Registered number
10660761
MacRae Inn Ltd
Filleted Accounts
30 April 2023
MacRae Inn Ltd
Registered number: 10660761
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,000 2,500
Tangible assets 4 9,010 11,756
11,010 14,256
Current assets
Stocks 11,000 8,000
Debtors 5 109,076 44,658
Cash at bank and in hand 13,457 238,725
133,533 291,383
Creditors: amounts falling due within one year 6 (112,100) (136,633)
Net current assets 21,433 154,750
Total assets less current liabilities 32,443 169,006
Creditors: amounts falling due after more than one year 7 (29,167) (39,167)
Provisions for liabilities (2,387) (2,233)
Net assets 889 127,606
Capital and reserves
Called up share capital 100 100
Profit and loss account 789 127,506
Shareholder's funds 889 127,606
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 member has 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 R MacRae
Director
Approved by the board on 11 October 2023
MacRae Inn Ltd
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).
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:
Plant and machinery over 4 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.
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.
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 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 5,000
At 30 April 2023 5,000
Amortisation
At 1 May 2022 2,500
Provided during the year 500
At 30 April 2023 3,000
Net book value
At 30 April 2023 2,000
At 30 April 2022 2,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 67,881
Additions 821
At 30 April 2023 68,702
Depreciation
At 1 May 2022 56,125
Charge for the year 3,567
At 30 April 2023 59,692
Net book value
At 30 April 2023 9,010
At 30 April 2022 11,756
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 104,076 44,658
Other debtors 5,000 -
109,076 44,658
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 11,582 12,219
Taxation and social security costs 45,231 53,942
Directors' loan account 18,317 15,453
Accruals and deferred income 21,835 44,045
Other creditors 5,135 974
112,100 136,633
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,167 39,167
8 Related party transactions
The company qualifies for the exemption under FRS 102 to not disclose transactions between wholly owned group members.
9 Controlling party
By virtue of its shareholding, MacRae Inn Ltd is a wholly owned subsidiary of D&R MacRae Ltd.
10 Other information
MacRae Inn Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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