Farestone Limited - Accounts to registrar (filleted) - small 18.2
Farestone Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 June 2021 |
| for |
| Farestone Limited |
| Farestone Limited (Registered number: 07547775) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Farestone Limited |
| Company Information |
| for the Year Ended 30 June 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| The Glades |
| Festival Way |
| Stoke on Trent |
| Staffordshire |
| ST1 5SQ |
| Farestone Limited (Registered number: 07547775) |
| Statement of Financial Position |
| 30 June 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 and authorised for issue on |
| Farestone Limited (Registered number: 07547775) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2021 |
| 1. | STATUTORY INFORMATION |
| Farestone Limited is a |
| The principal place of business address is The Wayfarer Stone, The Fillybrooks, Stone, Staffordshire, ST15 0NB. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. The financial statements have been prepared under the historical cost convention. |
| The financial statements cover the company as an individual entity, have been prepared under the historical cost convention and are presented in Pounds Sterling (£) being the functional currency. |
| The comparative presented was for an extended period therefore the amounts presented in the financial statements (including the related notes) are not entirely comparable. |
| Going concern |
| The financial statements have been prepared on the assumption that the Company is able to carry on business as a going concern, which the Directors consider to be appropriate having regard to the Company's expected future performance. Particular consideration has been given to the impact of the COVID-19 pandemic on the business, and the ability of the Company to operate for the foreseeable future. Detailed forecasts have been produced. These forecasts demonstrate the Directors expectation that the Company will be profitable and will have access to sufficient resources for the foreseeable future, giving the Directors confidence that the Company is a going concern. |
| Related party exemption |
| 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 entities within the group where the relationship is one of being wholly owned. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are set out below: |
| Going concern judgement |
| The Directors have assessed the going concern status of the Company and consider the Company to be a going concern. In making this assessment the Directors have assessed the impact of the COVID-19 pandemic on the Company to date, and the Company's responses to these impacts. The Directors acknowledge that turnover and profit are significantly impacted for the year to 30 June 2021 as a result of the restrictions imposed by the UK government in response to the pandemic, but in the Directors judgement, now that restrictions have eased and the pub and restaurant has re-opened, the Company is able to trade profitably and generate cash in order to meet its ongoing liabilities for the foreseeable future. Detailed forecasts have been produced to demonstrate the impact of any further potential enforced closures, without any further support from the Coronavirus Job Retention Scheme. Taking this into account, in the Directors judgement the Company is able to continue as a going concern for the foreseeable future. |
| Farestone Limited (Registered number: 07547775) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. Bar and food sales are recognised at the point of the sale. |
| Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
| - | the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
| - | the amount of turnover can be measured reliably; |
| - | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
| Tangible fixed assets |
| Improvements to leasehold property | - |
| Fixtures and fittings | - |
| Tangible fixed assets costing £1,000 or more are capitalised under the cost model and stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
| The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
| Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
| Government grants |
| Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Farestone Limited (Registered number: 07547775) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax if applicable. 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Lease incentives are recognised as a reduction of rental expense and are amortised on a straight line basis. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Fixtures |
| leasehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2021 |
| DEPRECIATION |
| At 1 July 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| Farestone Limited (Registered number: 07547775) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 106,796 | 121,277 |
| Other creditors |
| Accrued expenses |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Total lease payments recognised as an expense during the period amounted to £30,482 (2020 - £85,226). |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | FINANCIAL GUARANTEES |
| The company has given unlimited guarantees, secured on the company's assets, as security for the borrowings of fellow group undertakings. At 30 June 2021 these borrowings amounted to £3,943,864 (2020 - £2,824,555). As at the date of approval of these accounts, the directors do not anticipate that the guarantee will be called upon. |
| 10. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is The Parogon Pub Group Limited which has the registered office The Swan With Two Necks, Nantwich Road, Blackbrook, Newcastle, Staffordshire, ST5 5EH. |