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Registration number: 06554253

THE OLD SHIP HOTEL LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

THE OLD SHIP HOTEL LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

THE OLD SHIP HOTEL LIMITED

Company Information

Directors

MRS ALEXANDRA STEPHENS

MR JOHN STEPHENS

MRS KATHRYN NICHOLAS

MR ANDREW STEPHENS

Company secretary

MRS KATHRYN NICHOLAS

Registered office

51 Molesworth Street
Wadebridge
Cornwall
PL27 7DR

Accountants

DAVID V ELSTON & Co. LIMITED
CHARTERED ACCOUNTANTS
51 MOLESWORTH ST
WADEBRIDGE
CORNWALL
PL27 7DR

 

THE OLD SHIP HOTEL LIMITED

(Registration number: 06554253)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

72,000

96,000

Tangible assets

5

780,961

782,857

 

852,961

878,857

Current assets

 

Stocks

6

5,500

5,000

Debtors

7

43,925

43,924

Cash at bank and in hand

 

1,855,605

1,521,976

 

1,905,030

1,570,900

Creditors: Amounts falling due within one year

8

(270,478)

(252,179)

Net current assets

 

1,634,552

1,318,721

Total assets less current liabilities

 

2,487,513

2,197,578

Provisions for liabilities

(341)

(341)

Net assets

 

2,487,172

2,197,237

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

2,486,172

2,196,237

Shareholders' funds

 

2,487,172

2,197,237

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

 

THE OLD SHIP HOTEL LIMITED

(Registration number: 06554253)
Balance Sheet as at 31 March 2023

.........................................
MR JOHN STEPHENS
Director

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
51 Molesworth Street
Wadebridge
Cornwall
PL27 7DR
Cornwall

These financial statements were authorised for issue by the Board on 26 September 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.

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 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.

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.

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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,fittings,tools and equipment

20% net book value

Other vehicles

20% net book value

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

straight line over 10 years

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.

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.

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

400,000

400,000

At 31 March 2023

400,000

400,000

Amortisation

At 1 April 2022

304,000

304,000

Amortisation charge

24,000

24,000

At 31 March 2023

328,000

328,000

Carrying amount

At 31 March 2023

72,000

72,000

At 31 March 2022

96,000

96,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

622,057

55,302

151,319

828,678

At 31 March 2023

622,057

55,302

151,319

828,678

Depreciation

At 1 April 2022

-

45,821

-

45,821

Charge for the year

-

1,896

-

1,896

At 31 March 2023

-

47,717

-

47,717

Carrying amount

At 31 March 2023

622,057

7,585

151,319

780,961

At 31 March 2022

622,057

9,481

151,319

782,857

Included within the net book value of land and buildings above is £622,057 (2022 - £622,057) in respect of freehold land and buildings.
 

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

5,500

5,000

7

Debtors

Current

2023
£

2022
£

Other debtors

43,925

43,924

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

131,370

117,374

Trade creditors

 

30,256

40,776

Taxation and social security

 

94,052

82,229

Accruals and deferred income

 

14,800

11,800

 

270,478

252,179

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

131,370

117,374

11

Related party transactions

 

THE OLD SHIP HOTEL LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Transactions with directors

Directors were reimbursed travelling at the approved rate of mileage.