Company registration number 10473982 (England and Wales)
SEVEN STARS PUB LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SEVEN STARS PUB LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
SEVEN STARS PUB LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 1 -
30 June 2024
02 July 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
353,906
407,542
Current assets
Stocks
25,065
23,283
Debtors
5
295,441
365,280
Cash at bank and in hand
146,905
175,515
467,411
564,078
Creditors: amounts falling due within one year
6
(276,007)
(436,806)
Net current assets
191,404
127,272
Total assets less current liabilities
545,310
534,814
Provisions for liabilities
(53,900)
(57,311)
Net assets
491,410
477,503
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
491,409
477,502
Total equity
491,410
477,503
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr R J Colclough
Director
Company registration number 10473982 (England and Wales)
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Seven Stars Pub Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Orange Tree Bar and Grill, 371 Newcastle Road, Stoke-on-Trent, Staffordshire, ST4 6PG.
The principal place of business address is The Seven Stars, Cannock Road, Brocton, ST17 0SU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of The Parogon Pub Group Limited. These consolidated financial statements are available from its registered office, The Swan with Two Necks, Nantwich Road, Blackbrook, Newcastle, Staffordshire, ST5 5EH.
1.2
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true
1.3
Turnover
Turnover is recognised at the point of sale, for the fair value which is shown net of VAT and excluding discounts.
Turnover is generated from food, bar and event sales.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Tangible fixed assets costing £500 or more are capitalised under the cost model and 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.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost is calculated on a first in, first out formula.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation rates and estimated economic useful life of tangible fixed assets
Management review the useful economic lives of depreciable assets at each reporting date so as to allocate the cost of assets, less their residual value, over their estimated useful life. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.
3
Employees
The employees are contracted with Parogon HQ Limited, an entity within the Group. The average monthly number of employees disclosed below are those used by this company under a recharge agreement with Parogon HQ Limited.
2024
2023
Number
Number
Total
61
54
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 3 July 2023
700,012
109,770
2,164
811,946
Additions
11,856
29,474
980
42,310
At 30 June 2024
711,868
139,244
3,144
854,256
Depreciation and impairment
At 3 July 2023
380,435
23,488
481
404,404
Depreciation charged in the Period
70,646
24,537
763
95,946
At 30 June 2024
451,081
48,025
1,244
500,350
Carrying amount
At 30 June 2024
260,787
91,219
1,900
353,906
At 2 July 2023
319,577
86,282
1,683
407,542
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
(407)
3,833
Amounts owed by group undertakings
192,653
315,265
Other debtors
47,113
833
Prepayments and accrued income
56,082
45,349
295,441
365,280
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
99,680
153,330
Corporation tax
1,172
Other taxation and social security
94,244
Other creditors
19,897
32,694
Accruals and deferred income
156,430
155,366
276,007
436,806
In the period to 2 July 2023, £16,129 in relation to deposits was incorrectly classified as other creditors rather than deferred income.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
53,900
57,311
2024
Movements in the Period:
£
Liability at 3 July 2023
57,311
Credit to profit or loss
(3,411)
Liability at 30 June 2024
53,900
SEVEN STARS PUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Isabelle Shepherd
Statutory Auditor:
HaysMac LLP
Date of audit report:
27 February 2025
9
Financial commitments, guarantees and contingent liabilities
The company has given unlimited guarantees, secured on the company's assets, as security for the borrowings of fellow group undertakings. At 30 June 2024 these borrowings amounted to £6,262,968 (2023 - £4,353,238). As at the date of approval of these accounts, the directors do not anticipate that the guarantee will be called upon.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,125,762
1,242,234
11
Parent company
The ultimate parent company is The Parogon Pub Group Limited which has the registered office The Swan with Two Necks, Nantwich Road, Blackbrook, Newcastle, Staffordshire, ST5 5EH.