| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 30 June 2024 |
| for |
| Remarkable Pubs Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 30 June 2024 |
| for |
| Remarkable Pubs Limited |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
| Remarkable Pubs Limited |
| Company Information |
| for the Year Ended 30 June 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| CHARTERED ACCOUNTANTS |
| LEYTONSTONE HOUSE |
| LEYTONSTONE |
| LONDON |
| E11 1GA |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Strategic Report |
| for the Year Ended 30 June 2024 |
| The directors present their strategic report for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| Remarkable Pubs Limited is a collection of 11 distinctively individual, principally freehold, London pubs. Ten of which were trading throughout the year. |
| During the year to 30 June 2024 the company continued to concentrate on rebuilding its trade and seek sites that are suitable for investment. This resulted in the acquisition of a 100 year lease on a site in November 2023, the refurbishment of which was completed in September 2024. |
| Other points of note in the year to 30 June 2024 |
| 1. Trade across most sites has continued to improve and the company has continued to build its like for like turnover. |
| 2. Our annual house by house, line by line price review took place and price changes were implemented in November 2023. The directors' aim is to charge no more or no less than our customers are prepared to pay. The directors believe the decisions made have lead to bar tariffs that match customers' expectations and are in line with the market place for our style of premium pubs. |
| 3. The company continued to engage with its customers through targeted, face to face consumer research to better understand the company's performance through their eyes and to understand what the company should continue doing, start doing and stop doing. |
| 4. The company has continued its Health & Safety and Fire Prevention programme of implementing new processes, training and checking systems throughout the year to the best of its ability. |
| All of the above items have resulted in commercially stronger and more informed businesses run from premises that are safer for our managers, our teams, our customers and our suppliers. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The process of risk acceptance and risk management is addressed by a variety of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulatory, legal and ethical standards is very important in reducing the principal risks affecting the business of the company and the directors take on an important oversight role in this regard. |
| The principal risks affecting the profitability of the company arise from:- |
| 1. Recruitment of key personnel is still an issue. |
| 2. The high cost of energy and uncertainty of further increases in the near future has had and will continue to have |
| a huge impact on the profitability of the company. |
| 3. The cost of housing in London impacting on customers' disposable income and the associated impact on retail |
| selling price elasticity in our business. |
| 4. The financial impact of continuing large increases in the rate of the national Minimum Wage for all ages in April |
| 2025. |
| 5. The impact on the pub visit as a result of the rise in the cost of living. |
| 6. The increase of draconian Local Government licensing restrictions and associated increased fees. |
| RESULTS AND PERFORMANCE |
| The results of the company for the year under review, as set out on pages 7-21 show a profit on ordinary activities before taxation of £1,162,481 (2023 - £1,639,331). The shareholder's funds total £11,617,648 (2023 - £10,764,480). |
| Although the trading results of the company, during the year to 30 June 2024, have continued to increase, the profitability of the company has reduced due to increased costs of sales and overheads. |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Strategic Report |
| for the Year Ended 30 June 2024 |
| FUTURE DEVELOPMENTS |
| The company's business ethos of reinvesting profits back into the business has not wavered. The company directors are constantly on the look out for new sites to invest in and during the year have acquired an eleventh site which was refurbished during the year and was opened to trade in September 2024. |
| Throughout the year to 30 June 2024, the company has consolidated its position in the market and has achieved increased turnover. The management of the company continues to review purchasing deals with major suppliers to achieve the best rates possible for the benefit of the company. |
| All in all, the directors continue to remain confident that as a result of prudent business decisions in the past the company is in a very healthy state. |
| ON BEHALF OF THE BOARD: |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Report of the Directors |
| for the Year Ended 30 June 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activity of the company continues to be the provision of bar and restaurant facilities and management and support services to similar businesses. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 June 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Shareholders of |
| Remarkable Pubs Limited |
| Opinion |
| We have audited the financial statements of Remarkable Pubs Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Shareholders of |
| Remarkable Pubs Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Shareholders of |
| Remarkable Pubs Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below. |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: |
| i) The engagement partner ensured that the engagement team collectively had the appropriate competence, |
| capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| ii) We identified the laws and regulations applicable to the company through discussion with directors and other |
| management, and from our commercial knowledge and experience of the relevant sector; |
| iii) The specific laws and regulations which we considered may have a direct material effect on the financial |
| statements or the operations of the company, are as follows: |
| o Companies Act 2006, |
| o FRS102, |
| o Health and Safety legislation, |
| o Employment legislation, |
| o Tax legislation. |
| iv) We assessed the extent of compliance with the laws and regulations identified above through making enquiries |
| of management and inspecting legal correspondence; and |
