The One and Only Pub Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03938353 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2018

for

THE ONE AND ONLY PUB CO LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J S Mogg

REGISTERED OFFICE:

C/o The Bird in Hand

1 Queen Square

North Curry

Taunton

Somerset

TA3 6LT

REGISTERED NUMBER:

03938353 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Intangible assets

4

20,000

20,000

Tangible assets

5

633,725

636,951

653,725

656,951

CURRENT ASSETS

Stocks

6

4,604

4,604

Debtors

7

4,225

33,408

Cash at bank and in hand

5,771

1,565

14,600

39,577

CREDITORS

Amounts falling due within one year

8

127,626

127,225

NET CURRENT LIABILITIES

(113,026

)

(87,648

)

TOTAL ASSETS LESS CURRENT LIABILITIES

540,699

569,303

CREDITORS

Amounts falling due after more than one year

9

(246,060

)

(265,908

)

PROVISIONS FOR LIABILITIES

(34,268

)

(37,152

)

NET ASSETS

260,371

266,243

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Revaluation reserve

318,709

315,825

Retained earnings

(59,338

)

(50,582

)

SHAREHOLDERS' FUNDS

260,371

266,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 30 October 2018 and were signed by:

J S Mogg - Director

1.	STATUTORY INFORMATION

The One and Only Pub Co Ltd 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 £113,026 as at 28 February 2018. 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.

Customer relationships (formerly shown as goodwill)

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

relationships, acquired in 2000, was greater than its original cost . Therefore, the policy not to amortise

customer relationships has been adopted in the financial statements.

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

Freehold property - not provided for as this asset is maintained to a condition as it was when first acquired.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2017 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Customer

relationships

(formerly

goodwill)

£

COST

At 1 March 2017

and 28 February 2018

20,000

NET BOOK VALUE

At 28 February 2018

20,000

At 28 February 2017

20,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 March 2017

620,000

52,457

44,873

717,330

Disposals

-

-

(27,638

)

(27,638

)

At 28 February 2018

620,000

52,457

17,235

689,692

DEPRECIATION

At 1 March 2017

-

39,946

40,433

80,379

Charge for year

-

1,877

1,031

2,908

Eliminated on disposal

-

-

(27,320

)

(27,320

)

At 28 February 2018

-

41,823

14,144

55,967

NET BOOK VALUE

At 28 February 2018

620,000

10,634

3,091

633,725

At 28 February 2017

620,000

12,511

4,440

636,951

6.

STOCKS

2018

2017

£

£

Stocks

4,604

4,604

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Director's current account

-

21,131

Section 455 tax

4,145

11,466

Prepayments

80

811

4,225

33,408

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

30,307

35,313

Trade creditors

42,103

44,632

Social security and other taxes

3,011

926

VAT

38,943

43,999

Other creditors

68

-

Director's current account

11,194

-

Accrued expenses

2,000

2,355

127,626

127,225

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

63,848

70,386

Santander mortgage

182,212

195,522

246,060

265,908

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

10,517

16,629

Bank loan and mortgage

265,850

284,592

276,367

301,221

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

2018

2017

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 2018 and

28 February 2017:

2018

2017

£

£

J S Mogg

Balance outstanding at start of year

21,131

45,834

Amounts advanced

-

4,016

Amounts repaid

(21,131

)

(28,719

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

21,131

During the year the company charged the director loan interest of £241 (2017: £931) at HMRC's advisory

rates.