| Sowena Taverns Limited |
| Registered number: |
06055700 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 March 2014. |
|
| Principal activities |
| The company's principal activity during the year continued to be the operation of the St. John Inn, a public house and restauraunt. The public house was closed for the year under review. |
|
| Directors |
| The following persons served as directors during the year: |
|
|
Peter Stroud |
|
Steven Arentsen (Resigned 28/10/13) |
|
Gillian West (Appointed 28/10/13) |
|
David Harries (Appointed 28/10/13) |
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| This report was approved by the board on 23 December 2014 and signed on its behalf. |
|
|
|
|
|
| Peter Stroud |
| Director |
|
| Sowena Taverns Limited |
| Statement of Directors' Responsibilities |
|
|
| The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
|
| Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: |
| ● |
select suitable accounting policies and then apply them consistently; |
| ● |
make judgements and estimates that are reasonable and prudent; |
| ● |
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
|
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
|
| Sowena Taverns Limited |
| Balance Sheet |
| as at 31 March 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
4 |
|
|
58,500 |
|
|
63,000 |
| Tangible assets |
5 |
|
|
353,008 |
|
|
365,077 |
|
|
|
|
411,508 |
|
|
428,077 |
|
| Current assets |
| Cash at bank and in hand |
|
|
- |
|
|
426 |
|
| Creditors: amounts falling due within one year |
6 |
|
(608,795) |
|
|
(547,578) |
|
| Net current liabilities |
|
|
|
(608,795) |
|
|
(547,152) |
|
| Total assets less current liabilities |
|
|
|
(197,287) |
|
|
(119,075) |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(328,212) |
|
|
(362,291) |
|
|
|
| Net liabilities |
|
|
|
(525,499) |
|
|
(481,366) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
8 |
|
|
1,000 |
|
|
1,000 |
| Profit and loss account |
9 |
|
|
(526,499) |
|
|
(482,366) |
|
| Shareholders' funds |
|
|
|
(525,499) |
|
|
(481,366) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| Peter Stroud |
| Director |
| Approved by the board on 23 December 2014 |
|
| Sowena Taverns Limited |
| Notes to the Accounts |
| for the year ended 31 March 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Land and buildings |
2% straight line |
|
Fixtures, fittings and equipment |
25% reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Goodwill |
|
Acquired Goodwill is written off in equal annual instalments over its estimated useful economic life which is deemed to be 20 years. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Going concern |
|
The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company for the foreseeable future and have agreed not to seek repayment of their loans until the company has sufficient liquid assets to allow for repayment. |
|
|
| 2 |
Operating loss |
2014 |
|
2013 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
12,189 |
|
12,740 |
|
Amortisation of goodwill |
4,500 |
|
4,500 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable |
2014 |
|
2013 |
| £ |
£ |
|
|
Interest payable |
16,689 |
|
17,240 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2013 |
90,000 |
|
At 31 March 2014 |
90,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2013 |
27,000 |
|
Provided during the year |
4,500 |
|
At 31 March 2014 |
31,500 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2014 |
58,500 |
|
At 31 March 2013 |
63,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill arose on the purchase of the St. John Inn and is being written off in equal annual instalments over its estimated economic life of 20 years. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures, fittings and equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2013 |
396,003 |
|
72,895 |
|
468,898 |
|
At 31 March 2014 |
396,003 |
|
72,895 |
|
468,898 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2013 |
47,521 |
|
56,300 |
|
103,821 |
|
Charge for the year |
7,920 |
|
4,149 |
|
12,069 |
|
At 31 March 2014 |
55,441 |
|
60,449 |
|
115,890 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2014 |
340,562 |
|
12,446 |
|
353,008 |
|
At 31 March 2013 |
348,482 |
|
16,595 |
|
365,077 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
| £ |
£ |
|
|
Loans from directors |
604,995 |
|
540,181 |
|
Trade creditors |
1,400 |
|
2,400 |
|
Other creditors |
2,400 |
|
4,997 |
|
|
|
|
|
|
608,795 |
|
547,578 |
|
|
|
|
|
|
|
|
|
|
Loans from directors are subordinated to the bank loan and £54,198 is secured against the property and repayable following the bank loan being repaid in full. |
|
| 7 |
Creditors: amounts falling due after one year |
2014 |
|
2013 |
| £ |
£ |
|
|
Bank loans |
328,212 |
|
339,291 |
|
Other creditors |
- |
|
23,000 |
|
|
|
|
|
|
328,212 |
|
362,291 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured against the property and is repayable over 25 years terminating in January 2032. |
|
| 8 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Profit and loss account |
2014 |
| £ |
|
|
At 1 April 2013 |
(482,366) |
|
Loss for the year |
(44,133) |
|
|
At 31 March 2014 |
(526,499) |
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
2014 |
|
2013 |
| £ |
£ |
|
Peter Stroud |
|
Peter Stroud is a shareholder and a director of the company. |
|
During the year Peter Stroud loaned the company £10,616 (2013: £11,026) |
|
Amount due from (to) the related party |
(364,906) |
|
(354,290) |
|
David Harries |
|
David Harries is a director of the company. |
|
During the year David Harries loaned the company £31,198 (2013: £23,000) |
|
Amount due from (to) the related party |
(240,089) |
|
- |
|
Steven Arentsen |
|
Steven Arentsen is a shareholder and was a director of the company during the year. |
|
Amount due from (to) the related party |
- |
|
(185,891) |
