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Registration number: 11437849

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

(Registration number: 11437849)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,135

39,256

Current assets

 

Stocks

5

29,118

24,702

Debtors

6

6,151

4,078

Cash at bank and in hand

 

26,398

36,842

 

61,667

65,622

Creditors: Amounts falling due within one year

7

(120,541)

(123,675)

Net current liabilities

 

(58,874)

(58,053)

Total assets less current liabilities

 

(25,739)

(18,797)

Creditors: Amounts falling due after more than one year

7

(18,785)

(24,341)

Provisions for liabilities

(8,284)

-

Net liabilities

 

(52,808)

(43,138)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(53,008)

(43,338)

Shareholders' deficit

 

(52,808)

(43,138)

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

(Registration number: 11437849)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 October 2024
 

.........................................
Mr J Burrell-Cook
Director

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Queen Victoria
Spital Road
Maldon
Essex
CM9 6ED
United Kingdom

These financial statements were authorised for issue by the director on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The director has guaranteed his financial support to the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amoutn and to provide for any further liabilities which right arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Plant and machinery

33% straight line

Office equipment

33% straight line

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 31).

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

91,143

-

91,143

Additions

9,780

785

10,565

At 30 June 2024

100,923

785

101,708

Depreciation

At 1 July 2023

51,887

-

51,887

Charge for the year

16,427

259

16,686

At 30 June 2024

68,314

259

68,573

Carrying amount

At 30 June 2024

32,609

526

33,135

At 30 June 2023

39,256

-

39,256

5

Stocks

2024
£

2023
£

Other inventories

29,118

24,702

6

Debtors

Current

2024
£

2023
£

Prepayments

3,151

1,078

Other debtors

3,000

3,000

 

6,151

4,078

 

Good Karma Public Houses Limited

trading as The Queen Victoria - Maldon

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,565

14,565

Trade creditors

 

12,034

12,942

Taxation and social security

 

27,793

7,272

Accruals and deferred income

 

-

3,743

Other creditors

 

66,149

85,153

 

120,541

123,675

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,565 (2023 - £14,565)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

18,785

24,341

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,785 (2023 - £24,341)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,785

24,341

Current loans and borrowings

2024
£

2023
£

Bank borrowings

13,517

13,517

Other borrowings

1,048

1,048

14,565

14,565