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Registration number: 03117963

Cubitt Taverns Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Cubitt Taverns Limited

(Registration number: 03117963)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,080

8,795

Current assets

 

Stocks

5

7,408

6,681

Debtors

6

102,745

98,573

Cash at bank and in hand

 

2,089

1,230

 

112,242

106,484

Creditors: Amounts falling due within one year

7

(35,714)

(32,438)

Net current assets

 

76,528

74,046

Total assets less current liabilities

 

83,608

82,841

Creditors: Amounts falling due after more than one year

7

(55,602)

(41,544)

Provisions for liabilities

(839)

(1,081)

Net assets

 

27,167

40,216

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

27,165

40,214

Shareholders' funds

 

27,167

40,216

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Cubitt Taverns Limited

(Registration number: 03117963)
Balance Sheet as at 31 October 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 June 2025
 

.........................................
Mr James Cubitt
Director

   
     
 

Cubitt Taverns Limited

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

1

General information

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

The address of its registered office is: Chippenham Road, Romford, Essex, RM3 8HX.

These financial statements were authorised for issue by the director on 27 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

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

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

 

Cubitt Taverns Limited

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold buildings

Evenly over 30 years

Equipment

25% reducing balance basis

Furniture

15% reducing balance basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest charge and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the operating statement in operating expenses.

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.

 

Cubitt Taverns Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Cubitt Taverns Limited

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

4

Tangible assets

Leasehold buildings
£

Furniture
 £

Equipment
£

Total
£

Cost or valuation

At 1 November 2023

13,239

14,302

36,163

63,704

At 31 October 2024

13,239

14,302

36,163

63,704

Depreciation

At 1 November 2023

10,135

12,817

31,957

54,909

Charge for the year

441

223

1,051

1,715

At 31 October 2024

10,576

13,040

33,008

56,624

Carrying amount

At 31 October 2024

2,663

1,262

3,155

7,080

At 31 October 2023

3,104

1,485

4,206

8,795

5

Stocks

2024
£

2023
£

Goods for resale

7,408

6,681

 

Cubitt Taverns Limited

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

6

Debtors

2024
£

2023
£

Other debtors

101,448

96,824

Prepayments

1,297

1,749

102,745

98,573


Other debtors includes £98,735 (2023: £96,824) relating to an amount due from an associated company. This amount is payable on demand with one year and one day's notice.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,000

5,020

Trade creditors

 

18,306

14,826

Taxation and social security

 

6,761

4,410

Accruals and deferred income

 

1,749

2,440

Other creditors

 

3,898

5,742

 

35,714

32,438

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

55,602

41,544

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Cubitt Taverns Limited

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

9

Related party transactions

2024
 £

2023
 £

Directors loan account

(49,183)

(33,211)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,419

8,333

Directors loan account

49,183

33,211

55,602

41,544

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000

Bank overdrafts

-

20

5,000

5,020


Bank borrowings are secured by the UK Government under the Bounce Back loan scheme.