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Registered number: 12322161
STEPPING STONE PUBS LTD
Unaudited Financial Statements
For The Year Ended 28 February 2024
CHURCH HOUSE
CHURCH LANE
HARDWICKE
GLOUCESTER
GL2 4RP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12322161
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 127,951 146,062
127,951 146,062
CURRENT ASSETS
Stocks 5 12,482 15,737
Debtors 6 14,897 14,897
Cash at bank and in hand 76,310 92,809
103,689 123,443
Creditors: Amounts Falling Due Within One Year 7 (88,737 ) (84,652 )
NET CURRENT ASSETS (LIABILITIES) 14,952 38,791
TOTAL ASSETS LESS CURRENT LIABILITIES 142,903 184,853
Creditors: Amounts Falling Due After More Than One Year 8 (40,397 ) (83,134 )
NET ASSETS 102,506 101,719
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 102,406 101,619
SHAREHOLDERS' FUNDS 102,506 101,719
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr ASHLEY WINDLE
Director
10th June 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
STEPPING STONE PUBS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12322161 . The registered office is ROYAL WOOTTON BASSET, COPED HALL, ROYAL WOOTTON BASSET, SWINDON, SN4 7HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the duration of the lease
Motor Vehicles 25% pa on cost
Fixtures & Fittings 15% pa on written down value
Computer Equipment 15% pa on written down value
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 23)
23 23
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 91,041 44,125 67,874 2,478 205,518
Additions 1,527 - 2,585 960 5,072
As at 28 February 2024 92,568 44,125 70,459 3,438 210,590
Depreciation
As at 1 March 2023 12,034 22,062 24,546 814 59,456
Provided during the period 4,871 11,031 6,887 394 23,183
As at 28 February 2024 16,905 33,093 31,433 1,208 82,639
Net Book Value
As at 28 February 2024 75,663 11,032 39,026 2,230 127,951
As at 1 March 2023 79,007 22,063 43,328 1,664 146,062
5. Stocks
2024 2023
£ £
Materials 12,482 15,737
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 14,897 14,897
14,897 14,897
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,207 5,207
Trade creditors 17,660 16,215
Corporation tax 28,643 25,983
Other creditors 37,227 37,247
88,737 84,652
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,355 28,067
Other creditors 21,042 55,067
40,397 83,134
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,207 5,207
Later than one year and not later than five years 19,355 28,067
24,562 33,274
24,562 33,274
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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