The Green Elephant Pub Company Ltd Company Accounts

The Green Elephant Pub Company Ltd Company Accounts

THE GREEN ELEPHANT PUB COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04006506
THE GREEN ELEPHANT PUB COMPANY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2017
THE GREEN ELEPHANT PUB COMPANY LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
9
THE GREEN ELEPHANT PUB COMPANY LTD
STATEMENT OF FINANCIAL POSITION
31 May 2017
2017
2016
Note
£
£
£
£
Fixed assets
Intangible assets
5
3,000
4,000
Tangible assets
6
14,584
11,567
--------
--------
17,584
15,567
Current assets
Stocks
13,248
13,193
Debtors
7
223,766
222,153
Cash at bank and in hand
22,526
2,676
---------
---------
259,540
238,022
Creditors: amounts falling due within one year
8
( 128,072)
( 130,171)
---------
---------
Net current assets
131,468
107,851
---------
---------
Total assets less current liabilities
149,052
123,418
---------
---------
Net assets
149,052
123,418
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
148,952
123,318
---------
---------
Shareholders funds
149,052
123,418
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE GREEN ELEPHANT PUB COMPANY LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2017
These financial statements were approved by the board of directors and authorised for issue on 23 February 2018 , and are signed on behalf of the board by:
Mr R W A Manners
Director
Company registration number: 04006506
THE GREEN ELEPHANT PUB COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These 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 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 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold Property
-
12 years straight line method
Fixtures, Fittings and Equipment
-
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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2016: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2016 and 31 May 2017
20,000
--------
Amortisation
At 1 June 2016
16,000
Charge for the year
1,000
--------
At 31 May 2017
17,000
--------
Carrying amount
At 31 May 2017
3,000
--------
At 31 May 2016
4,000
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2016
166,360
69,268
235,628
Additions
–
6,663
6,663
---------
--------
---------
At 31 May 2017
166,360
75,931
242,291
---------
--------
---------
Depreciation
At 1 June 2016
166,360
57,701
224,061
Charge for the year
–
3,646
3,646
---------
--------
---------
At 31 May 2017
166,360
61,347
227,707
---------
--------
---------
Carrying amount
At 31 May 2017
–
14,584
14,584
---------
--------
---------
At 31 May 2016
–
11,567
11,567
---------
--------
---------
7. Debtors
2017
2016
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
211,878
207,493
Other debtors
11,888
14,660
---------
---------
223,766
222,153
---------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
–
25,261
Trade creditors
42,267
32,290
Amounts owed to group undertakings and undertakings in which the company has a participating interest
34,949
35,299
Corporation tax
5,550
–
Social security and other taxes
25,522
19,707
Other creditors
19,784
17,614
---------
---------
128,072
130,171
---------
---------
9. Related party transactions
The company was under the control of Messrs R W A Manners and G G Manners throughout the current and previous year. Messrs Manners and Manners are joint managing directors of the company and together with other family members, are the shareholders of Orange Giraffe Holdings Limited, which in turn is the sole shareholder of The Green Elephant Pub Company Limited. The following amounts were owed to The Green Elephant Pub Company Limited by other subsidiaries of Orange Giraffe Holdings Limited: £ 5,776 (2016: £6,806) by OG6 Limited , £ 156,665 (2016: £126,902) by Yellow Bear Pub Co Limited , £ 12,968 (2016: £12,968) by OG5 Limited and £ 36,469 (2016 £60,817) by The Orange Giraffe Pub Company Limited . The following amounts were owed by The Green Elephant Pub Company Limited to other subsidiaries of Orange Giraffe Holdings Limited: £ 27,049 (2016: £27,399) to Purple Tiger Pub Company Limited, and £ 7,900 (2016: £7,900) to Orange Giraffe Holdings Limited All amounts are interest free and repayable on demand.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.
THE GREEN ELEPHANT PUB COMPANY LTD
MANAGEMENT INFORMATION
YEAR ENDED 31 MAY 2017
The following pages do not form part of the financial statements.
THE GREEN ELEPHANT PUB COMPANY LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE GREEN ELEPHANT PUB COMPANY LTD
YEAR ENDED 31 MAY 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Green Elephant Pub Company Ltd for the year ended 31 May 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of The Green Elephant Pub Company Ltd, as a body, in accordance with the terms of our engagement letter dated 19 June 2016. Our work has been undertaken solely to prepare for your approval the financial statements of The Green Elephant Pub Company Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Green Elephant Pub Company Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Green Elephant Pub Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Green Elephant Pub Company Ltd. You consider that The Green Elephant Pub Company Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Green Elephant Pub Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSG VALENTINE (UK) LLP Chartered Accountants
Lynton House 7 - 12 Tavistock Square London WC1H 9BQ
23 February 2018