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REGISTERED NUMBER: 02347171 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Stag Inns (Exmouth) Limited

Stag Inns (Exmouth) Limited (Registered number: 02347171)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stag Inns (Exmouth) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs K L Beverley
D B McCarthy



SECRETARY: Mrs K L Beverley



REGISTERED OFFICE: c/o Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



REGISTERED NUMBER: 02347171 (England and Wales)



ACCOUNTANTS: Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



BANKERS: NatWest Bank plc
11 Rolle Street
Exmouth
Devon
EX8 1HJ

Stag Inns (Exmouth) Limited (Registered number: 02347171)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,100,707 1,142,553
Investments 5 1,000 1,000
1,101,707 1,143,553

CURRENT ASSETS
Stocks 6 11,136 11,865
Debtors 7 320 -
Cash at bank and in hand 26,276 18,466
37,732 30,331
CREDITORS
Amounts falling due within one year 8 382,821 338,457
NET CURRENT LIABILITIES (345,089 ) (308,126 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,618

835,427

CREDITORS
Amounts falling due after more than one
year

9

1,449,804

1,418,530
NET LIABILITIES (693,186 ) (583,103 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 11 (693,188 ) (583,105 )
SHAREHOLDERS' FUNDS (693,186 ) (583,103 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Stag Inns (Exmouth) Limited (Registered number: 02347171)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




D B McCarthy - Director



Mrs K L Beverley - Director


Stag Inns (Exmouth) Limited (Registered number: 02347171)

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

1. STATUTORY INFORMATION

Stag Inns (Exmouth) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stag Inns (Exmouth) Limited (Registered number: 02347171)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 April 2022 1,892,616 537,627 2,430,243
Additions - 2,530 2,530
At 31 March 2023 1,892,616 540,157 2,432,773
DEPRECIATION
At 1 April 2022 778,265 509,425 1,287,690
Charge for year 37,851 6,525 44,376
At 31 March 2023 816,116 515,950 1,332,066
NET BOOK VALUE
At 31 March 2023 1,076,500 24,207 1,100,707
At 31 March 2022 1,114,351 28,202 1,142,553

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 1,000
NET BOOK VALUE
At 31 March 2023 1,000
At 31 March 2022 1,000

6. STOCKS
31.3.23 31.3.22
£    £   
Stocks 11,136 11,865

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 320 -

Stag Inns (Exmouth) Limited (Registered number: 02347171)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 94,670 47,745
Other loans 10,800 10,800
Trade creditors 50,885 32,242
Social security and other taxes 5,430 13,439
VAT 25,079 22,475
Other creditors 7,570 -
Directors' current accounts 176,328 202,948
Accrued expenses 12,059 8,808
382,821 338,457

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years 972,825 934,000
Other loans - 2-5 years 1,166 11,426
Social security and other taxes 200,957 198,248
Directors' loan accounts 274,856 274,856
1,449,804 1,418,530

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 52,344 47,745
Bank loans 1,015,151 934,000
1,067,495 981,745

The Bank holds a charge dated 25 January 2008 over the Company's freehold property. The Bank also holds a debenture including a fixed charge over all present freehold and leasehold property, all book and other debts, chattels, goodwill and uncalled capital and a floating charge over all assets and undertakings of the company.

Additionally the Bank holds a guarantee for £105,000 from the Directors. Mrs KL Beverley and Mr DB McCarthy.

11. RESERVES
Retained
earnings
£   

At 1 April 2022 (583,105 )
Deficit for the year (110,083 )
At 31 March 2023 (693,188 )

Stag Inns (Exmouth) Limited (Registered number: 02347171)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. POST BALANCE SHEET EVENTS

There have been no events since the balance sheet date which will have a material effect on the financial statements of the company to that date.

13. ULTIMATE CONTROLLING PARTY

The controlling party is the directors jointly..

The ultimate controlling party is the directors jointly..