Pub Enterprises Limited - Limited company accounts 20.1
Pub Enterprises Limited - Limited company accounts 20.1
| REGISTERED NUMBER: SC093587 (Scotland) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2021 |
| for |
| PUB ENTERPRISES LIMITED |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Contents of the Consolidated Financial Statements |
| for the year ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 16 |
| PUB ENTERPRISES LIMITED |
| Company Information |
| for the year ended 31 December 2021 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Auditors: |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Group Strategic Report |
| for the year ended 31 December 2021 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2021. |
| Review of business |
| 2021 was again dominated by the coronavirus epidemic. Pubs were closed for approximately five months compared to eight months during the previous year and the group's results reflect this. Turnover for Pub Enterprises itself is up 78% to £2.4m. This has been combined with an increase in gross margin to 66.9%. A loss before tax of £15,000 was incurred. However, this was after accounting for losses of £331,000 on the sale of a property. Consolidated sales are also up about 75% to £3m and a gross profit rate of 67.5% has been achieved. The consolidated profit before tax is over £110,000. |
| These figures are, of course, inclusive of government grants received throughout the epidemic. These amounted to £678,000 in 2020 but were down to £558,000 in 2021. The last grants were received in July 2021 and the company has been able to trade profitably in their absence. |
| The directors continue to review overheads to ensure costs are minimised. |
| The directors do not consider that Brexit will have a major impact on the group. |
| Principal risks and uncertainties |
| The licensed premises trade continues to see a marked downturn with several public houses closing every month. The company is subject to competition from other licensed premises operators and also from alternative outlets such as supermarkets. |
| The group is well placed to resist these pressures and to improve its performance for the foreseeable future. |
| Covid-19 |
| The financial statements have been prepared on a going concern basis. The COVID-19 pandemic resulted in the closure of all pubs for several months but the directors took advantage of available government assistance to mitigate the impact. Given the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
| On behalf of the board: |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Report of the Directors |
| for the year ended 31 December 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2021. |
| Principal activity |
| The principal activity of the group in the year under review was that of the operation of licensed premises. This is also the principal activity of the company. |
| Dividends |
| The total distribution of dividends for the year ended 31 December 2021 was £nil. |
| Future developments |
| The group and company are always looking to make further purchases if appropriate premises appear on the market. |
| Directors |
| The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
| Financial instruments |
| The company’s activities expose it to a number of financial risks including credit risk and liquidity risk. The company does not use derivative financial instruments. |
| CREDIT RISK |
| The group’s principal financial assets are bank balances and cash, trade and other receivables. The main purpose of these is to finance the business' operations. |
| The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. |
| The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. |
| LIQUIDITY RISK |
| In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance. |
| In respect of bank and brewery balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the group's cash balances are held in such a way that achieves a competitive rate of interest. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
| Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. |
| Donations and expenditure |
| Charitable donations in the year amounted to £2,218. |
| Going concern |
| The directors consider it appropriate to adopt the going concern basis of accounting in the preparation of these financial statements. |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Report of the Directors |
