2023-06-012024-05-312024-05-31false13921003SRC PUBS 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SRC PUBS LTD

Registered Number
13921003
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

SRC PUBS LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

COCKBURN, Stephen Richard

Registered Address

5 Yeavering Court
Belford
NE70 7PD

Registered Number

13921003 (England and Wales)
SRC PUBS LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets314,10512,542
14,10512,542
Current assets
Stocks45,0895,295
Debtors7,4626,188
Cash at bank and on hand14,2234,964
26,77416,447
Creditors amounts falling due within one year5(60,320)(32,184)
Net current assets (liabilities)(33,546)(15,737)
Total assets less current liabilities(19,441)(3,195)
Creditors amounts falling due after one year6(230)(4,236)
Net assets(19,671)(7,431)
Capital and reserves
Called up share capital11
Other reserves30,70019,954
Profit and loss account(50,372)(27,386)
Shareholders' funds(19,671)(7,431)
The financial statements were approved and authorised for issue by the Director on 20 February 2025, and are signed on its behalf by:
COCKBURN, Stephen Richard
Director
Registered Company No. 13921003
SRC PUBS LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 June 2313,93513,935
Additions3,1313,131
At 31 May 2417,06617,066
Depreciation and impairment
At 01 June 231,3931,393
Charge for year1,5681,568
At 31 May 242,9612,961
Net book value
At 31 May 2414,10514,105
At 31 May 2312,54212,542
4.Stocks

2024

2023

££
Raw materials and consumables5,0895,295
Total5,0895,295
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables12,36013,333
Taxation and social security12,3504,244
Other creditors27,6387,341
Accrued liabilities and deferred income7,9727,266
Total60,32032,184
6.Creditors: amounts due after one year

2024

2023

££
Other creditors2304,236
Total2304,236