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Registration number: 10732566

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Company Information

Directors

T J Powell

L D Powell

Registered office

The White Horse
Albourne Rd
Hurstpierpoint
West Sussex
BN6 9SP

Accountants

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

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

(Registration number: 10732566)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

211,589

241,511

Current assets

 

Stocks

5

8,000

6,973

Debtors

6

145,962

38,823

Cash at bank and in hand

 

62,864

34,968

 

216,826

80,764

Creditors: Amounts falling due within one year

7

(176,377)

(113,214)

Net current assets/(liabilities)

 

40,449

(32,450)

Total assets less current liabilities

 

252,038

209,061

Creditors: Amounts falling due after more than one year

7

(149,555)

(125,855)

Provisions for liabilities

(10,444)

(8,087)

Net assets

 

92,039

75,119

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

(7,961)

(24,881)

Shareholders' funds

 

92,039

75,119

For the financial year ending 30 April 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 12 February 2024 and signed on its behalf by:
 

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

(Registration number: 10732566)
Balance Sheet as at 30 April 2023

.........................................
T J Powell
Director

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 White Horse
Albourne Rd
Hurstpierpoint
West Sussex
BN6 9SP
England and Wales

These financial statements were authorised for issue by the Board on 12 February 2024.

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 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.

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 White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Fixtures, fittings and equipment

15% straight line basis

Leasehold improvements

5% straight line basis

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.

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.

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 16 (2022 - 15).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

110,513

154,230

39,895

304,638

Additions

-

3,421

-

3,421

At 30 April 2023

110,513

157,651

39,895

308,059

Depreciation

At 1 May 2022

8,288

51,847

2,992

63,127

Charge for the year

5,526

21,833

5,984

33,343

At 30 April 2023

13,814

73,680

8,976

96,470

Carrying amount

At 30 April 2023

96,699

83,971

30,919

211,589

At 30 April 2022

102,225

102,383

36,903

241,511

Included within the net book value of land and buildings above is £96,699 (2022 - £102,224) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

8,000

6,973

 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

679

-

Amounts owed by related parties

124,356

-

Prepayments

 

6,833

10,152

Other debtors

 

14,094

28,671

   

145,962

38,823

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

89,326

46,860

Trade creditors

 

22,301

41,927

Taxation and social security

 

27,489

30,849

Accruals and deferred income

 

11,851

6,336

Other creditors

 

25,410

(12,758)

 

176,377

113,214

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

149,555

125,855

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

         
 

The White Horse Inn Hurst Ltd

trading as White Horse Inn

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

53,933

72,443

Hire purchase contracts

37,861

53,412

Other borrowings

57,761

-

149,555

125,855

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,402

31,309

Bank overdrafts

15,900

-

Hire purchase contracts

15,550

15,551

Other borrowings

28,474

-

89,326

46,860