| v) Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as |
| any further laws and regulation were identified. The audit team remained alert to instances of non-compliance |
| throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: |
| i) Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge |
| of actual suspected and alleged fraud; |
| ii) Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
| iii) Reviewing the financial statements and testing the disclosures against supporting documentation; |
| iv) Performing analytical procedures to identify any unusual or unexpected trends or anomalies; |
| v) Inspecting and reviewing journal entries to identify unusual or unexpected transactions; |
| vi) Assessing whether judgement and assumptions made in determining significant accounting estimates were |
| indicative of management bias; and |
| vii) Investigating the rationale behind significant transactions, or transactions that are unusual or outside the |
| company's usual course of business. |
| The areas that we identified as being susceptible to misstatement through fraud were: |
| i) Management bias in the estimates and judgements made; |
| Report of the Independent Auditors to the Shareholders of |
| Remarkable Pubs Limited |
| ii) Management override of controls; and |
| iii) Posting of unusual journals or transactions. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| CHARTERED ACCOUNTANTS |
| LEYTONSTONE HOUSE |
| LEYTONSTONE |
| LONDON |
| E11 1GA |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Income Statement |
| for the Year Ended 30 June 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 988,766 | 1,146,466 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Exceptional item | 7 |
| 1,192,313 | 1,735,853 |
| Interest receivable and similar income |
| 1,240,905 | 1,798,162 |
| Interest payable and similar expenses | 8 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 |
| PROFIT FOR THE FINANCIAL YEAR |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Other Comprehensive Income |
| for the Year Ended 30 June 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Balance Sheet |
| 30 June 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Statement of Changes in Equity |
| for the Year Ended 30 June 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 30 June 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 30 June 2024 |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Cash Flow Statement |
| for the Year Ended 30 June 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 298 | 101,742 |
| Amount withdrawn by directors | (856,238 | ) | (581,893 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
3,334,684 |
| Cash and cash equivalents at end of year | 2 | 991,254 | 2,907,511 |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Cash Flow Statement |
| for the Year Ended 30 June 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Impairments written off | 3,012 | 5,467 |
| Finance costs | 78,424 | 158,831 |
| Finance income | (48,592 | ) | (62,309 | ) |
| 1,387,775 | 1,947,604 |
| Decrease in stocks |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 991,254 | 2,907,511 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 2,907,511 | 3,334,684 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,907,511 | (1,916,257 | ) | 991,254 |
| 2,907,511 | ( |
) | 991,254 |
| Debt |
| Debts falling due within 1 year | (30,400 | ) | - | (30,400 | ) |
| Debts falling due after 1 year | (274,175 | ) | 28,578 | (245,597 | ) |
| (304,575 | ) | 28,578 | (275,997 | ) |
| Total | 2,602,936 | (1,887,679 | ) | 715,257 |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2024 |
| 1. | STATUTORY INFORMATION |
| Remarkable Pubs Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial instruments measured at fair value in accordance with the accounting policies set out below. |
| These financial statements have been prepared in compliance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Leasehold property | - |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 money purchase pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Fixed asset investments |
| Fixed asset investments are shown at fair value with movements as a result of revaluation being reported through the profit and loss account. |
| Freehold buildings |
| Freehold buildings are depreciated to their estimated residual values over a period of 100 years from the date of acquisition. Residual value is reviewed at least every financial year. |
| In order to allocate depreciation to the freehold buildings a number of critical judgements and estimations have been used. Land value has been estimated at the date of acquisition and that value has not been depreciated. The estimated cost of replacing the roof of each building and the estimated useful life of that roof, generally between 15 to 20 years, has been independently assessed, depending on the type of roof, and the estimated cost of replacement has been written off over the residual life of each roof from the date of acquisition. The remainder of the cost of each building and any improvements carried out to the buildings, less the estimated residual value of each building are being written off over an estimated useful life of 100 years. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| ESTIMATION UNCERTAINTY - valuation of land and buildings |
| In particular, there is a large degree of uncertainty, judgement and estimation used in order to implement the company's policy of depreciation of freehold buildings which includes assessing the value of the land on which those buildings stand as well as estimating the residual value of those buildings and their estimated useful life. The carrying value of land and buildings at 30 June 2024 is £9,428,280 (30 June 2023 - £9,448,986). |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the company. |
| An analysis of turnover by class of business is given below: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.6.24 | 30.6.23 |
| Bar Staff | 104 | 95 |
| Administrative staff | 6 | 6 |
| Directors | 2 | 2 |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Goodwill amortisation |
| Auditors' remuneration |
| Foreign exchange differences |
| Inventories recognised as an expense during the year |
| 7. | EXCEPTIONAL ITEMS |
| During the year to 30 June 2023, the company sold one of its freehold public houses. The exceptional item relates to the profit realised on the sale of that property. |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Bank loan interest |
