Farestone Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07547775 (England and Wales)

Financial Statements

for the Year Ended 31 December 2016

for

Farestone Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P M Sharp

D E Myers

J L Keates

R J Colclough

C Childs

REGISTERED OFFICE:

The Swan With Two Necks

Nantwich Road

Blackbrook

Newcastle under Lyme

ST5 5EH

REGISTERED NUMBER:

07547775 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

Statutory Auditors

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

FIXED ASSETS

Tangible assets

4

24,793

47,866

CURRENT ASSETS

Stocks

38,345

39,946

Debtors

5

644,411

489,888

Cash at bank and in hand

367,675

419,113

1,050,431

948,947

CREDITORS

Amounts falling due within one year

6

514,303

544,668

NET CURRENT ASSETS

536,128

404,279

TOTAL ASSETS LESS CURRENT LIABILITIES

560,921

452,145

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

560,920

452,144

SHAREHOLDERS' FUNDS

560,921

452,145

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 September 2017 and were signed on its behalf by:

R J Colclough - Director

1.	STATUTORY INFORMATION

Farestone Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 appropriate having regard to the company's

current and expected performance.

Turnover

Turnover is stated net of VAT and discounts. Turnover from the sale of food and drink is recognised

immediately.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

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 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 72 (2015 - 74 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

31,865

215,438

3,585

250,888

Additions

-

6,595

1,133

7,728

At 31 December 2016

31,865

222,033

4,718

258,616

DEPRECIATION

At 1 January 2016

13,166

186,907

2,949

203,022

Charge for year

3,186

26,835

780

30,801

At 31 December 2016

16,352

213,742

3,729

233,823

NET BOOK VALUE

At 31 December 2016

15,513

8,291

989

24,793

At 31 December 2015

18,699

28,531

636

47,866

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

-

2,202

Amounts owed by group undertakings

589,745

418,921

Other debtors

54,666

68,765

644,411

489,888

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

144,845

155,132

Amounts owed to group undertakings

19,941

13,951

Taxation and social security

193,171

291,725

Other creditors

156,346

83,860

514,303

544,668

7.	LEASING AGREEMENTS

The company has future operating lease commitments of £804,700 (2015: £856,332).

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Vincent ACA (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

9.	CONTINGENT LIABILITIES

The company has given an unlimited guarantee, in the form of a debenture dated 24 May 2012, secured

on the company's assets, and a legal charge dated 24 May 2012 in relation to leasehold property known

as the Wayfarer Public House, as security for the borrowings of fellow group undertakings. At 31

December 2016 these borrowings amounted to £1,192,018 (2015: £975,351). As at the date of approval

of these financial statements the directors do not anticipate that the guarantee will be called upon.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the start of the year, a director owed the company £20,010. This advance was repaid in full during

the year. The advance was interest free, unsecured and repayable on demand.

During the year, a director loaned the company £59,990. The director has charged the company

interest at a rate of 8% per annum on this loan. At the year end, the company owed the director

£59,990. The loan was unsecured and repayable on demand.

The balance owing to the director at the year end is included in other creditors.

11.	RELATED PARTY DISCLOSURES

12.	PARENT COMPANY

13.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 December 2016 are the first financial statements that

comply with FRS 102 Section 1A small entities. The date of transition is 1 August 2014.

The transition to FRS 102 Section 1A small entities has not resulted in any changes in accounting

policies to those used previously and therefore has not impacted on reported results for the prior year

nor on opening equity.