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Registration number: OC415432

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Financial Statements

5

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Limited liability partnership information

Designated members

Prancing Pony Pub Group Ltd

D Hartley
 

Registered office

The Smugglers Inn
Seaton
Torpoint
Cornwall
PL11 3JD

Accountants

Herbert Lewis Williams & Associates Limited
Leigh Court Business Centre
Abbots Leigh
Bristol
BS8 3RA

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Statement of Comprehensive Income for the Year Ended 31 January 2023

Note

2023
 £

Loss for the year available for discretionary division among members

 

(11,483)

Other comprehensive income

 

-

Total comprehensive income for the year available for discretionary division among members

 

(11,483)

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

(Registration number: OC415432)
Balance Sheet as at 31 January 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

53,393

60,968

Current assets

 

Stocks

6,000

5,500

Debtors

4

85,706

39,662

Cash and short-term deposits

 

6,518

133,590

 

98,224

178,752

Creditors: Amounts falling due within one year

6

(99,330)

(57,714)

Net current (liabilities)/assets

 

(1,106)

121,038

Total assets less current liabilities

 

52,287

182,006

Creditors: Amounts falling due after more than one year

7

(34,329)

(34,499)

Net assets attributable to members

 

17,958

147,507

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

29,441

141,780

Members’ other interests

 

Members' capital classified as equity

 

-

5,727

Other reserves

 

(11,483)

-

 

(11,483)

5,727

   

17,958

147,507

Total members' interests

 

Loans and other debts due to members

 

29,441

141,780

Equity

 

(11,483)

5,727

   

17,958

147,507

For the year ending 31 January 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

(Registration number: OC415432)
Balance Sheet as at 31 January 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of The Smugglers Inn Seaton LLP (registered number OC415432) were approved by the Board and authorised for issue on 14 November 2023. They were signed on behalf of the limited liability partnership by:

.........................................
D Hartley
Designated member

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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.

The functional currency of The Smugglers Inn Seaton LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 17 (2022 - 0).

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

3

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 February 2022

89,424

4,325

93,749

Additions

6,499

760

7,259

At 31 January 2023

95,923

5,085

101,008

Depreciation

At 1 February 2022

31,229

1,552

32,781

Charge for the year

-

946

946

Eliminated on disposals

13,888

-

13,888

At 31 January 2023

45,117

2,498

47,615

Net book value

At 31 January 2023

50,806

2,587

53,393

At 31 January 2022

58,195

2,773

60,968

4

Stocks

2023
 £

2022
 £

Stocks

6,000

5,500

5

Debtors

2023
 £

2022
 £

Other debtors

83,284

37,703

Prepayments and accrued income

2,422

1,959

Total current trade and other debtors

85,706

39,662

 

The Smugglers Inn Seaton LLP

trading as The Smugglers Inn

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

7,000

7,000

Trade creditors

20,486

49,110

Other creditors

44,350

2,209

Accruals and deferred income

702

520

Taxation and social security

26,792

(1,125)

99,330

57,714

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

28,000

28,000

Other creditors

6,329

6,499

34,329

34,499

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.