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Registered number: 08477821
CHILLED PUBS (QUARNDON) LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
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CHILLED PUBS (QUARNDON) LTD
REGISTERED NUMBER: 08477821
BALANCE SHEET
AS AT 1 JANUARY 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2023.
The notes on pages 2 to 10 form part of these financial statements.
Page 1
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
Chilled Pubs (Quarndon) Limited is a private company limited by shares and incorporated in England. The Company's registered office is The Joiners Arms, 60 Church Road, Quarndon, Derby, Derbyshire, United Kingdom, DE22 5JA. The Company's registration number is 08477821. The nature of the Company's operations and principal activities is the operation of a public house.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is GBP.
The Company has prepared it's financial statements to the nearest £.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Chilled Pubs Limited as at 53 Weeks Ended 2nd January 2023 and these financial statements may be obtained from Companies House.
The Directors believe that the Company's financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements.
After consideration of the Company and wider Group's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As such the Company continues to adopt the going concern basis in preparing it's financial statements.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised at the point of sale of goods, except for revenues generated from gift cards sold and loyalty points awarded. Revenues generated in respect of gift cards sold and loyalty points awarded are deferred and only recognised upon the redemption or expiration of these, whichever comes earlier.
Page 2
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the 52 Weeks in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 3
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the 52 Weeks comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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No depreciation provided for (see note 3)
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Over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 4
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The directors do not consider there to be any key sources of estimation uncertainty, other than not providing for depreciation on freehold property based on the opinion that the estimated residual value of the buildings are not materially different from the carrying value of the building.
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The average monthly number of employees, including directors, during the 52 Weeks Ended 1 January 2023 was 77 (2022 - 85).
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Page 5
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
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Charge for the 52 Weeks on owned assets
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Page 6
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within other creditors is an amount totaling £1,623 which is owed to a director. This loan is unsecured, interest free and repayable on demand.
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Page 7
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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During the year, the bank loan was repaid in full. The Company remains subject to a cross guarantee in respect of bank loans owed by the wider Group.
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Charged to profit or loss
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Page 8
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
12.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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The net reversal of deferred tax expected is not considered to be material.
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Profit and loss account
Includes all distributable current period retained profits and losses.
The Company is party to facilities offered by it's bankers to the group in respect of loans and bankers' guarantees. It has jointly and severally with other group companies given a guarantee over the other group companies liabilities owed to the bank. As at 1st January 2023, the Group's liability in respect of this guarantee was £3,850,863 (2022: £1,685,465).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,299 (2022: £10,359). Contributions totalling £3,760 (2022: £1,499) were payable to the fund at the balance sheet date and are included in creditors.
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Prior year reclassification
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The prior period comparative figures for cost of sales and administration expenses have been restated to more appropriately reflect the classification of the expenses. The impact of this adjustment on the net profit and loss for the prior period is nil.
Page 9
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CHILLED PUBS (QUARNDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 1 JANUARY 2023
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Related party transactions
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The Company has taken advantage of the exemption available within FRS 102 to not disclose details of transactions between itself and it's fellow group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.
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The Company's ultimate parent undertakings is Chilled Pubs Limited, a company incorporated in England, by virtue of its 100% shareholding in Chilled Pubs (Quarndon) Limited.
The ultimate controlling party is Richard & Loren Pope, by virtue of their controlling interest in the equity capital in Chilled Pubs Limited.
The auditors' report on the financial statements for the 52 Weeks ended 1 January 2023 was unqualified.
The audit report was signed on 28 September 2023 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
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