Registered number
10852171
Welly Boots & Heels Pub Co. Ltd
Unaudited Filleted Accounts
31 July 2024
Welly Boots & Heels Pub Co. Ltd
Registered number: 10852171
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 303,309 312,320
Current assets
Stocks 3,500 5,100
Debtors 4 1,570 1,550
Cash at bank and in hand 15,682 19,550
20,752 26,200
Creditors: amounts falling due within one year 5 (284,112) (275,367)
Net current liabilities (263,360) (249,167)
Total assets less current liabilities 39,949 63,153
Creditors: amounts falling due after more than one year 6 (165,271) (172,958)
Net liabilities (125,322) (109,805)
Capital and reserves
Called up share capital 100 100
Profit and loss account (125,422) (109,905)
Shareholders' funds (125,322) (109,805)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…........................................................ …........................................................
S Jones R Smith
Director Director
Approved by the board on 20 February 2025
Welly Boots & Heels Pub Co. Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants
Grants are recognised at fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years ( 2% straight line basis)
Plant, machinery, fixtures, fittings & equipment 20% reducing basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 334,076 15,180 8,500 357,756
At 31 July 2024 334,076 15,180 8,500 357,756
Depreciation
At 1 August 2023 33,406 8,970 3,060 45,436
Charge for the year 6,681 1,242 1,088 9,011
At 31 July 2024 40,087 10,212 4,148 54,447
Net book value
At 31 July 2024 293,989 4,968 4,352 303,309
At 31 July 2023 300,670 6,210 5,440 312,320
4 Debtors 2024 2023
£ £
Trade debtors 1,570 1,550
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans (secured) 7,484 7,000
Trade creditors 58,507 66,421
Directors loan accounts ( interest free and repayable on demand) 199,292 178,263
Taxation and social security costs 11,142 19,492
Other creditors 7,687 4,191
284,112 275,367
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (secured) 165,271 172,958
7 Loans 2024 2023
£ £
Creditors include capital repayments:
Instalments falling due for payment between one to five years 37,420 35,000
Instalments falling due for payment after more than five years 135,335 144,958
172,755 179,958
Secured bank loans 172,755 179,958
The bank loan is secured by legal charges (fixed and floating) on all assets including the freehold property, The Kings Head, 2 Abbey Road, Syresham, Brackley, NN13 5HW and all undertakings of the company. The bank loan expires in 2047 and is being paid by instalments of £1,417 (which includes interest) per month .
8 Financial support and going concern basis
The directors have prepared these financial statements on the going concern basis on the grounds that for the current and future 12 months from the date of approval of these accounts the company's bankers and the directors personal financial support will be more than adequate for the company's needs.
9 Controlling party
The ultimate controlling party is the directors.
10 Other information
Welly Boots & Heels Pub Co. Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Abbey Road
Syresham
Brackley
Northamptonshire
NN13 5HW
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