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Report of the Directors and |
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Unaudited Financial Statements for the Period 1 September 2021 to 3 April 2022 |
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Pie & Pint Inns Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Period 1 September 2021 to 3 April 2022 |
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for |
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Pie & Pint Inns Limited |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Contents of the Financial Statements |
for the Period 1 September 2021 to 3 April 2022 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Pie & Pint Inns Limited |
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Company Information |
for the Period 1 September 2021 to 3 April 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Report of the Directors |
for the Period 1 September 2021 to 3 April 2022 |
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The directors present their report with the financial statements of the company for the period 1 September 2021 to 3 April 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of public houses. |
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EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
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DIRECTORS |
The directors who have held office during the period from 1 September 2021 to the date of this report are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Income Statement |
for the Period 1 September 2021 to 3 April 2022 |
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Period |
1.9.21 |
to | Year Ended |
3.4.22 | 31.8.21 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS (LOSS)/PROFIT | ( |
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Administrative expenses |
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(400,367 | ) | 35,977 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Interest receivable and similar income |
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(400,365 | ) | 159,378 |
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Interest payable and similar expenses |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit |
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(LOSS)/PROFIT FOR THE
FINANCIAL PERIOD |
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Balance Sheet |
3 April 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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The directors acknowledge their 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. |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Balance Sheet - continued |
3 April 2022 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements |
for the Period 1 September 2021 to 3 April 2022 |
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1. | STATUTORY INFORMATION |
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Pie & Pint Inns Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 Section 1A, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
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The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2). |
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The following principal accounting policies have been applied: |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
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Food and beverage |
These revenues are recorded net of value added tax and tips/gratuities collected from customers and are recognised as the related services are delivered. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
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The estimated useful lives range as follows: |
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Freehold property | - over 50 years |
Long-term leasehold property | - over the life of the lease |
Plant and machinery | - between 5-15 years |
Motor vehicles | - over 5 years |
Fixtures and fittings | - between 5-20 years |
Office equipment | - between 3-10 years |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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Revaluation of tangible fixed assets |
Individual freehold and leasehold properties are carried at open market value at the date of the Statement of Financial Position. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date. |
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Fair values are determined by the Directors using market-based evidence and with the support of professionally qualified valuers. |
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Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
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Stocks |
Raw materials and consumables are stated at the lower of cost and net realisable value on first-in, first-out basis. Crockery, linen, and staff uniforms (included in other stock) are accounted for on a renewals basis. There are no material differences between the recorded book values and replacement cost. |
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred and current taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: |
o The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; |
o Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and |
o Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. |
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Deferred tax |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2021 -
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2021 - operating profit) is stated after charging: |
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Period |
1.9.21 |
to | Year Ended |
3.4.22 | 31.8.21 |
£ | £ |
Depreciation - owned assets |
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Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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5. | TAXATION |
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2022 | 2021 |
Tax on profit on ordinary activities | £ | £ |
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a) The charge/(credit) based on the results for the period is as follows: |
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Taxation based on the profit for the period |
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Corporation tax payable at 19% | - | 29,353 |
Total current tax charge | - | 29,353 |
Deferred tax |
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Total deferred tax | - | - |
Total tax charge on loss on ordinary activities | - | 29,353 |
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b) Circumstances affecting current charge: |
The standard rate of current tax of the year, based on the UK standard rate of 19% (2021 - | 19%). The current tax charge for the year differs from the standard rate for the reasons in the reconciliation below: |
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2022 | 2021 |
£ | £ |
Profit on ordinary activities before tax | (400,365 | ) | 148,058 |
Tax on profit on ordinary activities at standard rate | (76,069 | ) | 28,131 |
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Factors affecting charge: |
Disallowable expenses | - | 1,222 |
Intercompany write off | 95,246 | - |
Group relief received for nil consideration | (19,177 | ) | - |
Total current tax (as note above) | - | 29,353 |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 September 2021 |
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Disposals | ( |
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At 3 April 2022 |
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DEPRECIATION |
At 1 September 2021 |
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Charge for period |
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Eliminated on disposal | ( |
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At 3 April 2022 |
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NET BOOK VALUE |
At 3 April 2022 |
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At 31 August 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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The loan due to the parent is repayable on demand and so has been disclosed as due within one year as above. The parent company has however agreed not to demand repayment for at least 12 months from the date of approval of the Company's financial statements unless the Company has sufficient cashflow available to meet such repayment. Interest is payable on the loan at 10% per annum however this was waived in the year ended 3 April 2022. |
Pie & Pint Inns Limited (Registered number: 06758171) |
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Notes to the Financial Statements - continued |
for the Period 1 September 2021 to 3 April 2022 |
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9. | POST BALANCE SHEET EVENTS |
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Pie & Pint Inns Limited is part of a wider Group headed by the RedCat Pub Company Limited. Subsequent to the period end (on 12 December 2022), the Group received £35.0m additional funding from its majority shareholder, which it used to repay its external borrowings. |
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The Group also completed a corporate re-organisation in June 2022, creating a more flexible structure for future growth and financing, while reinforcing the security of the existing lenders. As part of this restructuring a new entity RedCat Midco Limited was incorporated as a direct subsidiary of RedCat Pub Company Limited. |
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10. | ULTIMATE PARENT AND CONTROLLING PARTY |
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The Immediate Parent Company is RedCat Retail Pubs Limited who own 100% of the share capital in the entity. |
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The smallest and largest undertaking for which the company is a member and for which group financial statements are prepared is RedCat Pub Company Limited. |
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The Ultimate Parent Company is OCM Lux Monarch Sari, an investment fund managed by Oaktree Capital Management LP, a private equity firm. |
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The Ultimate Controlling Party is Oaktree Opportunities Fund XI GP LP, an investment fund managed by Oaktree Capital Management LP, a private equity management firm. |