20 27 Thurston Fox and Hounds Limited 06474792 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Public houses and bars Digita Accounts Production Advanced 6.30.9574.0 true 06474792 2022-08-01 2023-07-31 06474792 2023-07-31 06474792 core:RetainedEarningsAccumulatedLosses 2023-07-31 06474792 core:ShareCapital 2023-07-31 06474792 core:CurrentFinancialInstruments 2023-07-31 06474792 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06474792 core:Non-currentFinancialInstruments 2023-07-31 06474792 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 06474792 core:Goodwill 2023-07-31 06474792 core:FurnitureFittingsToolsEquipment 2023-07-31 06474792 core:OtherPropertyPlantEquipment 2023-07-31 06474792 1 2023-07-31 06474792 2 2023-07-31 06474792 3 2023-07-31 06474792 bus:SmallEntities 2022-08-01 2023-07-31 06474792 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06474792 bus:FilletedAccounts 2022-08-01 2023-07-31 06474792 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06474792 bus:RegisteredOffice 2022-08-01 2023-07-31 06474792 bus:Director1 2022-08-01 2023-07-31 06474792 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06474792 core:Goodwill 2022-08-01 2023-07-31 06474792 core:FurnitureFittings 2022-08-01 2023-07-31 06474792 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 06474792 core:LandBuildings 2022-08-01 2023-07-31 06474792 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 06474792 countries:England 2022-08-01 2023-07-31 06474792 1 2022-08-01 2023-07-31 06474792 2 2022-08-01 2023-07-31 06474792 3 2022-08-01 2023-07-31 06474792 2022-07-31 06474792 core:Goodwill 2022-07-31 06474792 core:FurnitureFittingsToolsEquipment 2022-07-31 06474792 core:OtherPropertyPlantEquipment 2022-07-31 06474792 1 2022-07-31 06474792 2 2022-07-31 06474792 3 2022-07-31 06474792 2021-08-01 2022-07-31 06474792 2022-07-31 06474792 core:RetainedEarningsAccumulatedLosses 2022-07-31 06474792 core:ShareCapital 2022-07-31 06474792 core:CurrentFinancialInstruments 2022-07-31 06474792 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06474792 core:Non-currentFinancialInstruments 2022-07-31 06474792 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 06474792 core:FurnitureFittingsToolsEquipment 2022-07-31 06474792 core:OtherPropertyPlantEquipment 2022-07-31 06474792 1 2022-07-31 06474792 2 2022-07-31 06474792 3 2022-07-31 06474792 1 2021-08-01 2022-07-31 06474792 2 2021-08-01 2022-07-31 06474792 3 2021-08-01 2022-07-31 06474792 1 2021-07-31 06474792 2 2021-07-31 06474792 3 2021-07-31 xbrli:pure iso4217:GBP

Registration number: 06474792

Thurston Fox and Hounds Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Thurston Fox and Hounds Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Thurston Fox and Hounds Limited

(Registration number: 06474792)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

16,371

16,530

Current assets

 

Stocks

6

19,500

15,577

Debtors

7

68,865

28,988

Cash at bank and in hand

 

5,714

7,591

 

94,079

52,156

Creditors: Amounts falling due within one year

8

(158,957)

(68,461)

Net current liabilities

 

(64,878)

(16,305)

Total assets less current liabilities

 

(48,507)

225

Creditors: Amounts falling due after more than one year

8

(57,335)

(28,333)

Net liabilities

 

(105,842)

(28,108)

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

(105,942)

(28,208)

Shareholders' deficit

 

(105,842)

(28,108)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 April 2025
 

.........................................
ABT Bendall
Director

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Chiltern House Howe Lane
Cockfield
Bury St Edmunds
Suffolk
IP30 0HA

These financial statements were authorised for issue by the director on 7 April 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Improvements to property

not provided

Fixtures and fittings

25% on a reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on goodwill paid in connection with the acquistion of a business in 2008.

Asset class

Amortisation method and rate

Goodwill

14 years straight line

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.

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2022 - 27).

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

56,684

56,684

At 31 July 2023

56,684

56,684

Amortisation

At 1 August 2022

56,684

56,684

At 31 July 2023

56,684

56,684

Carrying amount

At 31 July 2023

-

-

5

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

53,803

2,758

56,561

Additions

3,561

-

3,561

At 31 July 2023

57,364

2,758

60,122

Depreciation

At 1 August 2022

40,031

-

40,031

Charge for the year

3,720

-

3,720

At 31 July 2023

43,751

-

43,751

Carrying amount

At 31 July 2023

13,613

2,758

16,371

At 31 July 2022

13,772

2,758

16,530

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

19,500

15,577

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

2023
£

2022
£

Trade Debtors

-

3,318

Prepayments

-

(1)

Other debtors

68,865

25,671

 

68,865

28,988

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

58,659

10,000

Trade Creditors

 

52,661

24,980

Taxation and social security

 

42,706

31,125

Accruals and deferred income

 

1,250

1,250

Other creditors

 

3,681

1,106

 

158,957

68,461

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

57,335

28,333

Creditors include a governement bounce back loan of £23,658 (2022 - 28,333). The loan is underwritten by the governement and is repayable over a minimum period of six years at an interest rate of 2.5%.

 

Thurston Fox and Hounds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

57,335

28,333

Current loans and borrowings

2023
£

2022
£

Bank borrowings

51,746

10,000

Bank overdrafts

6,913

-

58,659

10,000

10

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

Interest charged by company to director
£

At 31 July 2023
£

Balance B/Fwd

23,302

43,518

(23,302)

702

44,220

Material advance

-

-

-

-

-

Material advance

-

-

-

-

-

23,302

43,518

(23,302)

702

44,220

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Balance B/Fwd

12,156

23,302

(12,156)

23,302

Material advance

-

-

-

-

Material advance

-

-

-

-

12,156

23,302

(12,156)

23,302

 
 

11

Going concern

The business has continued to struggle since the reopening after the lockdown period, it is anticiapted that continued investment and managing of costs will see the business gradually turn around. At the date of signing the accounts the business continued to trade and had gradually seen an improvement in trade.