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REGISTERED NUMBER:
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ROSEMOUNT TAVERNS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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REGISTERED NUMBER:
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ROSEMOUNT TAVERNS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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BALANCE SHEET |
30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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BALANCE SHEET - continued |
30 JUNE 2017 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | STATUTORY INFORMATION |
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Rosemount Taverns Limited is a private company, limited by shares, registered in Scotland. The company's |
registered office is 5 Fitzroy Place, Glasgow, G3 7RH. |
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The presentation currency of the financial statements is Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial |
statements have been prepared under the historical cost convention as modified by the revaluation of certain |
assets. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of rental income, brewers' discounts, |
commissions, sundry income and recharges of insurance and management fees made during the year. The |
company's policy is to recognise rental income in line with the rental agreements. Brewers' discount, |
commissions, sundry income and recharges of insurance and management fees are recognised in the period to |
which they relate. |
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Goodwill |
Goodwill arising on acquisition is the difference between the fair value of the consideration given and the fair |
value of the net assets acquired. It is included on the balance sheet and is being amortised over a period of 20 |
years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are included at cost less depreciation and impairment. |
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Investment property |
All of the company's properties are held for long term investment. Investment properties are accounted for as |
follows: |
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(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable |
expenditure. |
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(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be |
measured reliably. |
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(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account |
for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the |
revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable |
reserve (fair value reserve) in the balance sheet. |
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(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are initially recorded at transaction value and subsequently measured at their settlement |
value. |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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Operating lease commitments |
Rental costs under operating leases are charged to the profit and loss account on a straight-line basis over the |
lease term. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
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AMORTISATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2016 |
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Additions |
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Disposals | ( |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2016 |
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Additions |
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Disposals | ( |
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Revaluations | (1,031,600 | ) |
At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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The company's investment properties are held for use under operating leases. The fair value of investment |
property at 30 June 2017 has been arrived at on the basis of a valuation carried out at that date by the company |
directors, who are not professionally qualified valuers. The valuation was supported by a range of evidence |
including sales which had taken place over recent years and on the basis of market evidence and trends. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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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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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdraft |
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Bank loans |
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Other loans | 16,065 | 24,695 |
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The loans are secured by a standard security over the properties. |
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11. | CONTINGENT LIABILITIES |
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As security for banking facilities available to the company and related companies, Rosemount Estates Limited |
and Rosemount Inns Limited, the company has granted cross letters of guarantee with appropriate letters of |
offset. At 30 June 2017, the potential liability not reflected in the financial statements of Rosemount Taverns |
Limited was £1,806,416 (2016 - £2,204,583). This potential liability was adequately covered by group assets at |
30 June 2017. |
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12. | RELATED PARTY DISCLOSURES |
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Included in other creditors at 30 June 2017 is an amount due to directors of £37,480 (2016 - £44,720). These |
loans are unsecured, interest free and no repayment terms have been established. |
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13. | PARENT COMPANY |
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The company is a wholly owned subsidiary of Rosemount Group Limited. The registered address of the holding |
company is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
ROSEMOUNT TAVERNS LIMITED (REGISTERED NUMBER: SC173914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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14. | FIRST YEAR ADOPTION |
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As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
transition, 1 July 2015, and the prior year end, 30 June 2016 need to be restated for the changes which have |
occurred on transition to FRS 102. |
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In accordance with FRS 102, investment property is included at fair value. Gains are recognised in the Profit and |
Loss Account and deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
As a result of these policy changes, the balance of the investment revaluation reserve has been reallocated to |
profit and loss reserves. As this balance remains undistributable, it has been reclassified as a fair value reserve to |
differentiate from the profit and loss reserves available for distribution. |
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Deferred tax of £324,775 relating to investment property, has been incorporated on transition and the provision |
has been reduced by £67,369 in the comparative year ended 30 June 2016. The above transitional adjustments |
have resulted in Capital and Reserves at 30 June 2016, previously stated at £4,600,113 being restated to |
£4,342,707. No further restatement of the Profit and Loss Account or Balance Sheet and no further changes to |
accounting policies have been required on transition. |