Company registration number 10905285 (England and Wales)
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
COMPANY INFORMATION
- 1 -
Director
Mr J D Willis
Company number
10905285
Registered office
One Bell Lane
Lewes
East Sussex
BN7 1JU
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Business address
The Farmers Freehouse
Scaynes Hill
Haywards Heath
East Sussex
RH17 7NE
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
80,163
69,921
Current assets
Stocks
9,000
8,000
Debtors
4
102,337
143,569
Cash at bank and in hand
32,304
49,415
143,641
200,984
Creditors: amounts falling due within one year
5
(130,459)
(162,713)
Net current assets
13,182
38,271
Total assets less current liabilities
93,345
108,192
Creditors: amounts falling due after more than one year
6
(36,230)
(23,274)
Provisions for liabilities
(13,395)
(10,912)
Net assets
43,720
74,006
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
43,620
73,906
Total equity
43,720
74,006
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

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

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 12 August 2025
Mr J D Willis
Director
Company registration number 10905285 (England and Wales)
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Willis Pubs Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Bell Lane, Lewes, East Sussex, BN7 1JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of food and drink in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
20% straight line
Computers
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
23
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
38,625
55,376
22,099
7,015
58,190
181,305
Additions
-
0
5,830
3,449
-
0
43,290
52,569
Disposals
-
0
-
0
-
0
-
0
(58,190)
(58,190)
At 31 March 2024
38,625
61,206
25,548
7,015
43,290
175,684
Depreciation and impairment
At 1 April 2023
26,701
34,590
21,337
3,297
25,459
111,384
Depreciation charged in the year
2,386
5,324
1,143
743
-
0
9,596
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(25,459)
(25,459)
At 31 March 2024
29,087
39,914
22,480
4,040
-
0
95,521
Carrying amount
At 31 March 2024
9,538
21,292
3,068
2,975
43,290
80,163
At 31 March 2023
11,924
20,786
762
3,718
32,731
69,921
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,832
4,246
Amounts owed by group undertakings
48,648
60,880
Other debtors
47,857
78,443
102,337
143,569
WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,182
9,931
Trade creditors
31,681
47,046
Amounts owed to group undertakings
24,766
25,444
Corporation tax
7,708
34,797
Other taxation and social security
21,587
28,442
Other creditors
34,535
17,053
130,459
162,713
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,092
23,274
Other creditors
23,138
-
0
36,230
23,274
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
24,726
25,444
Other related parties
15,268
13,268

As at the balance sheet date the following amounts were owed by the company to related parties:

• Willis & Son Holdings Limited was owed £24,726 (202 3: £2 5,44 4)

• Roebuck Country Inn Limited was owed £15,268 (202 3: £13,268)

WILLIS PUBS LIMITED
T/A THE FARMERS FREEHOUSE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Related party transactions
(Continued)
- 10 -

2024
2023
Amounts due from related parties
£
£
Other related parties
48,648
60,880

As at the balance sheet date the following amounts were owed to the company from related parties:

• Willis and Son Limited owed £48,648 (202 3: £60,880)

9
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
46,995
27,464
720
(57,448)
17,731
46,995
27,464
720
(57,448)
17,731
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