Registered number
09526748
The Prospect Inn Exeter Limited
Unaudited Filleted Accounts
30 April 2023
The Prospect Inn Exeter Limited
Registered number: 09526748
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 34,978 35,375
Current assets
Stocks 17,725 15,875
Debtors 4 84,823 102,510
Cash at bank and in hand 212,708 210,132
315,256 328,517
Creditors: amounts falling due within one year 5 (101,487) (114,575)
Net current assets 213,769 213,942
Total assets less current liabilities 248,747 249,317
Provisions for liabilities (6,654) (6,523)
Net assets 242,093 242,794
Capital and reserves
Called up share capital 2 2
Profit and loss account 242,091 242,792
Shareholders' funds 242,093 242,794
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Abrey-Cameron
Director
Approved by the board on 11 October 2023
The Prospect Inn Exeter Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Grants
Grants are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 18
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 76,161
Additions 11,263
At 30 April 2023 87,424
Depreciation
At 1 May 2022 40,786
Charge for the year 11,660
At 30 April 2023 52,446
Net book value
At 30 April 2023 34,978
At 30 April 2022 35,375
4 Debtors 2023 2022
£ £
Other debtors 84,823 102,510
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55,683 56,812
Taxation and social security costs 42,649 49,471
Other creditors 3,155 8,292
101,487 114,575
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors' loan
Interest free, repayable on demand (83,358) (74,607) 86,611 (71,354)
(83,358) (74,607) 86,611 (71,354)
7 Other information
The Prospect Inn Exeter Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Prospect Inn
The Quay
Exeter
EX2 4AN
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