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COMPANY REGISTRATION NUMBER: 09228979
One Pound Lane Canterbury Ltd
Filleted Unaudited Financial Statements
30 December 2023
One Pound Lane Canterbury Ltd
Financial Statements
Year ended 30 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
One Pound Lane Canterbury Ltd
Statement of Financial Position
30 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
10,927
14,570
Current assets
Stocks
15,479
16,427
Debtors
6
545,162
493,847
Cash at bank and in hand
60,075
82,595
---------
---------
620,716
592,869
Creditors: amounts falling due within one year
7
651,841
552,788
---------
---------
Net current (liabilities)/assets
( 31,125)
40,081
--------
--------
Total assets less current liabilities
( 20,198)
54,651
Creditors: amounts falling due after more than one year
8
21,688
32,039
--------
--------
Net (liabilities)/assets
( 41,886)
22,612
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 41,888)
22,610
--------
--------
Shareholders (deficit)/funds
( 41,886)
22,612
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 December 2023 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 .
One Pound Lane Canterbury Ltd
Statement of Financial Position (continued)
30 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr S T Allen
Director
Company registration number: 09228979
One Pound Lane Canterbury Ltd
Notes to the Financial Statements
Year ended 30 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the impact of the ongoing difficult trading conditions, specifically the cost of living crisis and increasing costs associated to the business. The company has secured support from suppliers and is clearing liabilities in accordance with agreements. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue represents bar and restaurant sales, hire charges and entrance fees, stated exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2022: 34 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 31 December 2022 and 30 December 2023
13,099
16,651
29,750
--------
--------
--------
Depreciation
At 31 December 2022
7,380
7,800
15,180
Charge for the year
1,431
2,212
3,643
--------
--------
--------
At 30 December 2023
8,811
10,012
18,823
--------
--------
--------
Carrying amount
At 30 December 2023
4,288
6,639
10,927
--------
--------
--------
At 30 December 2022
5,719
8,851
14,570
--------
--------
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
526,828
479,047
Other debtors
18,334
14,800
---------
---------
545,162
493,847
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
63,505
19,456
Trade creditors
124,283
108,623
Social security and other taxes
458,875
416,621
Other creditors
5,178
8,088
---------
---------
651,841
552,788
---------
---------
Lloyds Bank Plc hold a fixed and floating charge (No: 0922 8979 0001) on all the property and undertaking of One Pound Lane Canterbury Limited.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,688
32,039
--------
--------
9. Controlling party
The company's ultimate parent company is One Pound Lane Limited , a company incorporated in England & Wales whose registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN .