The One and Only Pub Co Ltd - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 03938353 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

THE ONE AND ONLY PUB COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J S Mogg

REGISTERED OFFICE:

Bird in Hand

1 Queen Square

North Curry

Taunton

Somerset

TA3 6LT

REGISTERED NUMBER:

03938353 (England and Wales)

ACCOUNTANTS:

Goldwyns (Bristol) Limited

Chartered Accountants

9 Portland Square

BRISTOL

BS2 8ST

FIXED ASSETS

Intangible assets

4

20,000

20,000

Tangible assets

5

636,951

640,267

656,951

660,267

CURRENT ASSETS

Stocks

6

4,604

4,604

Debtors

7

33,408

77,089

Cash at bank and in hand

1,565

1,622

39,577

83,315

CREDITORS

Amounts falling due within one year

8

127,225

146,498

NET CURRENT LIABILITIES

(87,648

)

(63,183

)

TOTAL ASSETS LESS CURRENT LIABILITIES

569,303

597,084

CREDITORS

Amounts falling due after more than one year

9

(265,908

)

(285,624

)

PROVISIONS FOR LIABILITIES

(37,152

)

(41,770

)

NET ASSETS

266,243

269,690

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Revaluation reserve

315,825

311,207

Retained earnings

(50,582

)

(42,517

)

SHAREHOLDERS' FUNDS

266,243

269,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

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 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 director on 11 October 2017 and were signed by:

J S Mogg - Director

1.	STATUTORY INFORMATION

The One and Only Pub Company 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.

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 company had net current liabilities of £87,648 as at 28 February 2017. 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 director is of the belief that the company can return to profitability. Accordingly,

the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the

goods are physically received by the customer.

Goodwill

The director carried out an impairment review at the year end and concluded that the value of goodwill, acquired

in 2000, was greater than its original cost . Therefore, the policy not to amortise goodwill has been adopted in the

financial statements. This is a departure from the specific requirement of companies legislation to amortise

goodwill over a finite period for the overriding purpose of giving a true and fair view.

The effect of this departure is to not charge any amortisation of goodwill to the profit and loss account for the

period or to reduce the value of goodwill as shown in the balance sheet as at the balance sheet date.

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

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 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.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

First-time adoption of frs 102 1a

The company has been required to adopt FRS 102 1A. The date of transition was on 01 March 2015 which has

required the comparative figures to be restated under FRS 102 1A. As a result of this, the company has had to

recognise a deferred tax provision of £37,152 arising on the uplifted value of its freehold property following its

revaluation in 2011. The changes to the comparative figures as a result of the restatement are set out on pages 12,

13 and 14.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

20,000

NET BOOK VALUE

At 28 February 2017

20,000

At 29 February 2016

20,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 March 2016

620,000

52,087

44,873

716,960

Additions

-

370

-

370

At 28 February 2017

620,000

52,457

44,873

717,330

DEPRECIATION

At 1 March 2016

-

37,738

38,955

76,693

Charge for year

-

2,208

1,478

3,686

At 28 February 2017

-

39,946

40,433

80,379

NET BOOK VALUE

At 28 February 2017

620,000

12,511

4,440

636,951

At 29 February 2016

620,000

14,349

5,918

640,267

6.

STOCKS

2017

2016

£

£

Stocks

4,604

4,604

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Director's current account

21,131

45,862

Section 455 tax

11,466

18,980

Prepayments

811

12,247

33,408

77,089

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

35,313

34,310

Trade creditors

44,632

50,398

Social security and other taxes

926

985

VAT

43,999

56,600

Accrued expenses

2,355

4,205

127,225

146,498

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans 1-2 years

9,178

8,920

Santander mortgage 1-2 years

14,415

13,835

Bank loans 2-5 years

29,941

29,099

Santander mortgage 2-5 years

47,026

45,135

Bank loans 5+ years

31,267

38,447

Santander mortgage 5+ years

134,081

150,188

265,908

285,624

Amounts falling due in more than five years:

Repayable by instalments

Bank loans 5+ years

31,267

38,447

Santander mortgage 5+ years

134,081

150,188

165,348

188,635

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

16,629

16,824

Bank loans

284,592

303,110

301,221

319,934

The company's bankers have a fixed and floating charge over the undertaking and all property and assets present

and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2017 and

29 February 2016:

2017

2016

£

£

J S Mogg

Balance outstanding at start of year

45,862

75,918

Amounts advanced

4,016

-

Amounts repaid

(28,719

)

(30,056

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,159

45,862

During the year the company charged the director loan interest of £931 (2016: £1,618) at HMRC's advisory

rates.