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2018-04-01
Sage Accounts Production Advanced 2019 - FRS102_2014
49,296
5,120
54,416
14,110
7,532
21,642
32,774
35,186
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2019-03-31
COMPANY REGISTRATION NUMBER:
08647417
|
The Packhorse Inn (Moulton) Limited |
|
|
Filleted Financial Statements |
|
|
The Packhorse Inn (Moulton) Limited |
|
|
Statement of Financial Position |
|
31 March 2019
Fixed assets
|
Tangible assets |
5 |
|
32,774 |
35,186 |
|
|
|
|
|
Current assets
|
Stocks |
23,978 |
|
24,818 |
|
Debtors |
6 |
1,127,511 |
|
787,925 |
|
Cash at bank and in hand |
41,409 |
|
24,861 |
|
------------ |
|
--------- |
|
1,192,898 |
|
837,604 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
262,827 |
|
229,960 |
|
------------ |
|
--------- |
|
Net current assets |
|
930,071 |
607,644 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
962,845 |
642,830 |
|
|
--------- |
--------- |
|
Net assets |
|
962,845 |
642,830 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
2 |
2 |
|
Profit and loss account |
|
962,843 |
642,828 |
|
|
--------- |
--------- |
|
Shareholders funds |
|
962,845 |
642,830 |
|
|
--------- |
--------- |
|
|
|
|
These Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their 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 were approved by the
board of directors
and authorised for issue on
17 July 2020
, and are signed on behalf of the board by:
Company registration number:
08647417
|
The Packhorse Inn (Moulton) Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is the Forge, Lower Green, Higham, Suffolk, IP28 6NL. The place of business is The Packhorse Inn, Bridge Street, Moulton, Newmarket, CB8 8SP.
2.
Statement of compliance
These Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Financial Statements are prepared in sterling, which is the functional currency of the entity.
Going concern (as a result of the covid-19 pandemic)
The company made a profit for the year of £320,015 and had net assets of £962,845. Management accounts for the year to 31 March 2020 showed a profit of £228,855 and net assets of £1,191,700. In common with all businesses across the sector the Chestnut Inns Limited group has been affected by the Covid-19 pandemic, with all sites across the group being closed for over 3 months. All sites are scheduled to re-open in July 2020. The directors have undertaken cost cutting measures, which across the group are expected to realise savings in overheads of £330,000 per annum. The group will also pay no business rates until April 2021 and a suspension of loan repayments until October 2020 has been arranged. The directors have prepared post Covid-19 projections which assume initial sales across the group ranging from 20% to 85% of pre Covid-19 turnover levels in July 2020, steadily increasing to 90% across all sites by May 2021. These projections show that the group can operate within its available resources with significant headroom. At this point in time, however, there is insufficient post Covid-19 trading experience to know whether those underlying assumptions will be bourne out, or how long a return to some sort of normality will take. There is also the uncertainty about whether there will be a second spike or future lockdowns. These conditions are outside the control of the directors, but they will monitor future developments and will take whatever measures are necessary to protect the company and the group. On the above basis the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and Fittings |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
25
(2018:
28
).
5.
Tangible assets
|
Fixtures and fittings |
Total |
|
£ |
£ |
|
Cost |
|
|
|
At 1 April 2018 |
49,296 |
49,296 |
|
Additions |
5,120 |
5,120 |
|
-------- |
-------- |
|
At 31 March 2019 |
54,416 |
54,416 |
|
-------- |
-------- |
|
Depreciation |
|
|
|
At 1 April 2018 |
14,110 |
14,110 |
|
Charge for the year |
7,532 |
7,532 |
|
-------- |
-------- |
|
At 31 March 2019 |
21,642 |
21,642 |
|
-------- |
-------- |
|
Carrying amount |
|
|
|
At 31 March 2019 |
32,774 |
32,774 |
|
-------- |
-------- |
|
At 31 March 2018 |
35,186 |
35,186 |
|
-------- |
-------- |
|
|
|
6.
Debtors
|
2019 |
2018 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,122,245 |
753,789 |
|
Other debtors |
5,266 |
34,136 |
|
------------ |
--------- |
|
1,127,511 |
787,925 |
|
------------ |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019 |
2018 |
|
£ |
£ |
|
Trade creditors |
60,998 |
92,206 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
99,274 |
77,279 |
|
Social security and other taxes |
56,331 |
46,513 |
|
Other creditors |
46,224 |
13,962 |
|
--------- |
--------- |
|
262,827 |
229,960 |
|
--------- |
--------- |
|
|
|
8.
Financial instruments at fair value
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
9.
Summary audit opinion
The auditor's report for the year dated 31 March 2019 was unqualified.
The senior statutory auditor was
Mr David Ian Walters
, for and on behalf of
Walters Hawson Limited
.
10.
Related party transactions
Included within Debtors is a balance of £1,122,245 (2018: £753,789) for amounts owed by group undertakings which are interest free loans. Included within Creditors is a balance of £99,274 (2018: £77,279) for amounts owed to group undertakings which are interest free loans. The parent company Chestnut Inns Limited owns the freehold property of the Packhorse Inn and has decided not to apply a charge for the rental of the building.
11.
Ultimate parent company
The Company is a subsidiary of Chestnut Inns Limited. The group in which the results of the company are consolidated is that headed by Chestnut Inns Limited, incorporated in England and Wales. The registered address of Chestnut Inns Limited is The Forge Lower Green, Higham, Suffolk, IP28 6NL. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
