%.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Kankar Ltd 24,000 16,800
_______ _______
During the year the company charged rent to Kankar Limited. The amount charged in the year was £24,000 (2023 £16,800) The balance outstanding at the year end was £nil (2023 £nil). The company also borrowed money from Kankar Limited during the year. The outstanding balance at the year end was £101,874 ( 2023 £10,572). The company also loaned monies to Kernow Rum Company Ltd during the year. The outstanding balance was £29,908 (2023 £35,908) No interest is charged on the loans .
13. Controlling party
The controlling parties ar Mr N Hayes and Mrs S Hayes who are joint shareholders.
14. Covid 19 pandemic
The business has been affected by the Covid 19 pandemic and has continued to receive financial assistance from the Government Covid 19 loan scheme during the year.
15. Investment property.
There has been a valuation of investment properties by an independent valuer. In the opinion of the directors the market value of the property as at 28.02.24 was not materially different from that of the previous balance sheet date of £425,000 (2023 £425,000).
16. Sale of Investment
During the year, the company sold its investment in its subsidiary, Kernow Rum Limited.