| for the year ended 31 December 2021 |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Statement as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Auditors |
| The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| Pub Enterprises Limited |
| Opinion |
| We have audited the financial statements of Pub Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2021 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Pub Enterprises Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
| - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
| - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - challenging assumptions and judgements made by management in its significant accounting estimates, in particular we have reviewed property valuations to confirm that they are fairly stated; |
| - performing walkthrough testing to confirm that the company's controls were operating correctly; |
| - We test a sample of sales and purchases to confirm they are accounted for correctly and are appropriately disclosed; |
| - We test a sample of creditors to confirm they are correctly stated; |
| - We test a sample of journals to confirm they are genuine transactions. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Pub Enterprises Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the year ended 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Turnover | 2,993,670 | 1,708,567 |
| Cost of sales | (972,590 | ) | (628,789 | ) |
| Gross profit | 2,021,080 | 1,079,778 |
| Administrative expenses | (2,444,933 | ) | (1,740,449 | ) |
| (423,853 | ) | (660,671 | ) |
| Other operating income | 638,948 | 692,756 |
| Operating profit | 5 | 215,095 | 32,085 |
| Interest receivable and similar income | 4,500 | - |
| 219,595 | 32,085 |
| Interest payable and similar expenses | 6 | (108,146 | ) | (101,899 | ) |
| Profit/(loss) before taxation | 111,449 | (69,814 | ) |
| Tax on profit/(loss) | 7 | (68,082 | ) | 11,594 |
| Profit/(loss) for the financial year | ( |
) |
| Other comprehensive income | - | - |
| Total comprehensive income for the year | 43,367 | (58,220 | ) |
| Profit/(loss) attributable to: |
| Owners of the parent | 43,367 | (58,220 | ) |
| Total comprehensive income attributable to: |
| Owners of the parent | 43,367 | (58,220 | ) |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Consolidated Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 10 | 1,685 | 8,424 |
| Tangible assets | 11 | 7,118,229 | 7,392,056 |
| Investments | 12 | - | - |
| 7,119,914 | 7,400,480 |
| Current assets |
| Stocks | 13 | 98,494 | 68,650 |
| Debtors | 14 | 346,982 | 170,371 |
| Cash at bank and in hand | 418,725 | 312,969 |
| 864,201 | 551,990 |
| Creditors |
| Amounts falling due within one year | 15 | 1,093,511 | 809,053 |
| Net current liabilities | (229,310 | ) | (257,063 | ) |
| Total assets less current liabilities | 6,890,604 | 7,143,417 |
| Creditors |
| Amounts falling due after more than one year |
16 |
(3,327,698 |
) |
(3,633,878 |
) |
| Provisions for liabilities | 20 | (292,250 | ) | (282,250 | ) |
| Net assets | 3,270,656 | 3,227,289 |
| Capital and reserves |
| Called up share capital | 21 | 2 | 2 |
| Revaluation reserve | 22 | 2,414,525 | 2,441,306 |
| Capital redemption reserve | 22 | 1 | 1 |
| Retained earnings | 22 | 856,128 | 785,980 |
| Shareholders' funds | 3,270,656 | 3,227,289 |
| The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2022 and were signed on its behalf by: |
| P Burns - Director |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Company Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Current assets |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 15 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| Provisions for liabilities | 20 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 21 |
| Revaluation reserve | 22 |
| Capital redemption reserve | 22 |
| Retained earnings | 22 | ( |
) | ( |
) |
| Shareholders' funds |
| Company's loss for the financial year | (72,338 | ) | (52,254 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Consolidated Statement of Changes in Equity |
| for the year ended 31 December 2021 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2020 | 2 | 887,419 | 2,468,087 | 1 | 3,355,509 |
| Changes in equity |
| Dividends | - | (70,000 | ) | - | - | (70,000 | ) |
| Total comprehensive income | - | (31,439 | ) | (26,781 | ) | - | (58,220 | ) |
| Balance at 31 December 2020 | 2 | 785,980 | 2,441,306 | 1 | 3,227,289 |
| Changes in equity |
| Total comprehensive income | - | 70,148 | (26,781 | ) | - | 43,367 |
