REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
The Sorrel Horse Shottisham Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
The Sorrel Horse Shottisham Limited |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Chairman's Report | 400 |
Report of the Directors | 3 |
Report of the Accountants | 4 |
Statement of Income and Retained Earnings | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 7 |
The Sorrel Horse Shottisham Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
8 Deben Mill Business Centre |
Old Maltings Approach |
Woodbridge |
Suffolk |
IP12 1BL |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Chairman's Report |
for the Year Ended 31 August 2023 |
The business has returned to profitability and the last of the Covid-19 rent credits have now been cleared. However, the trading climate in the hospitality sector remains challenging. After reviewing the market and taking guidance on rents, we charged rent at below the value stated in the original lease. |
In common with all operators in the hospitality sector our tenants continue to experience high energy costs, increasing insurance premiums, continuing food inflation and staff recruitment issues. This is reflected in current the level of rent arrears. |
We expect to make a profit in the coming year and continue to steadily build our cash balance. We need to build up our resilience in what will continues to be a difficult market that is reliant on our tenants continuing to attract customers with a diminishing level of discretionary spend. |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Report of the Directors |
for the Year Ended 31 August 2023 |
The directors present their report with the financial statements of the company for the year ended 31 August 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of public house owners. |
DIVIDENDS |
The board does not recommend the payment of a dividend for the year. |
DIRECTORS |
The directors during the year under review were: |
The beneficial interests of the directors holding office on 31 August 2023 in the issued share capital of the company were as follows: |
31.8.23 | 1.9.22 |
Ordinary £500 shares |
4 | 4 |
10 | 10 |
- | - |
- | - |
5 | 5 |
2 | 2 |
1 | 1 |
ON BEHALF OF THE BOARD: |
The Sorrel Horse Shottisham Limited |
Report of the Accountants to the Directors of |
The Sorrel Horse Shottisham Limited |
In accordance with instructions given to us, we have prepared the annexed financial statements from the accounting records of the business and from information and explanations given to us. |
8 Deben Mill Business Centre |
Old Maltings Approach |
Woodbridge |
Suffolk |
IP12 1BL |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(3,255 | ) | (6,064 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 4 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
( |
) |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
The Sorrel Horse Shottisham Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover represents net invoiced sales of services and the primary source of income is that of rents receivable, excluding value added tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
4. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit/(loss) |
5. | INTANGIBLE FIXED ASSETS |
Goodwill represents the nominal goodwill purchased as part of the contract of sale of the pub to the company. Goodwill has been fully amortised. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The directors consider that the value of the investment property has not materially changed. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Corporation Tax |
VAT | 3,553 | 1,368 |
Other creditors |
Accruals and deferred income |
The Sorrel Horse Shottisham Limited (Registered number: 07673624) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary | £500 | 450,000 | 450,000 |