| Other loan interest |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | 19,263 |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Increase/(decrease) in deferred tax provision | 19,263 | 27,897 |
| Amortisation of disallowable goodwill | 7,500 | 12,300 |
| previously added back |
| Taxation on capital gain on sale of property | - | 25,083 |
| Total tax charge | 309,313 | 319,256 |
| 10. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 July 2023 |
| and 30 June 2024 |
| AMORTISATION |
| At 1 July 2023 |
| Amortisation for year |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Freehold | Leasehold | Long |
| property | property | leasehold |
| £ | £ | £ |
| COST |
| At 1 July 2023 |
| Additions |
| Impairments | - | - | - |
| At 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| Impairments |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2023 |
| Additions |
| Impairments | (8,355 | ) | - | (8,355 | ) |
| At 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| Impairments | ( |
) | ( |
) |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| Included in cost of land and buildings is freehold land of £ 3,363,111 (2023 - £ 3,363,111 ) which is not depreciated. |
| Included in Freehold Properties is £351,000 for the Prince George Public House and £118,703 for the Reliance which are both secured by Barclays Bank against loans to the business. |
| 12. | STOCKS |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Stocks |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 159,661 | 178,215 |
| Other creditors |
| Directors' current accounts | 337,345 | 78,548 |
| Accrued expenses |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Bank loans (see note 16) |
| Directors' loan accounts | - | 1,114,737 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Bank loans |
| The bank loan outstanding at 30 June 2020 was repaid in March 2021 and was refinanced by a further loan from Barclays of £351,000 on 14 April 2021. There is a capital repayment holiday of 6 months on this loan |
| and thereafter, interest and capital are paid together in 17 quarterly payments of £10,699.90, subject to |
| fluctuations in the interest rate, over the 5 years to March 2026, with any outstanding balance being paid in the final instalment. Interest is charged at a rate of 3.0% over LIBOR.The loan is secured by a charge over the property, The Reliance, at 336 Old Street, London, EC1V 9DR, a charge over the property, Prince George, at 40 Parkholme Road, London, E8 3LA, a debenture granted by Remarkable Pubs Ltd in favour of Barclays Bank PLC and personal guarantees of Mr R L Thomas. |
| The company received a Covid Business Interruption Loan of £2,000,000 from Barclays Bank PLC on 28 February 2021. The loan was interest and capital repayment free for the first 12 months, with the interest for for the first 12 months being covered by a government grant. Interest is charged at a rate of 3.2% over LIBOR. This loan was repaid in full on 3 April 2023. |
| 19. | FINANCIAL INSTRUMENTS |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Financial assets measured at cost |
| Trade debtors | 458,451 | 512,175 |
| Other debtors | 419,824 | 149,875 |
| Cash at bank and in hand | 991,254 | 2,907,511 |
| Financial liabilities measured at amortized cost |
| Bank loan and overdrafts | 275,997 | 304,575 |
| Trade creditors | 551,306 | 469,858 |
| Amounts owed to directors | 337,345 | 1,193,285 |
| Other creditors | 258,758 | 375,342 |
| Accruals | 74,817 | 76,751 |
| 20. | PROVISIONS FOR LIABILITIES |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 |
| Provided during year |
| Balance at 30 June 2024 |
| The provision for deferred taxation is attributable entirely to accelerated capital allowances. |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
| value: | £ | £ |
| ORDINARY | £1 | 78,334 | 78,334 |
| 22. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 July 2023 | 10,686,146 |
| Profit for the year |
| At 30 June 2024 | 11,539,314 |
| 23. | PENSION COMMITMENTS |
| The company operates a money purchase pension scheme and the pension charge represents the amounts payable by the company to the funds in respect of the year. |
| The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge amounted to £26,103 (2023 - £25,340). Included in other creditors at the year end was an amount of £11,314 (2023 - £5,919) relating to outstanding contributions. |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Remarkable Pubs Limited (Registered number: 03177224) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| On 10 December 2018 Mr R L Thomas loaned the company £1,493,373 for a maximum period of 5 years on an interest only basis throughout. The company was being charged interest on the loan at a rate of 3.49% per annum upto November 2023. Mr Thomas withdrew £750,000 of this loan in October 2023 and is currently receiving interest of £4441.30 per calendar month on the outstanding loan. During the year to 30 June 2024 the total interest paid to Mr R L Thomas in respect of this loan was £53,296 (2023- £53,296). |
| On 15 August 2018 Ms L R Moss loaned the company £100,000. The company was charged interest on this loan at a rate of 5% per annum. The loan was repaid in full on 4 August 2023. During the year to 30 June 2024 the total interest paid to Ms L R Moss in respect of this loan was £417 (2023 - £5,000). |
| 25. | RELATED PARTY TRANSACTIONS |
| During the course of its trading activities the company provides management and support services and supplies imported lager to other public houses and restaurants some of which are subject to common control with the company. The value of such services credited to the profit and loss account during the year under review amounts to £270,159 (2023- £286,808) and the amount due to the company in relation to these services at 30 June 2024 is £124,635 (2023 - £134,831). |
| The company receives design consultancy services from Limited Means Ltd, a company which is owned by Mr Jake Miller. The value of such services credited to the profit and loss account during the year under review amounts to £10,000 (2023 - £5,000) and the amount due by the company in relation to these services at 30 June 2024 is £Nil (2023 - £Nil). |
| The above transactions are all carried out at arms length and in the course of the company's business for bona fide commercial reasons. |
| During the year, a total of key management personnel compensation of £Nil (2023- £Nil) was paid. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The controlling party is MR R L THOMAS. |