| Balance at 31 December 2021 | 2 | 856,128 | 2,414,525 | 1 | 3,270,656 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Company Statement of Changes in Equity |
| for the year ended 31 December 2021 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2020 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2020 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2021 | ( |
) |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Consolidated Cash Flow Statement |
| for the year ended 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 733,701 | 80,620 |
| Interest paid | (107,834 | ) | (101,899 | ) |
| Interest element of hire purchase payments paid |
(312 |
) |
- |
| Tax paid | 3,790 | - |
| Net cash from operating activities | 629,345 | (21,279 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (319,844 | ) | (104,904 | ) |
| Sale of tangible fixed assets | 160,500 | - |
| Interest received | 4,500 | - |
| Net cash from investing activities | (154,844 | ) | (104,904 | ) |
| Cash flows from financing activities |
| New loans in year | - | 600,000 |
| Loan repayments in year | (242,290 | ) | (174,726 | ) |
| Capital repayments in year | (10,539 | ) | - |
| Amount withdrawn by directors | (147,924 | ) | (16,114 | ) |
| Equity dividends paid | - | (70,000 | ) |
| Net cash from financing activities | (400,753 | ) | 339,160 |
| Increase in cash and cash equivalents | 73,748 | 212,977 |
| Cash and cash equivalents at beginning of year |
2 |
312,969 |
99,992 |
| Cash and cash equivalents at end of year | 2 | 386,717 | 312,969 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Cash Flow Statement |
| for the year ended 31 December 2021 |
| 1. | Reconciliation of profit/(loss) before taxation to cash generated from operations |
| 2021 | 2020 |
| £ | £ |
| Profit/(loss) before taxation | 111,449 | (69,814 | ) |
| Depreciation charges | 128,255 | 115,020 |
| Loss on disposal of fixed assets | 282,714 | - |
| Impairment loss | 48,629 | - |
| Finance costs | 108,146 | 101,899 |
| Finance income | (4,500 | ) | - |
| 674,693 | 147,105 |
| (Increase)/decrease in stocks | (29,844 | ) | 56,441 |
| (Increase)/decrease in trade and other debtors | (28,687 | ) | 31,569 |
| Increase/(decrease) in trade and other creditors | 117,539 | (154,495 | ) |
| Cash generated from operations | 733,701 | 80,620 |
| 2. | Cash and cash equivalents |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2021 |
| 31/12/21 | 1/1/21 |
| £ | £ |
| Cash and cash equivalents | 418,725 | 312,969 |
| Bank overdrafts | (32,008 | ) | - |
| 386,717 | 312,969 |
| Year ended 31 December 2020 |
| 31/12/20 | 1/1/20 |
| £ | £ |
| Cash and cash equivalents | 312,969 | 345,702 |
| Bank overdrafts | - | (245,710 | ) |
| 312,969 | 99,992 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Cash Flow Statement |
| for the year ended 31 December 2021 |
| 3. | Analysis of changes in net debt |
| Other |
| non-cash |
| At 1/1/21 | Cash flow | changes | At 31/12/21 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 312,969 | 105,756 | 418,725 |
| Bank overdrafts | - | (32,008 | ) | (32,008 | ) |
| 312,969 | 73,748 | 386,717 |
| Debt |
| Finance leases | - | 10,539 | - | (9,149 | ) |
| Debts falling due |
| within 1 year | (372,931 | ) | (69,810 | ) | - | (442,741 | ) |
| Debts falling due |
| after 1 year | (3,633,878 | ) | 312,100 | - | (3,321,778 | ) |
| (4,006,809 | ) | 252,829 | - | (3,773,668 | ) |
| Total | (3,693,840 | ) | 326,577 | - | (3,386,951 | ) |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements |
| for the year ended 31 December 2021 |
| 1. | Statutory information |
| Pub Enterprises Limited is a |
| 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" and the Companies Act 2006. |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2021. |
| Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. |
| The financial statements have been prepared on a going concern basis. The COVID-19 pandemic resulted in the closure of all pubs for several months but the directors took advantage of available government assistance to mitigate the impact. Given the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| There are not considered to be any critical judgements in applying the group's accounting policies. |
| The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below. |
| (i) Property valuations |
| The valuation of properties requires management's best estimate of the open market value of the relevant assets. They are assisted in preparing these estimates by periodic professional valuations. |
| Turnover |
