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Registered number: 08953549









SMITHFIELD PUBS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SMITHFIELD PUBS LIMITED
REGISTERED NUMBER: 08953549

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

  

Tangible assets
 5 
6,385
5,444

  
6,385
5,444

  

Stocks
  
11,298
12,101

Debtors: amounts falling due within one year
 6 
39,586
16,198

Current asset investments
 7 
256,299
106,371

Cash at bank and in hand
 8 
360,842
346,008

  
668,025
480,678

  

Creditors: amounts falling due within one year
 9 
(96,361)
(63,636)

Net current assets
  
 
 
571,664
 
 
417,042

  

Total assets less current liabilities
  
 
 
578,049
 
 
422,486

  

Creditors: amounts falling due after more than one year
 10 
(15,060)
(25,190)

  

  

Net assets
  
 
 
562,989
 
 
397,296


  

Called up share capital 
  
100
100

Profit and loss account
  
562,889
397,196

  
562,989
397,296


Page 1

 
SMITHFIELD PUBS LIMITED
REGISTERED NUMBER: 08953549
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
I Cunningham
Director

Date: 23 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Smithfield Pubs Limited is a private company limited by shares. incorporated in England and Wales. The registered office is Aston House, Cornwall Avenue, London N3 1LF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees









The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
100,000



At 30 April 2024

100,000



Amortisation


At 1 May 2023
100,000



At 30 April 2024

100,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 6

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
17,052


Additions
2,498



At 30 April 2024

19,550



Depreciation


At 1 May 2023
11,608


Charge for the year on financed assets
1,555



At 30 April 2024

13,163



Net book value



At 30 April 2024
6,387



At 30 April 2023
5,443


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
28,895
5,802

Other debtors
9,000
9,000

Prepayments and accrued income
1,691
1,396

39,586
16,198



7.


Current asset investments

2024
2023
£
£

Listed investments
256,299
106,371

256,299
106,371


Page 7

 
SMITHFIELD PUBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Cash and cash equivalents

2024
2023
£
£


Cash at bank and in hand
360,842
346,008

360,842
346,008



9.


Creditors: Amounts falling due within one year

2024
2023
£
£


Bank loans
9,888
9,646

Trade creditors
7,406
10,234

Corporation tax
53,352
23,435

Other taxation and social security
19,768
14,309

Other creditors
92
203

Accruals and deferred income
5,855
5,809

96,361
63,636



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£


Bank loans
15,060
25,190

15,060
25,190


 
Page 8