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REGISTERED NUMBER: 03177224 (England and Wales)















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: MR R L THOMAS
MR J G MILLER
MS L R MOSS



SECRETARY: MS L R MOSS



REGISTERED OFFICE: 336 OLD STREET
LONDON
EC1V 9DR



REGISTERED NUMBER: 03177224 (England and Wales)



SENIOR STATUTORY AUDITOR: ANDREW BARNES



AUDITORS: BARNES ROFFE LLP
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:





MR R L THOMAS - Director


4 June 2025

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.

MR R L THOMAS
MR J G MILLER
MS L R MOSS

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:





MR R L THOMAS - Director


4 June 2025

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.




ANDREW BARNES (Senior Statutory Auditor)
for and on behalf of BARNES ROFFE LLP
CHARTERED ACCOUNTANTS
LEYTONSTONE HOUSE
LEYTONSTONE
LONDON
E11 1GA

4 June 2025

Remarkable Pubs Limited (Registered number: 03177224)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4 7,828,668 7,271,702

Cost of sales 4,329,738 3,947,940
GROSS PROFIT 3,498,930 3,323,762

Administrative expenses 2,510,164 2,177,296
988,766 1,146,466

Other operating income 203,547 176,034
OPERATING PROFIT 6 1,192,313 1,322,500

Exceptional item 7 - 413,353
1,192,313 1,735,853

Interest receivable and similar income 48,592 62,309
1,240,905 1,798,162

Interest payable and similar expenses 8 78,424 158,831
PROFIT BEFORE TAXATION 1,162,481 1,639,331

Tax on profit 9 309,313 319,256
PROFIT FOR THE FINANCIAL YEAR 853,168 1,320,075

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 853,168 1,320,075


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

853,168

1,320,075

Remarkable Pubs Limited (Registered number: 03177224)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - 30,000
Tangible assets 11 11,772,557 10,084,570
11,772,557 10,114,570

CURRENT ASSETS
Stocks 12 141,233 151,139
Debtors 13 878,275 662,050
Cash at bank and in hand 991,254 2,907,511
2,010,762 3,720,700
CREDITORS
Amounts falling due within one year 14 1,747,579 1,528,646
NET CURRENT ASSETS 263,183 2,192,054
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,035,740

12,306,624

CREDITORS
Amounts falling due after more than one
year

15

(245,597

)

(1,388,912

)

PROVISIONS FOR LIABILITIES 20 (172,495 ) (153,232 )
NET ASSETS 11,617,648 10,764,480

CAPITAL AND RESERVES
Called up share capital 21 78,334 78,334
Share premium 22 991,663 991,663
Retained earnings 22 10,547,651 9,694,483
SHAREHOLDERS' FUNDS 11,617,648 10,764,480

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





MR R L THOMAS - Director


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 78,334 8,374,408 991,663 9,444,405

Changes in equity
Total comprehensive income - 1,320,075 - 1,320,075
Balance at 30 June 2023 78,334 9,694,483 991,663 10,764,480

Changes in equity
Total comprehensive income - 853,168 - 853,168
Balance at 30 June 2024 78,334 10,547,651 991,663 11,617,648

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 1,124,551 1,515,921
Interest paid (77,523 ) (161,782 )
Tax paid (273,910 ) (48,626 )
Net cash from operating activities 773,118 1,305,513

Cash flows from investing activities
Purchase of tangible fixed assets (1,853,449 ) (93,687 )
Sale of tangible fixed assets - 709,251
Interest received 48,592 62,309
Net cash from investing activities (1,804,857 ) 677,873

Cash flows from financing activities
Loan repayments in year (28,578 ) (1,930,408 )
Amount introduced by directors 298 101,742
Amount withdrawn by directors (856,238 ) (581,893 )
Net cash from financing activities (884,518 ) (2,410,559 )

Decrease in cash and cash equivalents (1,916,257 ) (427,173 )
Cash and cash equivalents at beginning of
year

2

2,907,511

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 1,162,481 1,639,331
Depreciation charges 192,450 206,284
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 9,906 9,234
Increase in trade and other debtors (216,225 ) (5,537 )
Decrease in trade and other creditors (56,905 ) (435,380 )
Cash generated from operations 1,124,551 1,515,921