| Turnover represents amounts chargeable, net of value added tax, in respect of the sale of food and drink to customers. Turnover is recognised at the point of sale. |
| Goodwill |
| Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 3. | Accounting policies - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
| Freehold property is stated at open market valuation which is reviewed by the directors annually. A revaluation surplus is recorded in other operating income and credited to the asset revaluation reserve in equity. A revaluation deficit is recognised in the statement of profit and loss except to the extent that it offsets an existing surplus on the same asset. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| There are no assets which are initially measured at fair value. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest. |
| 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. Accounts 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 3. | Accounting policies - continued |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | Employees and directors |
| 2021 | 2020 |
| £ | £ |
| Wages and salaries | 1,255,997 | 1,024,223 |
| Social security costs | 58,862 | 35,012 |
| Other pension costs | 14,555 | 11,021 |
| 1,329,414 | 1,070,256 |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| Administration and support | 3 | 3 |
| Sales | 86 | 85 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2020 - 88 ) . |
| 2021 | 2020 |
| £ | £ |
| Directors' remuneration | 170,746 | 6,978 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 1 | 1 |
| There are not considered to be any key management personnel other than the directors. |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 5. | Operating profit |
| The operating profit is stated after charging: |
| 2021 | 2020 |
| £ | £ |
| Hire of plant and machinery | 10,070 | 7,459 |
| Depreciation - owned assets | 121,516 | 108,281 |
| Loss on disposal of fixed assets | 282,714 | - |
| Goodwill amortisation | 6,739 | 6,739 |
| Auditors' remuneration | 7,500 | 4,500 |
| 6. | Interest payable and similar expenses |
| 2021 | 2020 |
| £ | £ |
| Bank interest | 1,118 | 11,084 |
| Bank loan interest | 106,716 | 90,815 |
| Hire purchase | 312 | - |
| 108,146 | 101,899 |
| 7. | Taxation |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Current tax: |
| UK corporation tax | 58,082 | - |
| (Over)/under provision PY | - | (11,594 | ) |
| Total current tax | 58,082 | (11,594 | ) |
| Deferred tax | 10,000 | - |
| Tax on profit/(loss) | 68,082 | (11,594 | ) |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| £ | £ |
| Profit/(loss) before tax | 111,449 | (69,814 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) |
21,175 |
(13,265 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 12,341 | 4,157 |
| Depreciation in excess of capital allowances | 50,920 | 376 |
| Utilisation of tax losses | (16,354 | ) | (2,862 | ) |
| Total tax charge/(credit) | 68,082 | (11,594 | ) |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 8. | Individual statement of comprehensive income |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 9. | Dividends |
| 2021 | 2020 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | - | 70,000 |
| 10. | Intangible fixed assets |
| Group |
| Goodwill |
| £ |
| Cost |
| At 1 January 2021 |
| and 31 December 2021 | 223,695 |
| Amortisation |
| At 1 January 2021 | 215,271 |
| Amortisation for year | 6,739 |
| At 31 December 2021 | 222,010 |
| Net book value |
| At 31 December 2021 | 1,685 |
| At 31 December 2020 | 8,424 |
| Company |
| Goodwill |
| £ |
| Cost |
| At 1 January 2021 |
| and 31 December 2021 |
| Amortisation |
| At 1 January 2021 |
| and 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 11. | Tangible fixed assets |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Cost or valuation |
| At 1 January 2021 | 6,803,394 | 601,047 | 990,956 |
| Additions | 139,618 | 51,128 | 113,096 |
| Disposals | (435,634 | ) | - | - |
| Impairments | (50,109 | ) | - | - |
| At 31 December 2021 | 6,457,269 | 652,175 | 1,104,052 |
| Depreciation |
| At 1 January 2021 | 78,063 | 402,827 | 527,657 |
| Charge for year | 34,969 | 24,503 | 57,461 |
| Eliminated on disposal | (8,583 | ) | - | - |
| Impairments | (1,480 | ) | - | - |
| At 31 December 2021 | 102,969 | 427,330 | 585,118 |
| Net book value |
| At 31 December 2021 | 6,354,300 | 224,845 | 518,934 |
| At 31 December 2020 | 6,725,331 | 198,220 | 463,299 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost or valuation |
