The Parogon Pub Company Limited - Accounts to registrar (filleted) - small 18.2
The Parogon Pub Company Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period 1 January 2019 to 30 June 2020 |
| for |
| The Parogon Pub Company Limited |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Contents of the Financial Statements |
| for the Period 1 January 2019 to 30 June 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| The Parogon Pub Company Limited |
| Company Information |
| for the Period 1 January 2019 to 30 June 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| The Glades |
| Festival Way |
| Stoke on Trent |
| Staffordshire |
| ST1 5SQ |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Statement of Financial Position |
| 30 June 2020 |
| 2020 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| 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)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET (LIABILITIES)/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 |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Notes to the Financial Statements |
| for the Period 1 January 2019 to 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| The Parogon Pub Company Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| These financial statements are for an extended period, therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. The period was extended in order to delay certain costs as a result of the Covid-19 pandemic, for example audit fees. |
| 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 and stress tested. 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 will be 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 are easing 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 and stress tested to demonstrate the impact of any further potential enforced closures, without any further support from the Coronavirus Job Retention Scheme. Taking this testing into account, in the Directors judgement the Company is able to continue as a going concern for the foreseeable future. |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2019 to 30 June 2020 |
| 3. | 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 | - |
| Computer equipment | - |
| Tangible fixed assets under the cost model are 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. |
| 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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2019 to 30 June 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period 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 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 period 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Fixtures |
| leasehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 31 December 2018 |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2019 to 30 June 2020 |
| 6. | DEBTORS |
| 2020 | 2018 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 46,954 | 49,753 |
| Other creditors |
| Accrued expenses |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2018 |
| £ | £ |
| 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 £232,886 (2018 - £135,038). |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | 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 2020 these borrowings amounted to £2,824,555 (2018 - £1,501,841). As at the date of approval of these accounts, the directors do not anticipate that the guarantee will be called upon. |
| The Parogon Pub Company Limited (Registered number: 06325591) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2019 to 30 June 2020 |
| 11. | POST BALANCE SHEET EVENTS |
| Since the period-end the COVID-19 pandemic has continued to affect the Company. As a result, turnover and profitability for the year to 30 June 2021 are expected to be significantly impacted by the numerous temporary closures enforced on the Company as part of UK government restrictions. |
| Since the recent re-opening in May 2021, the Company has also had to temporarily cease trading for a short period of time due to a case of COVID-19 amongst staff members. |
| During all periods of temporary closure to date, the Company has continued to make use of the Coronavirus Job Retention Scheme. |
| 12. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is The Parogon Pub Group Limited which has the registered office of The Swan With Two Necks, Nantwich Road, Blackbrook, Newcastle, Staffordshire, ST5 5EH. |