Town Taverns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI054432 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Town Taverns Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

P R Maginn

G A Maginn

SECRETARY:

P R Maginn

REGISTERED OFFICE:

62-64 Main Street

Newcastle

Co. Down

BT33 0AE

REGISTERED NUMBER:

NI054432 (Northern Ireland)

ACCOUNTANTS:

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2019 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our

engagement. Our work has been undertaken so that we might compile the financial statements that we have

been engaged to compile, report to the company's Board of Directors that we have done so, and state those

matters that we have agreed to state to them in this report 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 Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered

Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to

members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2019 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

12 December 2019

FIXED ASSETS

Tangible assets

5

1,430,020

-

Investment property

6

170,000

-

1,600,020

-

CURRENT ASSETS

Stocks

70,647

-

Debtors

7

27,894

19

Cash at bank and in hand

64,594

-

163,135

19

CREDITORS

Amounts falling due within one year

8

1,042,881

-

NET CURRENT (LIABILITIES)/ASSETS

(879,746

)

19

TOTAL ASSETS LESS CURRENT LIABILITIES

720,274

19

CREDITORS

Amounts falling due after more than one year

9

(649,446

)

-

PROVISIONS FOR LIABILITIES

11

(2,444

)

-

NET ASSETS

68,384

19

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

68,382

17

SHAREHOLDERS' FUNDS

68,384

19

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2019 and were signed on its behalf by:

P R Maginn - Director

1.	STATUTORY INFORMATION

Town Taverns Limited is a private company, limited by shares , registered in Northern Ireland. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

4% on cost

Plant and machinery

-

25% on Reducing Balance

Fixtures and fittings

-

20% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its

present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss

account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

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 defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for

that service.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2018 - NIL ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

Additions

1,360,000

128,712

18,848

1,507,560

At 31 March 2019

1,360,000

128,712

18,848

1,507,560

DEPRECIATION

Charge for year

47,991

27,928

1,621

77,540

At 31 March 2019

47,991

27,928

1,621

77,540

NET BOOK VALUE

At 31 March 2019

1,312,009

100,784

17,227

1,430,020

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

170,000

At 31 March 2019

170,000

NET BOOK VALUE

At 31 March 2019

170,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

24,680

-

Directors' current accounts

-

19

Prepayments

3,214

-

27,894

19

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

98,793

-

Diageo loan

50,000

-

Trade creditors

94,768

-

Tax

24,850

-

Social security and other taxes

4,632

-

Pension Creditor

505

-

Machine Gaming Duty

2,632

-

VAT

40,005

-

Other creditors

320

-

Directors' current accounts

703,696

-

Accrued expenses

22,680

-

1,042,881

-

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans - 1-2 years

98,793

-

Bank loans - 2-5 years

395,172

-

Bank loans more 5 yr by instal

155,481

-

649,446

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

155,481

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

748,239

-

Diageo loan

50,000

-

798,239

-

11.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

Accelerated capital allowances

2,444

-

Deferred

tax

£

Charge to Income Statement during year

2,444

Balance at 31 March 2019

2,444