M&M Enterprise T/A The New Inn Ltd 11227684 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is to operate the New Inn public house. Digita Accounts Production Advanced 6.30.9574.0 true true 11227684 2022-03-01 2023-02-28 11227684 2023-02-28 11227684 core:CurrentFinancialInstruments 2023-02-28 11227684 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11227684 core:Non-currentFinancialInstruments 2023-02-28 11227684 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 11227684 core:Goodwill 2023-02-28 11227684 core:FurnitureFittingsToolsEquipment 2023-02-28 11227684 1 2023-02-28 11227684 bus:SmallEntities 2022-03-01 2023-02-28 11227684 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11227684 bus:FullAccounts 2022-03-01 2023-02-28 11227684 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11227684 bus:RegisteredOffice 2022-03-01 2023-02-28 11227684 bus:Director1 2022-03-01 2023-02-28 11227684 bus:Director2 2022-03-01 2023-02-28 11227684 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11227684 core:Goodwill 2022-03-01 2023-02-28 11227684 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11227684 core:KeyManagementPersonnel 2022-03-01 2023-02-28 11227684 1 2022-03-01 2023-02-28 11227684 countries:EnglandWales 2022-03-01 2023-02-28 11227684 2022-02-28 11227684 core:Goodwill 2022-02-28 11227684 core:FurnitureFittingsToolsEquipment 2022-02-28 11227684 2021-03-01 2022-02-28 11227684 2022-02-28 11227684 core:CurrentFinancialInstruments 2022-02-28 11227684 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11227684 core:Non-currentFinancialInstruments 2022-02-28 11227684 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 11227684 core:Goodwill 2022-02-28 11227684 core:FurnitureFittingsToolsEquipment 2022-02-28 11227684 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-28 11227684 1 2022-02-28 11227684 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-03-01 2022-02-28 11227684 2021-02-28 11227684 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 11227684

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Company Information

Directors

Mr Mark Julian Lodge

Miss Melanie Jayne Capel

Registered office

The New Inn
Badminton Road
Frampton Cotterell
Bristol
BS36 2NT

Accountants

Melrose (UK) Limited
8 St Mary Street
Thornbury
Bristol
BS35 2AB

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

(Registration number: 11227684)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

71,996

83,996

Tangible assets

5

46,391

45,378

 

118,387

129,374

Current assets

 

Stocks

6

9,216

8,600

Debtors

7

10,716

4,971

Cash at bank and in hand

 

119,860

116,131

 

139,792

129,702

Creditors: Amounts falling due within one year

8

(78,438)

(79,118)

Net current assets

 

61,354

50,584

Total assets less current liabilities

 

179,741

179,958

Creditors: Amounts falling due after more than one year

8

(36,915)

(55,916)

Provisions for liabilities

(8,814)

(8,622)

Net assets

 

134,012

115,420

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

134,010

115,418

Shareholders' funds

 

134,012

115,420

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

(Registration number: 11227684)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Miss Melanie Jayne Capel
Director

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The New Inn
Badminton Road
Frampton Cotterell
Bristol
BS36 2NT

These financial statements were authorised for issue by the Board on 7 November 2023.

2

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Furniture & Fixtures

20% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022 - 36).

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

119,996

119,996

At 28 February 2023

119,996

119,996

Amortisation

At 1 March 2022

36,000

36,000

Amortisation charge

12,000

12,000

At 28 February 2023

48,000

48,000

Carrying amount

At 28 February 2023

71,996

71,996

At 28 February 2022

83,996

83,996

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

64,307

64,307

Additions

16,762

16,762

At 28 February 2023

81,069

81,069

Depreciation

At 1 March 2022

18,929

18,929

Charge for the year

15,749

15,749

At 28 February 2023

34,678

34,678

Carrying amount

At 28 February 2023

46,391

46,391

At 28 February 2022

45,378

45,378

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Other inventories

9,216

8,600

7

Debtors

Current

2023
£

2022
£

Prepayments

4,347

3,047

Other debtors

6,369

1,924

 

10,716

4,971

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

19,750

19,000

Trade creditors

 

11,323

11,068

Taxation and social security

 

42,815

43,533

Accruals and deferred income

 

2,437

3,449

Other creditors

 

2,113

2,068

 

78,438

79,118

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

36,915

55,916

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,915

55,916

 

M&M Enterprise T/A The New Inn Ltd

trading as The New Inn (Mayshill)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,000

19,000

Other borrowings

750

-

19,750

19,000

Bank borrowings

Secured bank borrowings is denominated in GBP with a nominal interest rate of 4.75%, and the final instalment is due on 16 October 2025. The carrying amount at year end is £26,666 (2022 - £36,666).

There is a fixed and floating charge over the assets of the company owned now or in the future.

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

96,000

66,225

Loans from related parties

2022

Key management
£

Total
£

At start of period

70,000

70,000

Repaid

(70,000)

(70,000)

At end of period

-

-

Terms of loans from related parties

0% interest