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Registration number: 05920601

The Lamb Inn Pagham Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

image-name
 

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Company Information

Directors

Mr Donald Keith Hoare

Mrs Jeness Mary Hoare

Registered office

The Lamb Inn
144 Pagham Road
Bognor Regis
West Sussex
PO21 4NJ

Accountants

Lucraft Hodgson & Dawes LLP Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

(Registration number: 05920601)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

-

4,842

Tangible Assets

5

31,050

32,590

 

31,050

37,432

Current assets

 

Stocks

6

10,600

6,700

Debtors

7

21,771

32,725

Cash at bank and in hand

 

149,030

159,239

 

181,401

198,664

Creditors: Amounts falling due within one year

8

(101,354)

(109,248)

Net current assets

 

80,047

89,416

Total assets less current liabilities

 

111,097

126,848

Creditors: Amounts falling due after more than one year

8

(60,234)

(77,806)

Provisions for liabilities

(8,087)

(8,506)

Net assets

 

42,776

40,536

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

42,676

40,436

Shareholders' funds

 

42,776

40,536

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
Mr Donald Keith Hoare
Director

.........................................
Mrs Jeness Mary Hoare
Director

 
     
 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
The Lamb Inn
144 Pagham Road
Bognor Regis
West Sussex
PO21 4NJ

These financial statements were authorised for issue by the Board on 29 August 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold Property & Long Leasehold

10% Straight line

Fixtures and Fittings

15% Reducing balance

Computer Equipment

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 25).

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

294,999

294,999

At 30 November 2024

294,999

294,999

Amortisation

At 1 December 2023

290,157

290,157

Amortisation charge

4,842

4,842

At 30 November 2024

294,999

294,999

Carrying amount

At 30 November 2024

-

-

At 30 November 2023

4,842

4,842

5

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

30,284

101,646

131,930

Additions

-

4,823

4,823

At 30 November 2024

30,284

106,469

136,753

Depreciation

At 1 December 2023

30,098

69,242

99,340

Charge for the year

186

6,177

6,363

At 30 November 2024

30,284

75,419

105,703

Carrying amount

At 30 November 2024

-

31,050

31,050

At 30 November 2023

186

32,404

32,590

Included within the net book value of land and buildings above is £ (2023 - £186) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Stocks

2024
£

2023
£

Other inventories

10,600

6,700

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

8,567

5,245

Prepayments

 

4,996

6,475

Other debtors

 

8,208

21,005

   

21,771

32,725

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,533

18,000

Trade Creditors

 

19,328

32,333

Taxation and social security

 

47,956

45,252

Accruals and deferred income

 

10,846

2,300

Other creditors

 

3,691

11,363

 

101,354

109,248

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

60,234

77,806

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,234

32,806

Other borrowings

45,000

45,000

60,234

77,806

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,649

18,000

Other borrowings

884

-

19,533

18,000

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

2024
£

2023
£

Not later than one year

81,182

81,273

The amount of non-cancellable operating lease payments recognised as an expense during the year was £85,274 (2023 - £83,068).

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

21,005

21,005

Repaid

(21,005)

(21,005)

At end of period

-

-

2023

Key management
£

Total
£

At start of period

9,770

9,770

Advanced

11,235

11,235

At end of period

21,005

21,005

Terms of loans to related parties

During the year the company provided the directors with a loan. The loan was interest free and repayable on demand.
 

Loans from related parties

2024

Key management
£

Total
£

Advanced

37,674

37,674

At end of period

37,674

37,674

Terms of loans from related parties

During the year the directors provided the company with a loan to assist with working capital. The loan was interest free and repayable on demand.