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Registration number: 10832274

The Shipshape Pub Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

The Shipshape Pub Company Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

The Shipshape Pub Company Limited

Company Information

Directors

Mr M Weston

Mr H C Spruit

Mr A J McParland

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Shipshape Pub Company Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Shipshape Pub Company Limited for the year ended 30 September 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Shipshape Pub Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Shipshape Pub Company Limited and state those matters that we have agreed to state to the Board of Directors of The Shipshape Pub Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Shipshape Pub Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Shipshape Pub Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Shipshape Pub Company Limited. You consider that The Shipshape Pub Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Shipshape Pub Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

17 March 2025

 

The Shipshape Pub Company Limited

(Registration number: 10832274)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

339

464

Tangible assets

5

240,781

292,349

 

241,120

292,813

Current assets

 

Stocks

6

12,000

16,000

Debtors

7

28,612

32,476

Cash at bank and in hand

 

46,847

34,126

 

87,459

82,602

Creditors: Amounts falling due within one year

8

(139,876)

(176,759)

Net current liabilities

 

(52,417)

(94,157)

Total assets less current liabilities

 

188,703

198,656

Creditors: Amounts falling due after more than one year

8

(785,035)

(622,296)

Net liabilities

 

(596,332)

(423,640)

Capital and reserves

 

Called up share capital

9

6,000

6,000

Retained earnings

(602,332)

(429,640)

Shareholders' deficit

 

(596,332)

(423,640)

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................
Mr M Weston
Director

.........................................
Mr A J McParland
Director

 
     
 

The Shipshape Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY
England

These financial statements were authorised for issue by the Board on 17 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Freehold buildings

10% Straight line

Website development

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

The Shipshape Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Shipshape Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 21).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

500

500

At 30 September 2024

500

500

Amortisation

At 1 October 2023

36

36

Amortisation charge

125

125

At 30 September 2024

161

161

Carrying amount

At 30 September 2024

339

339

At 30 September 2023

464

464

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

237,034

510,033

648

747,715

Additions

2,495

8,026

-

10,521

At 30 September 2024

239,529

518,059

648

758,236

Depreciation

At 1 October 2023

128,174

326,698

494

455,366

Charge for the year

23,723

38,327

39

62,089

At 30 September 2024

151,897

365,025

533

517,455

Carrying amount

At 30 September 2024

87,632

153,034

115

240,781

At 30 September 2023

108,860

183,335

154

292,349

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £87,631 (2023 - £108,859) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

12,000

16,000

 

The Shipshape Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

150

6,441

Prepayments

23,438

20,083

Other debtors

5,024

5,952

 

28,612

32,476

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

51,710

54,615

Trade creditors

 

40,857

65,759

Taxation and social security

 

41,278

46,311

Accruals and deferred income

 

4,622

6,144

Other creditors

 

1,409

3,930

 

139,876

176,759

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

785,035

622,296

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

6,000

6,000

6,000

6,000

       
 

The Shipshape Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

35,445

82,703

Other borrowings

749,590

539,593

785,035

622,296

Current loans and borrowings

2024
£

2023
£

Bank borrowings

47,259

47,259

Other borrowings

4,451

7,356

51,710

54,615

11

Related party transactions

The balance owed to directors and shareholders as at 30th September 2024 was £749,590 (2023: £539,593) and is included as a non-current liability.