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Registration number: 08084485

Penkridge Pubs Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Penkridge Pubs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Penkridge Pubs Limited

Company Information

Directors

Ian Robinson

Baron Wayne Robert Davenport

Mr Harbinder Singh Uppal

Registered office

Littleton Arms St. Michaels Square
Penkridge
Stafford
Staffordshire
ST19 5AL
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Penkridge Pubs Limited

(Registration number: 08084485)
Balance Sheet as at 31 August 2024

Note

31 August
2024
£

31 August
2023
£

Fixed assets

 

Tangible assets

4

25,791

24,133

Current assets

 

Stocks

5

20,828

19,837

Debtors

6

71,564

93,686

Cash at bank and in hand

 

20,659

45,102

 

113,051

158,625

Creditors: Amounts falling due within one year

7

(222,261)

(220,321)

Net current liabilities

 

(109,210)

(61,696)

Total assets less current liabilities

 

(83,419)

(37,563)

Creditors: Amounts falling due after more than one year

7

(6,665)

(17,234)

Net liabilities

 

(90,084)

(54,797)

Capital and reserves

 

Called up share capital

8

103

103

Retained earnings

(90,187)

(54,900)

Shareholders' deficit

 

(90,084)

(54,797)

 

Penkridge Pubs Limited

(Registration number: 08084485)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 19 February 2025 and signed on its behalf by:
 

.........................................
Ian Robinson
Director

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Littleton Arms St. Michaels Square
Penkridge
Stafford
Staffordshire
ST19 5AL

These financial statements were authorised for issue by the Board on 19 February 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.

Going concern

The directors expect to return to profitability position next year and due to their ongoing support they consider the company to be a going concern

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.

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current 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.

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

25% on cost

Fixtures and fittings

20% on cost

Computer equipment

33% on cost

Long leasehold

10% on cost

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

Asset class

Amortisation method and rate

Goodwill

50% 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.

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

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.

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 27).

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

8,159

63,780

179,549

251,488

Additions

-

9,175

2,841

12,016

At 31 August 2024

8,159

72,955

182,390

263,504

Depreciation

At 1 September 2023

6,732

51,847

168,774

227,353

Charge for the year

816

5,365

4,179

10,360

At 31 August 2024

7,548

57,212

172,953

237,713

Carrying amount

At 31 August 2024

611

15,743

9,437

25,791

At 31 August 2023

1,427

11,931

10,775

24,133

Included within the net book value of land and buildings above is £611 (2023 - £1,427) in respect of long leasehold land and buildings.
 

5

Stocks

31 August
2024
£

31 August
2023
£

Other inventories

20,828

19,837

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

6

Debtors

Current

31 August
2024
£

31 August
2023
£

Prepayments

13,432

13,267

Corporation tax

15,422

-

Other debtors

16,082

16,190

Intercompany Loan

25,282

-

Baron Davenport

416

19,269

Harbinder Uppal

382

19,269

Kulvinder Uppal

416

19,269

Rajinder Singh

64

3,211

Ian Robinson

68

3,211

 

71,564

93,686

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 August
2024
£

31 August
2023
£

Due within one year

 

Bank loans and overdrafts

9

10,555

10,461

Trade creditors

 

68,319

65,329

Taxation and social security

 

115,971

107,328

Accruals and deferred income

 

25,943

28,933

Other creditors

 

1,473

8,270

 

222,261

220,321

Creditors: amounts falling due after more than one year

Note

31 August
2024
£

31 August
2023
£

Due after one year

 

Loans and borrowings

9

6,665

17,234

8

Share capital

Allotted, called up and fully paid shares

31 August
2024

31 August
2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

103

103

103

103

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

31 August
2024
£

31 August
2023
£

Bank borrowings

6,665

17,234

Current loans and borrowings

31 August
2024
£

31 August
2023
£

Bank borrowings

10,555

10,461

10

Dividends

Interim dividends paid

31 August
2024
£

31 August
2023
£

Interim dividend of £Nil per each Ordinary

-

-

Interim dividend of £Nil (2023 - £1,575.00) per each Ordinary C

-

1,575

-

1,575

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Directors Loan Account

64,229

867

(64,229)

867

 

Penkridge Pubs Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

 

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Directors Loan Account

-

64,229

64,229

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

9,393