The One and Only Pub Co Ltd - Accounts to registrar (filleted) - small 18.2
The One and Only Pub Co Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2021 |
| for |
| THE ONE AND ONLY PUB CO LTD |
| THE ONE AND ONLY PUB CO LTD |
| Company Information |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 6-8 Bath Street |
| Bristol |
| BS1 6HL |
| THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Balance Sheet |
| 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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 ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Balance Sheet - continued |
| 28 FEBRUARY 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved and authorised for issue by the director and authorised for issue on |
| THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 1. | COMPANY INFORMATION |
| The One and Only Pub Co Ltd is a |
| The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company had net current liabilities of £193,769 as at 28 February 2021. The company's bankers will provide the company with financial support for at least the next 12 months to enable it to continue to trade and meet its liabilities as they fall due. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The financial statements have been prepared on a going concern basis. The director has a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. The director has reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the director has concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
| The company entered into a Company Voluntary Arrangement on 2nd September 2020 when it was resolved by the requisite majorities that the directors' proposals for the Voluntary Arrangement were accepted without modifications. |
| The value of unsecured creditors entering the Company Voluntary Arrangement totalled £112,009. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods are physically received by the customer. |
| Customer relationships |
| The director carried out an impairment review in the year and concluded that the value of customer relationships, originally acquired in 2000, should be amortised over 20 years in the financial statements. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Plant and machinery - 15% on reducing balance |
| Fixture and fittings - 25% on reducing balance |
| Freehold property - not provided for as this asset is maintained to a constant condition |
| THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
| Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
| THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2. | 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. |
| 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. | INTANGIBLE FIXED ASSETS |
| Customer |
| relationships |
| £ |
| COST |
| At 1 March 2020 |
| and 28 February 2021 |
| AMORTISATION |
| Amortisation for year |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| THE ONE AND ONLY PUB CO LTD (REGISTERED NUMBER: 03938353) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 March 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |