Garco Pubs and Bars Limited Filleted accounts for Companies House (small and micro)

GARCO PUBS AND BARS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06655804

Garco Pubs and Bars Limited

Filleted Unaudited Financial Statements

31 July 2021

Garco Pubs and Bars Limited

Financial Statements

Year ended 31 July 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Garco Pubs and Bars Limited

Statement of Financial Position

31 July 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		28,592	17,110

Current assets

Stocks		10,842	17,092
Debtors	6	121,556	93,794
Cash at bank and in hand		59,451	76,414
		---------	---------
		191,849	187,300

Creditors: amounts falling due within one year	7	129,317		145,363
		---------		---------
Net current assets			62,532	41,937
			--------	--------
Total assets less current liabilities			91,124	59,047

Creditors: amounts falling due after more than one year	8		39,195	55,704

Provisions

Taxation including deferred tax	3,010	926
	--------	--------
Net assets	48,919	2,417
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	48,819	2,317
	--------	-------
Shareholders funds	48,919	2,417
	--------	-------

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 Section 1A of 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 July 2021 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 .

Garco Pubs and Bars Limited

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 28 April 2022 , and are signed on behalf of the board by:

Mr R P Garrett	Mrs K E Garrett
Director	Director

Company registration number: 06655804

Garco Pubs and Bars Limited

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, CT1 3DN, Kent.

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.

Going concern

The directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis. The company is currently assessing the impact of Covid-19 on the financial performance of the business during the 2022 financial year. Whilst the impact is not yet clear the company believes that Covid-19 will have a negative impact on performance for the year. The company expects to make appropriate adjustments to financial and operational plans for the 2022 financial year and as such the current accounts continue to be prepared 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. 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.

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.

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:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% 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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 year amounted to 20 (2020: 17 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2020	37,308	72,011	19,264	128,583
Additions	–	–	38,320	38,320
Disposals	( 67)	–	( 18,780)	( 18,847)
	--------	--------	--------	---------
At 31 July 2021	37,241	72,011	38,804	148,056
	--------	--------	--------	---------
Depreciation
At 1 August 2020	33,069	68,711	9,693	111,473
Charge for the year	1,936	2,587	7,648	12,171
Disposals	–	–	( 4,180)	( 4,180)
	--------	--------	--------	---------
At 31 July 2021	35,005	71,298	13,161	119,464
	--------	--------	--------	---------
Carrying amount
At 31 July 2021	2,236	713	25,643	28,592
	--------	--------	--------	---------
At 31 July 2020	4,239	3,300	9,571	17,110
	--------	--------	--------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	52,146	54,626
Other debtors	69,410	39,168
	---------	--------
	121,556	93,794
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	16,610	6,679
Trade creditors	33,948	46,465
Corporation tax	16,231	3,355
Social security and other taxes	23,989	39,836
Other creditors	38,539	49,028
	---------	---------
	129,317	145,363
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	39,195	55,704
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	18,070	44,460
Later than 1 year and not later than 5 years	–	172,817
	--------	---------
	18,070	217,277
	--------	---------

10. Directors' advances, credits and guarantees

At the year end the Directors owed £56,112 to the company (2020: Directors owed £11,113). During the year advances of £73,000 (2020: £56,790) were made to the Directors. Interest was charged on the loan at a rate of 2.25%.

11. Related party transactions

At the year end, the company was owed a net amount of £24,699 (2020: £24,699) by a company which is associated by common control.