Ad hoc Services

From time to time something unusual can affect your business or your personal financial circumstances that will require professional assistance of some kind.

By the very nature of ad hoc work it is not possible to predict what that requirement might be, nor what it might cost to for us to provide assistance and guidance.

As a professional firm of accountants we possess a vast range of skills and experiences, and have external business relationships that are able to compliment those areas where we lack the appropriate skills.

Our policy is to be honest about our capabilities and to recognise where we need to call upon external assistance.

Our fixed fee policy extends wherever possible to ad hoc work and for all assignments we undertake detailed terms and conditions of engagement which include details of the fixed fees to be charged and the basis of payment.

Examples of ad hoc work include:

• Advising on CAPEX projects
• Preparation of Business Plans
• New lease / tenancy advice
• Company formations
• Implementation of strategic tax planning

Advising on CAPEX projects

A CAPEX or major refurbishment project is a daunting prospect where it is essential to put both time and thought into your decision to ensure that the benefits to your business from the project justify financial and other costs.

It is vital to have a proper plan in place as this is one area where proper planning pays and we will help to ensure that your planning covers all necessary areas of the refurbishment.

This will include not only assessing the financial viability of the project before a commitment is made, with the production of budgets, cash flows etc, but also to assist you in all other issues that you will need to consider e.g. refurbishment closure period and effects on trade during closure, planning permission, licensing impact for any 'change of use', environmental health & safety issues.

Preparation of Business Plans

It is absolutely essential before you embark upon any new business venture that you prepare an adequate Business Plan that incorporates your financial, marketing and development plans.

These days, pub companies, banks and other lenders are increasingly making it a prerequisite not only to have a Business Plan prepared, but also that you have had independent professional advice.

We will ensure that you have included all the various elements that anyone looking at your Plan would expect to see, being:

• Personal details
• Details about the type of pub you're looking to acquire including geographical location, layout of the pub, customer base, key features and benefits, service quality and standards along with the products and services currently on offer
• Strengths, Weaknesses, Opportunities and Threats Analysis both for you and the pub
• Competitor Analysis to correctly identify and locate your competitors
• Your plans for the business; short, medium and long term (including any advertising or marketing ideas & refurbishment plans)
• 12 month budgeted Profit and Loss projection and Cash Flow forecast
• Details of your initial finance and capital, along with the source, not only to acquire the business but also to ensure adequate working capital in the crucial few months of trade.

Finally, we can prepare throughout the year any additional ad hoc budgets, cash flows and projections when required. These can then be used in your management accounts to compare actual figures achieved against your budget.

New lease or tenancy advice

We can help you choose the right tenancy or lease.

You need to take your time to ensure you make the right decision. We will ensure that you do not make the mistake in believing that the starting point of acquiring a pub through the lessee or tenant route is the preparation of a Business Plan.

Pre-Business Plan Actions and areas we assist you would include:

• Finding the right pub
  
  Look at geographical location, obtain local knowledge, find out who your local competitors will be along with the type of establishment they run, is the pub the right type i.e. is it suitable for the type of establishment you want to run, try and get as much up to date financial information that you can from the pub company and/or existing tenant/lessee (which we will then assess as to accuracy, reliability and feasibility for that type of business).
  
  What is the recent history between the pub company and the tenant or lessee?
  
  A new operator every 6 months would seem to indicate an inherent problem with the pub being a viable business proposition but conversely taking over from a long established and successful tenant or lessee can itself be a hard act to follow.
• Finding the right landlord or Pub Company
  
  Find out as much as you can about the landlord or pub company from the existing tenant or lessee and/or other tenants or lessees running pubs with the same pub company in the area.
• Find the right lease or tenancy agreement for you
  
  Ensure you understand fully the agreement currently in place (e.g. extent of drinks tie and rent)
• Business Plan Formulation
  
  You will need a Business Plan not only to demonstrate to the landlord or pub company that you have strong ideas on how you intend to make the business work but also by making your business plan as complete and as professional as possible to ensure that you're on the top of their pile of prospective new tenants/lessees for that outlet.
• Post Business Plan Actions
  
  We will finally then help you to ensure that you get the very best professional advice on matters such as your final draft rental agreement, structural surveys, etc.

Company formations

We will advise you of all the advantages and disadvantages of incorporating and whether a limited company route is right for you both from a financial and taxation point of view.

If deciding upon incorporation we will deal with all the necessary statutory documentation and filing with Companies House to get the company up and running e.g. selection of name, first directors & secretary, initial shareholdings, calling of any necessary meetings & drafting of minutes, drafting of the company's Articles of Association.

We can deal with the completion of all ongoing documentation required by law along with the complex filing arrangements at Companies House to include:

• Statutory accounts within 10 months of the company's year end
• Completion of annual return each year, around the incorporation anniversary date, plus the £30 fee (or £15 if filed electronically)
• Notification of the company's registered office
• Notification of directors' appointments, resignations & changes in personal details
• Notification of company secretary appointments, resignations & changes in personal details

Implementation of strategic planning

Wherever strategic plans have been identified and have been agreed as worthy of implementation, a fixed fee will be agreed with you in advance to cover the work required to achieve the objectives.

The terms upon which these services are provided will be covered by an additional engagement letter setting out our respective responsibilities.We adopt a policy of full disclosure of identifiable risks and costs of implementation.

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