REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Cornelly Pubs Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Cornelly Pubs Limited |
Cornelly Pubs Limited (Registered number: 01318081) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cornelly Pubs Limited |
Company Information |
for the Year Ended 30 June 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Certified Accountants |
101 Dunraven Street |
Tonypandy |
Rhondda Cynon Taff |
CF40 1AR |
Cornelly Pubs Limited (Registered number: 01318081) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings | 7 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cornelly Pubs Limited (Registered number: 01318081) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | Statutory information |
Cornelly Pubs Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
No depreciation is provided on the property as the company's premises are maintained to a high standard and therefore the directors consider that the life of the premises is so long and its residual value so great that any depreciation would be insignificant.This treatment is a departure from the requirements of the Companies Act 2006 and FRS 102 concerning depreciation of fixed assets.The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | Employees and directors |
The average number of employees during the year was |
Cornelly Pubs Limited (Registered number: 01318081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | Tangible fixed assets |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
5. | Debtors: amounts falling due within one year |
30.6.24 | 30.6.23 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Reserves |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
8. | Related party disclosures |
During the year, total dividends of £32,000 (2023 - £25,000) were paid to the directors . |
As at 30th June 2024 Mr M I Thomas, a director of Cornelly Pubs Limited, was owed £123 from the company. During the year there was an aggregate of advances of £58,963 and credits of £42,843. |
The land on which the Greenacres Public House is situated is owned by Mr M I Thomas. No formal lease agreement is in place and no rent is being charged. |
Cornelly Pubs Limited (Registered number: 01318081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | Ultimate controlling party |
The controlling party is Mr M I Thomas by virtue of his ownership of 100% of the issued share capital in the company. |