Year Ended
Registration number:
J K & J Ireland (Cottage Hotel) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
J K & J Ireland (Cottage Hotel) Ltd
Company Information
Directors |
Mr W Ireland Miss S Ireland |
Company secretary |
Miss S Ireland |
Registered office |
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Accountants |
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J K & J Ireland (Cottage Hotel) Ltd
Balance Sheet
31 January 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' funds |
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J K & J Ireland (Cottage Hotel) Ltd
Balance Sheet
31 January 2023
For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 01198424
J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
There are no material departures from FRS 102.
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
In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore 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 value added tax.
Government grants
Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate to are recognised.
Other grants
Freehold property - 2% straight line
J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
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.
The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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
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 |
Freehold property |
2% straight line |
Fixtures & Fittings |
15% reducing balance |
Plant & Machinery |
20% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Website and software |
20% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
Government grants |
During the year the company received the following government grants:
- £Nil Coronavirus Job Retention Scheme
- £6,000 Coronavirus Support
The amount of government grants recognised in the financial statements was £6,000 (2022: £230,305)
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 February 2022 |
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At 31 January 2023 |
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Amortisation |
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At 1 February 2022 |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2022 |
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Additions |
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Disposals |
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At 31 January 2023 |
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Depreciation |
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At 1 February 2022 |
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Charge for the year |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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At 31 January 2022 |
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Included within the net book value of land and buildings above is £5,240,726 (2022 - £5,190,104) in respect of freehold land and buildings.
J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Bank borrowings are secured on property owned by the company.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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4,761 |
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4,761 |
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820,000 |
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820,000 |
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J K & J Ireland (Cottage Hotel) Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 January 2023
Related party transactions |
Transactions with directors |
During the year, an advance was made to a director for £145,000. Interest has been charged at 2% and the loan is repayable upon demand.
At the accounting date the loan baalnce totalled £146,329 (2022: £nil)