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Registration number: 08980262

Inn Angarrack Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Inn Angarrack Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Inn Angarrack Limited

Company Information

Director

Mr Geoffrey Greaves

Registered office

Regal Cinema & Theatre
Fore Street
Redruth
Cornwall
TR15 2AZ

 

Inn Angarrack Limited

(Registration number: 08980262)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

380,313

382,343

Current assets

 

Stocks

5

4,500

4,000

Debtors

6

1,486

5,936

Cash at bank and in hand

 

34,267

27,160

 

40,253

37,096

Creditors: Amounts falling due within one year

7

(239,082)

(239,400)

Net current liabilities

 

(198,829)

(202,304)

Total assets less current liabilities

 

181,484

180,039

Creditors: Amounts falling due after more than one year

7

(70,366)

(87,351)

Provisions for liabilities

(2,724)

(3,126)

Net assets

 

108,394

89,562

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

108,194

89,362

Shareholders' funds

 

108,394

89,562

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Inn Angarrack Limited

(Registration number: 08980262)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 9 October 2023
 

Mr Geoffrey Greaves

Director

 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Regal Cinema & Theatre
Fore Street
Redruth
Cornwall
TR15 2AZ
England

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants have been recognised in the period for which the expense being covered by the grant is
recognised, or the reduction in income that is to be covered by the grant is suffered.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold buildings are depreciated on a straight line basis over 100 years. Given that the buildings are kept in
full repair the directors are of the opinion that the residual value is not less than the cost and therefore no
depreciation charge for the year actually arises.

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

Plant and machinery

15% reducing balance for assets aquired before 1/8/2021, 15% on cost for assets aquired after 01/08/2021

Fixtures and fittings

15% reducing balance

Freehold property

2% per annum on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 16).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

369,416

1,045

24,248

394,709

At 31 July 2023

369,416

1,045

24,248

394,709

Depreciation

At 1 August 2022

-

621

11,745

12,366

Charge for the year

-

63

1,967

2,030

At 31 July 2023

-

684

13,712

14,396

Carrying amount

At 31 July 2023

369,416

361

10,536

380,313

At 31 July 2022

369,416

424

12,503

382,343

Included within the net book value of land and buildings above is £369,416 (2022 - £369,416) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

4,500

4,000

6

Debtors

Current

2023
£

2022
£

Prepayments

436

365

Other debtors

1,050

5,571

 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

17,800

18,100

Trade creditors

 

14,356

15,323

Taxation and social security

 

20,936

23,999

Accruals and deferred income

 

2,101

1,400

Other creditors

 

183,889

180,578

 

239,082

239,400

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase
contracts which are secured of £65,761.92 (2021 - £73,788.01). Security for the bank loans has been given by
way of a fixed charge over the trading premises.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

70,366

87,351

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase
contracts which are secured of £65,761.92 (2021 - £73,788.01). Security for the bank loans has been given by
way of a fixed charge over the trading premises.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Inn Angarrack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

50,243

57,262

Other borrowings

20,123

30,089

70,366

87,351

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,000

8,500

Other borrowings

9,800

9,600

17,800

18,100

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

20,000

-