OEK Pubs Limited Company accounts

OEK Pubs Limited Company accounts

OEK PUBS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09348631
OEK Pubs Limited
Unaudited Financial Statements
30 December 2018
OEK Pubs Limited
Financial Statements
Period from 1 January 2018 to 30 December 2018
Contents
Page
Officers and Professional Advisers
1
Directors' Report
2
Statement of Income and Retained Earnings
3
Statement of Financial Position
4
Notes to the Financial Statements
6
OEK Pubs Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
R E Harris
S M Kenee
REGISTERED OFFICE
The Old Bakehouse
Course Road
Ascot
SL5 7HL
ACCOUNTANTS
Hayhursts
Chartered accountant
Second Floor Grove House
6 Meridians Cross
Ocean Way
Ocean Village
Southampton
SO14 3TJ
OEK Pubs Limited
Directors' Report
Period from 1 January 2018 to 30 December 2018
The directors present their report and the unaudited financial statements of the company for the period ended 30 December 2018 .
Directors
The directors who served the company during the period were as follows:
R E Harris
S M Kenee
Going Concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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 8 November 2019 and signed on behalf of the board by:
R E Harris
Director
Registered office:
The Old Bakehouse
Course Road
Ascot
SL5 7HL
OEK Pubs Limited
Statement of Income and Retained Earnings
Period from 1 January 2018 to 30 December 2018
Period from
1 Jan 18 to
Year to
30 Dec 18
31 Dec 17
Note
£000
£000
TURNOVER
2,736
2,762
Cost of sales
( 606)
( 669)
-------
-------
GROSS PROFIT
2,130
2,093
Administrative expenses
( 1,935)
( 1,896)
-------
-------
OPERATING PROFIT
195
197
-------
-------
PROFIT BEFORE TAXATION
5
195
197
Tax on profit
( 22)
( 36)
----
----
PROFIT FOR THE FINANCIAL PERIOD AND TOTAL COMPREHENSIVE INCOME
173
161
----
----
RETAINED EARNINGS AT THE START OF THE PERIOD
311
150
----
----
RETAINED EARNINGS AT THE END OF THE PERIOD
484
311
----
----
All the activities of the company are from continuing operations.
OEK Pubs Limited
Statement of Financial Position
30 December 2018
30 Dec 18
31 Dec 17
Note
£000
£000
FIXED ASSETS
Tangible fixed assets
6
4,659
4,399
CURRENT ASSETS
Stocks
39
34
Debtors
7
312
252
Cash at bank and in hand
362
588
----
----
713
874
CREDITORS: amounts falling due within one year
8
328
402
----
----
NET CURRENT ASSETS
385
472
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
5,044
4,871
PROVISIONS
49
49
-------
-------
NET ASSETS
4,995
4,822
-------
-------
CAPITAL AND RESERVES
Called up share capital
47
47
Share premium account
4,464
4,464
Profit and loss account
484
311
-------
-------
MEMBERS FUNDS
4,995
4,822
-------
-------
These 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 period ending 30 December 2018 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 period 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 .
OEK Pubs Limited
Statement of Financial Position (continued)
30 December 2018
These financial statements were approved by the board of directors and authorised for issue on 8 November 2019 , and are signed on behalf of the board by:
R E Harris
Director
Company registration number: 09348631
OEK Pubs Limited
Notes to the Financial Statements
Period from 1 January 2018 to 30 December 2018
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 Old Bakehouse, Course Road, Ascot, SL5 7HL. The principal activity of the company is the operation of public houses.
2. STATEMENT OF COMPLIANCE
These Financial Statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention and in accordance with applicable accounting standards.
Going concern
The directors have produced detailed projections for the company for the period through to December 2019 and high level projections beyond that point. These projections confirm that the company has sufficient financial resources to enable it to meet its debts as they fall due. Consequently the directors have produced these financial statements on a going concern basis.
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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and sources of estimation uncertainty have had the most significant effect on amounts recognised in the financial statements: Taxation Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. See note 14 for the net carrying amount of deferred tax assets. Tangible assets The balance sheet includes significant property, plant and equipment balances. Accordingly, the useful lives and residual values applied are considered to be significant accounting estimates. See note 9 for the carrying amount of property plant and equipment and note 3 for the useful economic lives for each class of asset.
Revenue recognition
Revenue is recognised as goods and services are supplied. Revenue is measured as the amount of consideration received or receivable, net of VAT, duties and trade discounts.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property
-
1% straight line
Plant and machinery
-
15% straight line
Fixtures, fittings and equipment
-
10% straight line
Computer equipment
-
25% straight line
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.
Stocks
Inventories are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of comprehensive income immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in the statement of comprehensive income immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 79 (2017: 76 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
Period from
1 Jan 18 to
Year to
30 Dec 18
31 Dec 17
£000
£000
Depreciation of tangible fixed assets
65
56
----
----
6. TANGIBLE FIXED ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£000
£000
£000
£000
£000
Cost
At 1 January 2018
4,241
183
80
4
4,508
Additions
266
26
31
2
325
-------
----
----
----
-------
At 30 December 2018
4,507
209
111
6
4,833
-------
----
----
----
-------
Depreciation
At 1 January 2018
47
46
14
2
109
Charge for the period
24
30
10
1
65
-------
----
----
----
-------
At 30 December 2018
71
76
24
3
174
-------
----
----
----
-------
Carrying amount
At 30 December 2018
4,436
133
87
3
4,659
-------
----
----
----
-------
At 31 December 2017
4,194
137
66
2
4,399
-------
----
----
----
-------
Deferred consideration equal to 100% of the increase in the capital values from £4.56m to £5.795m and 92.5% of any uplift thereafter will be payable if the public houses or associated land are subsequently sold.
7. DEBTORS
30 Dec 18
31 Dec 17
£000
£000
Trade debtors
23
25
Other debtors
289
227
----
----
312
252
----
----
8. CREDITORS: amounts falling due within one year
30 Dec 18
31 Dec 17
£000
£000
Trade creditors
142
185
Corporation tax
22
36
Social security and other taxes
101
68
Other creditors
63
113
----
----
328
402
----
----
9. CONTROLLING PARTY
In the directors' opinion there is no controlling party.