Registered number
08176266
Wexford Inns Limited
Filleted Accounts
31 August 2023
Wexford Inns Limited
Registered number: 08176266
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 141,258 175,101
Current assets
Stocks 66,512 65,239
Debtors 4 57,062 56,638
Cash at bank and in hand 372,865 471,939
496,439 593,816
Creditors: amounts falling due within one year 5 (537,669) (612,534)
Net current liabilities (41,230) (18,718)
Total assets less current liabilities 100,028 156,383
Creditors: amounts falling due after more than one year 6 (17,487) (65,585)
Net assets 82,541 90,798
Capital and reserves
Called up share capital 1 1
Profit and loss account 82,540 90,797
Shareholders' funds 82,541 90,798
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.
Mr P Nolan
Director
Approved by the board on 25 October 2023
Wexford Inns Limited
Notes to the Accounts
for the year ended 31 August 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).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 168,119 19,213 95,833 283,165
Additions - - 9,000 9,000
Disposals - - (27,300) (27,300)
At 31 August 2023 168,119 19,213 77,533 264,865
Depreciation
At 1 September 2022 64,224 19,213 24,627 108,064
Charge for the year 10,956 - 15,507 26,463
On disposals - - (10,920) (10,920)
At 31 August 2023 75,180 19,213 29,214 123,607
Net book value
At 31 August 2023 92,939 - 48,319 141,258
At 31 August 2022 103,895 - 71,206 175,101
4 Debtors 2023 2022
£ £
Trade debtors 21,503 15,197
Deposits 10,500 10,500
Other debtors 25,059
Directors account - 30,941
57,062 56,638
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 48,977 30,648
Trade creditors 372,290 452,670
Directors account 5,485 -
Taxation and social security costs 93,642 107,150
Other creditors 17,275 22,066
537,669 612,534
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,487 65,585
7 Other information
Wexford Inns Limited is a private company limited by shares and incorporated in England. Its registered office is:
95A Mitcham Lane,
London
SW16 6LY
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