Company registration number 09975257 (England and Wales)
TWO LEFT FEET INNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TWO LEFT FEET INNS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TWO LEFT FEET INNS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
180,000
180,000
Current assets
Stocks
5,575
4,633
Debtors
4
9,169
7,779
Cash at bank and in hand
4,522
4,290
19,266
16,702
Creditors: amounts falling due within one year
5
(93,466)
(53,941)
Net current liabilities
(74,200)
(37,239)
Total assets less current liabilities
105,800
142,761
Creditors: amounts falling due after more than one year
6
(67,995)
(80,979)
Provisions for liabilities
(11,598)
(11,598)
Net assets
26,207
50,184
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
26,205
50,182
Total equity
26,207
50,184
TWO LEFT FEET INNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 February 2024
Mrs J Mayhall
Director
Company Registration No. 09975257
TWO LEFT FEET INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Two Left Feet Inns Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 Hallgate, Wigan, Lancashire, WN1 1HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent upon the continued support of truethe director and related parties via the provision of interest free loans. The directors have also negotiated a payment plan with their creditors and therefore consider the going concern basis to be appropriate’.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover has a number of constituent parts and are accounted for as follows:
Rental income is recognised in the period to which the lease relates.
Management charges are recognised on the provision of the service.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are measured at the lower of cost and estimated selling price.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TWO LEFT FEET INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
13
TWO LEFT FEET INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
180,000
Investment property comprises £180,000. The fair value of the investment property has been arrived at on the basis of the valuation carried out on the 31st March 2023 by the director. The Valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the area.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,600
1,600
Other debtors
7,569
6,179
9,169
7,779
The amounts owed by companies under common control and related parties (included in other debtors) are interest free, with no security and no fixed repayment terms.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,612
22,994
Taxation and social security
30,387
22,056
Other creditors
42,467
8,891
93,466
53,941
The amounts owed to companies under common control and related parties (included in other creditors) are interest free, with no security and no fixed repayment terms.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
67,995
80,979
The fixed charge dated 5th May 2016 with Molson Coors Brewing Company (UK) Limited over the property or undertaking of the company in respect to The George, George Street, St Helens, WA10 1BU. The charge also contains a negative pledge.
TWO LEFT FEET INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
49,445
-
Non distributable profits in the year
-
49,445
At the end of the year
49,445
49,445