The Packhorse Inn (Moulton) Limited Small abridged accounts

THE PACKHORSE INN (MOULTON) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of The Packhorse Inn (Moulton) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08647417

The Packhorse Inn (Moulton) Limited

Unaudited Abridged Financial Statements

31 March 2017

The Packhorse Inn (Moulton) Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Director's report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

The Packhorse Inn (Moulton) Limited

Director's Report

Year ended 31 March 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

Mr P Turner

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 December 2017 and signed on behalf of the board by:

Mr P Turner	Mr P Turner
Director	Company Secretary

Registered office:

The Forge

Lower Green

Higham

Suffolk

IP28 6NL

The Packhorse Inn (Moulton) Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	889,157	802,705

Administrative expenses	666,925	620,328
	---------	---------
Operating profit	222,232	182,377

Other interest receivable and similar income		5	–
Interest payable and similar expenses		–	18
		---------	---------
Profit before taxation	5	222,237	182,359

Tax on profit	–	–
	---------	---------
Profit for the financial year and total comprehensive income	222,237	182,359
	---------	---------

Retained earnings at the start of the year	192,190	9,831
	---------	---------
Retained earnings at the end of the year	414,427	192,190
	---------	---------

All the activities of the company are from continuing operations.

The Packhorse Inn (Moulton) Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		28,869	6,996

Current assets

Stocks	22,199	23,372
Debtors	537,928	323,764
Cash at bank and in hand	23,726	40,306
	---------	---------
	583,853	387,442

Creditors: amounts falling due within one year	198,293		198,677
	---------		---------
Net current assets		385,560	188,765
		---------	---------
Total assets less current liabilities		414,429	195,761

Creditors: amounts falling due after more than one year	–	3,569
	---------	---------
Net assets	414,429	192,192
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	414,427	192,190
	---------	---------
Shareholders funds	414,429	192,192
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

The Packhorse Inn (Moulton) Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr P Turner
Director

Company registration number: 08647417

The Packhorse Inn (Moulton) Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Forge, Lower Green, Higham, Suffolk, IP28 6NL.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and Fittings	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 30 (2016: 26 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	6,746	705
	-------	----

6. Tangible assets

	£
Cost
At 1 April 2016	7,701
Additions	28,619
	--------
At 31 March 2017	36,320
	--------
Depreciation
At 1 April 2016	705
Charge for the year	6,746
	--------
At 31 March 2017	7,451
	--------
Carrying amount
At 31 March 2017	28,869
	--------
At 31 March 2016	6,996
	--------

7. Related party transactions

The company was under the control of Mr P Turner throughout the current and previous year. Mr P Turner is the managing director and majority shareholder.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	–	–	–	–	6,996	6,996
Current assets	–	–	–	( 1)	387,443	387,442
Creditors: amounts falling due within one year	–	–	–	–	( 198,677)	( 198,677)
	----	----	----	----	---------	---------
Net current assets	–	–	–	–	188,765	188,765
	----	----	----	----	---------	---------
Total assets less current liabilities	–	–	–	( 1)	195,762	195,761

Creditors: amounts falling due after more than one year	–	–	–	–	( 3,569)	( 3,569)
	----	----	----	----	---------	---------
Net assets	–	–	–	–	192,192	192,192
	----	----	----	----	---------	---------

	----	----	----	----	---------	---------
Capital and reserves	–	–	–	–	192,192	192,192
	----	----	----	----	---------	---------

Reconciliation of profit or loss for the year

	Year ended 31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£
Gross profit	( 1)	802,706	802,705
Administrative expenses	1	( 620,329)	( 620,328)
	----	---------	---------
Operating profit	–	182,377	182,377
Interest payable and similar expenses	–	( 18)	( 18)
Tax on profit	–	–	–
	----	---------	---------
Profit for the financial year	–	182,359	182,359
	----	---------	---------

Transitional adjustments

The Packhorse Inn (Moulton) Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

The Packhorse Inn (Moulton) Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Turnover	1,307,187	1,167,047

Cost of sales

Opening stock - Liquor	18,666	13,910
Opening stock - Food	4,706	2,454
Wet Purchases	164,002	165,068
Food Purchases	239,084	193,999
Other Direct Purchases	13,771	12,283
	------------	------------
	440,229	387,714

Closing stock - Liquor	18,138	18,666
Closing stock - Food	4,061	4,706
	---------	---------
	418,030	364,342
	---------	---------

	---------	---------
Gross profit	889,157	802,705

Overheads

Administrative expenses	666,925	620,328

	---------	---------
Operating profit	222,232	182,377

Other interest receivable and similar income	5	–
Interest payable and similar expenses	–	(18)

	---------	---------
Profit before taxation	222,237	182,359
	---------	---------

The Packhorse Inn (Moulton) Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Wages and salaries	408,744	332,843
Agency Staff Costs	37,676	21,173
Rent	–	60,000
Rates and water	31,929	31,902
Light and heat	33,670	30,246
Insurance	5,183	3,811
Repairs and maintenance	17,708	28,489
Cleaning costs	35,194	29,629
Motor expenses	1,879	635
Hire, purchase and maintenance of equipment	3,812	10,406
Telephone	1,762	2,244
Office expenses	6,576	5,226
Staff training	1,054	–
Other staff related expenses	22,827	22,252
Sundry expenses	7,264	1,888
Advertising	26,972	22,670
Entertaining	1,256	1,472
Legal and professional fees	45	823
Accountancy fees	4,022	3,940
Depreciation of tangible assets	6,746	705
Bank charges	12,606	9,974
	---------	---------
	666,925	620,328
	---------	---------

Other interest receivable and similar income

Interest on cash and cash equivalents	5	–
	----	----

Interest payable and similar expenses

Interest on bank loans and overdrafts	–	18
	----	----