| At 1 January 2021 | - | 18,575 | 8,413,972 |
| Additions | 33,961 | 1,729 | 339,532 |
| Disposals | (16,163 | ) | - | (451,797 | ) |
| Impairments | - | - | (50,109 | ) |
| At 31 December 2021 | 17,798 | 20,304 | 8,251,598 |
| Depreciation |
| At 1 January 2021 | - | 13,369 | 1,021,916 |
| Charge for year | 3,560 | 1,023 | 121,516 |
| Eliminated on disposal | - | - | (8,583 | ) |
| Impairments | - | - | (1,480 | ) |
| At 31 December 2021 | 3,560 | 14,392 | 1,133,369 |
| Net book value |
| At 31 December 2021 | 14,238 | 5,912 | 7,118,229 |
| At 31 December 2020 | - | 5,206 | 7,392,056 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 11. | Tangible fixed assets - continued |
| Group |
| Cost or valuation at 31 December 2021 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2021 | 3,161,331 | - | - |
| Cost | 3,295,938 | 652,175 | 1,104,052 |
| 6,457,269 | 652,175 | 1,104,052 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2021 | - | - | 3,161,331 |
| Cost | 17,798 | 20,304 | 5,090,267 |
| 17,798 | 20,304 | 8,251,598 |
| If freehold properties had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 3,295,938 | 3,331,517 |
| Aggregate depreciation | 519,597 | 519,597 |
| Freehold land and buildings were valued on an open market basis on 31 December 2021 by the directors . |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 11. | Tangible fixed assets - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Cost or valuation |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) |
| Impairments | (50,109 | ) | - | - |
| At 31 December 2021 |
| Depreciation |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Impairments | ( |
) |
| At 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost or valuation |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Impairments | - | - | (50,109 | ) |
| At 31 December 2021 |
| Depreciation |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Impairments | ( |
) |
| At 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 11. | Tangible fixed assets - continued |
| Company |
| Cost or valuation at 31 December 2021 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2021 | 1,814,393 | - | - |
| Cost | 2,894,455 | 618,909 | 964,898 |
| 4,708,848 | 618,909 | 964,898 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2021 | - | - | 1,814,393 |
| Cost | 17,798 | 20,304 | 4,516,364 |
| 17,798 | 20,304 | 6,330,757 |
| If freehold properties had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 2,886,543 | 3,297,308 |
| Aggregate depreciation | 519,497 | 519,497 |
| Freehold properties were valued on an open market basis on 31 December 2021 by the directors . |
| 12. | Fixed asset investments |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 January 2021 |
| and 31 December 2021 |
| Net book value |
| At 31 December 2021 |
| At 31 December 2020 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 12. | Fixed asset investments - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 22 Herbert Street, Glasgow G20 6NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| The shares in this company are 100% held by Forty Eight Shelf (279) Limited. |
| Registered office: 22 Herbert Street, Glasgow G20 6NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | Stocks |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Stocks | 98,494 | 68,650 |
| 14. | Debtors: amounts falling due within one year |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Trade debtors | 470 | 470 |
| Other debtors | 113,520 | 86,753 |
| Directors' current accounts | 231,072 | 83,148 | 193,220 | 83,148 |
| Prepayments | 1,920 | - |
| 346,982 | 170,371 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 15. | Creditors: amounts falling due within one year |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 388,449 | 286,631 |
| Other loans (see note 17) | 86,300 | 86,300 |
| Hire purchase contracts (see note 18) | 3,229 | - |
| Trade creditors | 271,704 | 185,764 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 91,646 | 29,774 |
| Social security and other taxes | 27,455 | 16,947 |
| VAT | 48,078 | 100,876 | 22,836 | 66,999 |
| Other creditors | 10,082 | 44,053 |
| Accrued expenses | 166,568 | 58,708 |
| 1,093,511 | 809,053 |
| 16. | Creditors: amounts falling due after more than one year |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans (see note 17) | 2,841,407 | 3,088,953 |
| Other loans (see note 17) | 480,371 | 544,925 |
| Hire purchase contracts (see note 18) | 5,920 | - |
