REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
CITYGLEN PUB CO. LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
CITYGLEN PUB CO. LIMITED |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CITYGLEN PUB CO. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
BALANCE SHEET - continued |
30TH JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
Cityglen Pub Co Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 04279974 and the registered office address is Riverside House, 1-5 Como Street, Romford, Essex. RM7 7DN |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents bar takings, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 its financial instruments. |
Financial instruments are recognised 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 includes trade and other debtors, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party. |
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. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and preference shares classed as debt, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire |
Equity Instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the balance sheet date the company had net liabilities of £201,541 (2023: £247,066) The director believes that the company, with his and the associated companies' continued support, has adequate resources to continue to operate. The director considers it appropriate to continue using the going concern basis in the preparation of the financial statements. The financial statements do not include any adjustments that would result if support from the director was not continued. |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Development expenditure |
Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met: |
(i) It is technically feasible to complete the research or development so that the product will be available for use or sale. |
(ii) It is intended to use or sell the product being developed. |
(iii) The Company is able to use or sell the product. |
(iv) It can be demonstrated that the product will generate probable future economic benefits. |
(v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold. |
(vi) Expenditure attributable to the research and development work can be reliably measured. |
During the year the company decided to develop the provision of food and catering, having identified a number of its public houses which it was considered would benefit from this higher end catering. |
This development process involves the design of kitchens incorporating various food preparation and cooking techniques. |
Chefs and leading market experts were engaged to compile a number of innovative menus, which are going through trial stages and continue to be developed. This development includes refining the sourcing of ingredients from various suppliers around the country. |
In view of the above nature of this expenditure these costs are considered to be of a capital nature and not a realised loss. |
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. |
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives: |
Catering development costs - 2 years |
All other research and development expenditure is recognised as an expense in the period in which it is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
AMORTISATION |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st July 2023 |
Additions |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
Additions |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
CITYGLEN PUB CO. LIMITED (REGISTERED NUMBER: 04279974) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
9. | RELATED PARTY DISCLOSURES |
Cityglen Limited |
T O'Leary is a director and shareholder in the company. |
During the year the company invoiced Cityglen Limited £413,882 (2023: £413,882) for the provision of rental accommodation. The amount due from the related party at the year end date was £153,760, (2023: £247,620). |
Leacroft Services Limited |
T O'Leary is a director and shareholder in the company. |
During the year Leacroft Services Limited charged the company loan interest of £26,178 (2023: £26,178). The company has provided an unlimited guarantee to the Bank of Cyprus UK Limited as security for their loan to Leacroft Services Limited. The amount due to the related party at the year end date was £925,728, (2023: £889,765). |
Whybrook Developments Limited |
T O'Leary is a director and shareholder in the company. |
There were no transactions during the year. The amount due from the related party at the year end date was £101,249 (2023: £101,249). |
Cityglen Investment Group Limited |
T O'Leary is a director and shareholder in the company. |
There were no transactions during the year.The amount due from the related party at the year end date was £264,371 (2023:£264,371). |
Whybrook Limited |
T O'Leary is a director and shareholder in the company. |
There were no transactions during the year. The amount due from the related party at the year end date was £1,875 (2023 :£1,875). |
Euro Acquisitions Limited |
T O'Leary is a director and shareholder in the company. |
There were no transactions during the year. The amount due from the related party at the year end date was £577 (2023:£577). |
Ambassador Ventures Limited |
T O'Leary is a director and shareholder in the company. |
There were no transactions during the year.The amount due from the related party at the year end date was £6,064 (2023 :£6,064). |