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Registration number: 11803721

Prospect Pubs & Bars Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Prospect Pubs & Bars Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Prospect Pubs & Bars Limited

Company Information

Directors

D Shotton

M Draper

Registered office

The Evenlode
Old Witney Road
Eynsham
Witney
OX29 4PS

Accountants

Mack Business Services Limited
Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

 

Prospect Pubs & Bars Limited

(Registration number: 11803721)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,229,320

2,393,395

Current assets

 

Stocks

5

81,522

71,631

Debtors

6

218,316

222,969

Cash at bank and in hand

 

56,155

119,418

 

355,993

414,018

Prepayments and accrued income

 

20,113

69,723

Creditors: Amounts falling due within one year

(1,300,120)

(1,242,903)

Net current liabilities

 

(924,014)

(759,162)

Total assets less current liabilities

 

1,305,306

1,634,233

Creditors: Amounts falling due after more than one year

(2,597,027)

(2,780,927)

Accruals and deferred income

 

(164,000)

(241,290)

Net liabilities

 

(1,455,721)

(1,387,984)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(1,455,723)

(1,387,986)

Shareholders' deficit

 

(1,455,721)

(1,387,984)

For the financial year ending 31 May 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

Prospect Pubs & Bars Limited

(Registration number: 11803721)
Abridged Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 31 May 2025 and signed on its behalf by:
 

.........................................
D Shotton
Director

 

Prospect Pubs & Bars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
The Evenlode
Old Witney Road
Eynsham
Witney
OX29 4PS

These financial statements were authorised for issue by the Board on 31 May 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 abridged 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 abridged 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 financial statements have been prepared on a going concern basis.

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.

 

Prospect Pubs & Bars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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

Buildings

2% straight line

Fixtures and fittings

20% straight line

Commercial vehicles

33% 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.

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

 

Prospect Pubs & Bars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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.

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 directors) during the year, was 70 (2023 - 85).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

2,004,362

172,887

718,710

36,303

Additions

-

-

15,932

-

At 31 May 2024

2,004,362

172,887

734,642

36,303

Depreciation

At 1 June 2023

78,325

11,714

412,525

36,303

Charge for the year

20,042

7,732

152,233

-

At 31 May 2024

98,367

19,446

564,758

36,303

Carrying amount

At 31 May 2024

1,905,995

153,441

169,884

-

At 31 May 2023

1,926,037

161,173

306,185

-

 

Prospect Pubs & Bars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Total
£

Cost or valuation

At 1 June 2023

2,932,262

Additions

15,932

At 31 May 2024

2,948,194

Depreciation

At 1 June 2023

538,867

Charge for the year

180,007

At 31 May 2024

718,874

Carrying amount

At 31 May 2024

2,229,320

At 31 May 2023

2,393,395

Included within the net book value of land and buildings above is £1,905,995 (2023 - £1,926,037) in respect of freehold land and buildings and £153,441 (2023 - £161,173) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

81,522

71,631

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Related party transactions

 

Prospect Pubs & Bars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,950

35,442