| 3,327,698 | 3,633,878 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 17. | Loans |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 32,008 | - |
| Bank loans | 356,441 | 286,631 |
| Other loans | 86,300 | 86,300 |
| 474,749 | 372,931 |
| Amounts falling due between one and two | years: |
| Bank loans | 362,009 | 2,698,305 |
| Other loans | 86,300 | 86,300 | 86,300 |
| 448,309 | 2,784,605 |
| Amounts falling due between two and five | years: |
| Bank loans | 999,377 | 386,481 |
| Other loans | 258,900 | 258,900 |
| 1,258,277 | 645,381 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,480,021 | 4,167 | 1,480,021 | - |
| Other loans | 135,171 | 199,725 | 135,171 | 199,725 |
| 1,615,192 | 203,892 | 1,615,192 | 199,725 |
| 18. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 3,229 | - |
| Between one and five years | 5,920 | - |
| 9,149 | - |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 18. | Leasing agreements - continued |
| Company |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable |
| operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year | 77,676 | 78,191 |
| Between one and five years | 310,705 | 312,765 |
| In more than five years | 252,448 | 330,810 |
| 640,829 | 721,766 |
| Company |
| Non-cancellable |
| operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 19. | Secured debts |
| The following secured debts are included within creditors: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank overdraft | 32,008 | - |
| Bank loans | 3,197,848 | 3,375,584 |
| Other loans | 566,671 | 631,225 | 566,671 | 631,225 |
| 3,796,527 | 4,006,809 |
| Bank loans and overdrafts and other loans are secured by charges over the freehold properties and by a bond and floating charge over the assets of the company. The bank loans are repayable in 120 equal monthly instalments. Interest is charged at 3.33%. |
| Other loans are repayable at £7,192 plus interest per month with interest charged at 3% over base rate. |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 20. | Provisions for liabilities |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 99,000 | 89,000 |
| Other timing differences | 193,250 | 193,250 | 93,250 | 93,250 |
| 292,250 | 282,250 | 192,250 | 182,250 |
| Group |
| Deferred tax |
| £ |
| Balance at 1 January 2021 | 282,250 |
| Provided during year | 10,000 |
| Balance at 31 December 2021 | 292,250 |
| Company |
| Deferred tax |
| £ |
| Balance at 1 January 2021 |
| Provided during year |
| Balance at 31 December 2021 |
| The net deferred tax liability expected to reverse in 2022 is £11,000. |
| 21. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| All shares rank pari passu. |
| 22. | Reserves |
| Group |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2021 | 785,980 | 2,441,306 | 1 | 3,227,287 |
| Profit for the year | 43,367 | - | - | 43,367 |
| Revaluation | 26,781 | (26,781 | ) | - | - |
| At 31 December 2021 | 856,128 | 2,414,525 | 1 | 3,270,654 |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 22. | Reserves - continued |
| Company |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2021 | ( |
) | 1,956,941 |
| Deficit for the year | ( |
) | - | - | ( |
) |
| At 31 December 2021 | ( |
) | 1,884,603 |
| 23. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
| 2021 | 2020 |
| £ | £ |
| P Burns |
| Balance outstanding at start of year | 66,515 | 67,491 |
| Amounts advanced | 125,716 | 2,774 |
| Amounts repaid | (11,495 | ) | (3,750 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 180,736 | 66,515 |
| W F Smith |
| Balance outstanding at start of year | 16,633 | (457 | ) |
| Amounts advanced | 23,571 | 17,090 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 40,204 | 16,633 |
| D Collins |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 10,132 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 10,132 | - |
| The above loans are interest free and repayable on demand. |
| During the year the directors received dividends of £nil (2020 - £66,250) and rent of £12,750 (2020 - £6,000). |
| PUB ENTERPRISES LIMITED (REGISTERED NUMBER: SC093587) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 31 December 2021 |
| 24. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Other related parties |
| 2021 | 2020 |
| £ | £ |
| Purchases | 50,000 | 11,117 |
| Rent | - | 2,350 |
| Amount due to related party | - | 10,806 |
| 25. | Ultimate controlling party |
| The company is controlled by the directors who own 100% of the called up share capital. |