Company registration number 06538357 (England and Wales)
THE RUGGLESTONE INN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE RUGGLESTONE INN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE RUGGLESTONE INN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
68,120
203,098
Current assets
Stocks
-
15,800
Debtors
5
701,328
59,486
Cash at bank and in hand
128,188
285,615
829,516
360,901
Creditors: amounts falling due within one year
6
(86,185)
(44,021)
Net current assets
743,331
316,880
Total assets less current liabilities
811,451
519,978
Provisions for liabilities
-
0
(1,418)
Net assets
811,451
518,560
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
810,451
517,560
Total equity
811,451
518,560

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Mr R W Palmer
Mrs V M Palmer
Director
Director
Company registration number 06538357 (England and Wales)
THE RUGGLESTONE INN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

The Rugglestone Inn Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Steam Shop, Pottery Road, Bovey Tracey, Devon, TQ13 9TZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
1% per annum on cost
Plant and machinery
20% per annum on net book value
Fixtures, fittings & equipment
20% per annum on net book value
Computer equipment
20% per annum on net book value
Motor vehicles
20% per annum on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE RUGGLESTONE INN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
165,000
Disposals
(165,000)
At 31 March 2023
-
0
Amortisation and impairment
At 1 April 2022
165,000
Disposals
(165,000)
At 31 March 2023
-
0
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
THE RUGGLESTONE INN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
179,493
164,740
344,233
Disposals
(107,816)
(164,740)
(272,556)
At 31 March 2023
71,677
-
0
71,677
Depreciation and impairment
At 1 April 2022
11,503
129,632
141,135
Depreciation charged in the year
470
-
0
470
Eliminated in respect of disposals
(8,416)
(129,632)
(138,048)
At 31 March 2023
3,557
-
0
3,557
Carrying amount
At 31 March 2023
68,120
-
0
68,120
At 31 March 2022
167,990
35,108
203,098
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
701,328
59,486

Other debtors includes an amount of £3,521 (2022: £3,521) which is due after more than one year.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
25,579
Taxation and social security
76,621
11,078
Other creditors
9,564
7,364
86,185
44,021
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
THE RUGGLESTONE INN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
55,965
705,024
4,818
(68,000)
697,807
55,965
705,024
4,818
(68,000)
697,807

The aforementioned advances are unsecured and repayable on demand.

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