WYCHWOOD INNS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MARCH 2023 | |||||||||||
Company Registration Number: 06489323 | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 10 | ||||||||||
WYCHWOOD INNS LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
06489323 England and Wales | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT (LIABILITIES) / ASSETS | ( |
||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Revaluation reserve | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
Mrs T E Hunt | |||||||||||
Director | |||||||||||
Date approved by the board: |
|||||||||||
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Wychwood Inns Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
4 Witan Way | Wychwood Inn | ||||||||||
Witney | High Street | ||||||||||
Oxon | Shipton under Wychwood | ||||||||||
OX28 6FF | Oxon | ||||||||||
OX7 6BA | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes the directors £195,208, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable and represents the value of goods sold and the provision of accommodation during the year, stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Tangible fixed assets | |||||||||||
Fixed assets, other than those stated below, are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Freehold property is carried at it's revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. | |||||||||||
Any revaluation increase and/or decrease in the carrying amount of freehold property is recognised in the statement of changes in equity and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit and loss account, in which case the increase is credited to the profit and loss account to the extent of the decrease previously expended. | |||||||||||
Decreases that offset previous increases of the same asset are charged in the statement of changes in equity and debited against the revaluation reserve in equity; decreases exceeding the balance in the revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in the profit and loss account and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings. | |||||||||||
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Freehold property | |||||||||||
Plant and machinery | |||||||||||
Furniture and fittings | |||||||||||
Motor vehicles | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised |
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Debtors | |||||||||||
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment. |
Creditors | |||||||||||
Leases | |||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using 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. | |||||||||||
Borrowing costs | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Pensions | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Freehold property | Plant and machinery | Furniture and fittings | Motor vehicles | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 1 April 2022 | |||||||||||
Additions | - | - | |||||||||
At 31 March 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 April 2022 | - | ||||||||||
Charge for year | - | ||||||||||
At 31 March 2023 | - | ||||||||||
Net book value | |||||||||||
At 1 April 2022 | |||||||||||
At 31 March 2023 | |||||||||||
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
5 | TANGIBLE ASSETS (continued…) | ||||||||||
Freehold property | |||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Historical cost | |||||||||||
The freehold property included in the above fixed assets have been revalued as follows: | |||||||||||
Freehold property | |||||||||||
£ | |||||||||||
Original cost | 650,732 | ||||||||||
Revaluation in 2017 | 249,268 | ||||||||||
900,000 | |||||||||||
The revaluation as disclosed affects the tax position of the company. | |||||||||||
6 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
13,035 | 4,781 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
97,502 | 116,128 | ||||||||||
WYCHWOOD INNS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2023 | |||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Hire purchase contracts and finance leases | |||||||||||
Other creditors | |||||||||||
538,922 | 566,790 | ||||||||||
Included in the amounts falling due after more than one year are the following amounts which are due in more | |||||||||||
than five years: | |||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
9 | SECURED DEBTS | ||||||||||
10 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Director | 2023 | 2022 | |||||||||
£ | £ | ||||||||||