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 (1,916,257 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold property - in accordance with the lease
Long leasehold - in accordance with the lease
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

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
£    £   
Pub turnover 7,400,498 6,811,821
Management services 428,170 459,881
7,828,668 7,271,702

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 1,700,840 1,594,968
Social security costs 129,224 136,374
Other pension costs 26,103 25,340
1,856,167 1,756,682

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
112 103

30.6.24 30.6.23
£    £   
Directors' remuneration 39,584 34,167
Directors' pension contributions to money purchase schemes 400 238

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Other operating leases 276,500 268,309
Depreciation - owned assets 162,450 146,284
Goodwill amortisation 30,000 60,000
Auditors' remuneration 18,000 17,000
Foreign exchange differences 1,015 1,585
Inventories recognised as an expense during the year 2,362,803 2,091,356

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 24,711 100,535
Other loan interest 53,713 58,296
78,424 158,831

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 290,050 291,359

Deferred tax 19,263 27,897
Tax on profit 309,313 319,256

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 1,162,481 1,639,331
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

290,620

336,063

Effects of:
Expenses not deductible for tax purposes 2,189 46
Income not taxable for tax purposes - (87,351 )
Capital allowances in excess of depreciation (10,259 ) -
Depreciation in excess of capital allowances - 5,218
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 300,000
AMORTISATION
At 1 July 2023 270,000
Amortisation for year 30,000
At 30 June 2024 300,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 30,000

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 9,637,693 204,736 -
Additions - - 1,651,750
Impairments - - -
At 30 June 2024 9,637,693 204,736 1,651,750
DEPRECIATION
At 1 July 2023 188,707 191,839 -
Charge for year 20,706 1,981 16,517
Impairments - - -
At 30 June 2024 209,413 193,820 16,517
NET BOOK VALUE
At 30 June 2024 9,428,280 10,916 1,635,233
At 30 June 2023 9,448,986 12,897 -

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023 1,527,673 4,995 11,375,097
Additions 201,699 - 1,853,449
Impairments (8,355 ) - (8,355 )
At 30 June 2024 1,721,017 4,995 13,220,191
DEPRECIATION
At 1 July 2023 904,988 4,993 1,290,527
Charge for year 123,246 - 162,450
Impairments (5,343 ) - (5,343 )
At 30 June 2024 1,022,891 4,993 1,447,634
NET BOOK VALUE
At 30 June 2024 698,126 2 11,772,557
At 30 June 2023 622,685 2 10,084,570

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 141,233 151,139

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 458,451 512,175
Other debtors 250,758 22,665
Prepayments 169,066 127,210
878,275 662,050

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 16) 30,400 30,400
Trade creditors 551,306 469,858
Tax 307,499 291,359
Social security and other taxes 27,793 28,173
VAT 159,661 178,215
Other creditors 258,758 375,342
Directors' current accounts 337,345 78,548
Accrued expenses 74,817 76,751
1,747,579 1,528,646

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans (see note 16) 245,597 274,175
Directors' loan accounts - 1,114,737
245,597 1,388,912

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 30,400 30,400

Amounts falling due between one and two years:
Bank loans - 1-2 years 60,800 60,800

Amounts falling due between two and five years:
Bank loans - 2-5 years 184,797 213,375

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 270,250 270,250
Between one and five years 974,000 1,029,000
In more than five years 697,895 872,645
1,942,145 2,171,895

18. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 275,997 304,575

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 172,495 153,232

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 153,232
Provided during year 19,263
Balance at 30 June 2024 172,495

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: £    £   
78,334 ORDINARY £1 78,334 78,334

22. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 9,694,483 991,663 10,686,146
Profit for the year 853,168 853,168
At 30 June 2024 10,547,651 991,663 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
£    £   
MR R L THOMAS and MS L R MOSS
Balance outstanding at start of year 1,193,285 1,673,436
Amounts advanced 298 227
Amounts repaid (856,238 ) (480,378 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 337,345 1,193,285

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.