The Highbury Pub Company (UK) Limited Filleted accounts for Companies House (small and micro)

THE HIGHBURY PUB COMPANY (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05617545

THE HIGHBURY PUB COMPANY (UK) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2020

THE HIGHBURY PUB COMPANY (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		56,983	31,674

Current assets

Stocks		14,325	11,898
Debtors	7	59,712	46,461
Cash at bank and in hand		27,807	62,694
		---------	---------
		101,844	121,053

Creditors: amounts falling due within one year	8	81,708		59,364
		---------		---------
Net current assets			20,136	61,689
			--------	--------
Total assets less current liabilities			77,119	93,363

Provisions

Taxation including deferred tax	2,918	102
	--------	--------
Net assets	74,201	93,261
	--------	--------

THE HIGHBURY PUB COMPANY (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	74,101	93,161
	--------	--------
Shareholder funds	74,201	93,261
	--------	--------

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 Section 1A of 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.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 Act 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 2 November 2020 , and are signed on behalf of the board by:

Mr M G Whelan
Director

Company registration number: 05617545

THE HIGHBURY PUB COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

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 Tollington PH, 115 Hornsey Road, London, N7 6DN.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102: (a) No cash flow statement has been presented for the company.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Leasehold property	-	Over life of lease
Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2020	2019
	£	£

Current tax:

UK current tax (income)/expense	( 7,008)	16,038

Deferred tax:

Origination and reversal of timing differences	2,816	( 105)
	-------	--------
Tax on (loss)/profit	( 4,192)	15,933
	-------	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2019	29,686	92,664	1,055	123,405
Additions	12,047	17,878	–	29,925
	--------	---------	-------	---------
At 31 March 2020	41,733	110,542	1,055	153,330
	--------	---------	-------	---------
Depreciation
At 1 April 2019	594	90,082	1,055	91,731
Charge for the year	1,187	3,429	–	4,616
	--------	---------	-------	---------
At 31 March 2020	1,781	93,511	1,055	96,347
	--------	---------	-------	---------
Carrying amount
At 31 March 2020	39,952	17,031	–	56,983
	--------	---------	-------	---------
At 31 March 2019	29,092	2,582	–	31,674
	--------	---------	-------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	–	1,145
Other debtors	59,712	45,316
	--------	--------
	59,712	46,461
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	52,959	26,268
Corporation tax	–	16,038
Social security and other taxes	22,743	11,525
Other creditors	6,006	5,533
	--------	--------
	81,708	59,364
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	9,247	7,206
Later than 1 year and not later than 5 years	–	215,000
Later than 5 years	2,586,022	–
	------------	---------
	2,595,269	222,206
	------------	---------

10. Related party transactions

There are no disclosure required under related party transactions.