Registration number:
for the Year Ended
Maverick Pubs Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Maverick Pubs Limited
(Registration number: 10848410)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
100 |
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Profit and loss account |
(899,817) |
(307,899) |
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Total equity |
(899,816) |
(307,799) |
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Maverick Pubs Limited
(Registration number: 10848410)
Balance Sheet as at 31 March 2019
Approved and authorised by the
.........................................
Director
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Maverick Pubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company is reliant on the financial supprt of its parent company, Maverick Pubs (Holdings) Limited.
Revenue recognition
Turnover is primarily derived from pub operations, including food and beverage sales and the hosting of private function events. Turnover is recognised when functions are held and when food and beverages are sold.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line |
Fixtures and fittings |
10% - 20% straight line |
Office equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Maverick Pubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Maverick Pubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Freehold property |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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- |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Included within the net book value of land and buildings above is £5,879,416 (2018 - £5,788,349) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Goods for resale |
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Debtors |
2019 |
2018 |
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Prepayments |
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Other debtors |
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Maverick Pubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group and associate undertakings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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The bank loan is secured by a fixed and floating charge over the Freehold land and buildings and fixtures and fittings held by the company.
Related party transactions |
Summary of transactions with parent
At the year end Maverick Pubs Limited owed their parent company, Maverick Pubs (Holdings) Limited, £5,749,990 (2018: £5,750,000).
Parent and ultimate parent undertaking |
The company's immediate parent is
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