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Company No: OC340150 (England and Wales)

INN EXCESS INNS LLP

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

INN EXCESS INNS LLP

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

INN EXCESS INNS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
INN EXCESS INNS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 38,160 48,720
38,160 48,720
Current assets
Stocks 36,679 20,178
Debtors 4 7,000 7,005
Cash at bank and in hand 10,217 65,336
53,896 92,519
Creditors: amounts falling due within one year 5 ( 325,887) ( 357,014)
Net current liabilities (271,991) (264,495)
Total assets less current liabilities (233,831) (215,775)
Creditors: amounts falling due after more than one year 6 ( 20,000) ( 32,000)
Net liabilities attributable to members ( 253,831) ( 247,775)
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability (253,831) (247,775)
(253,831) (247,775)
Members' other interests
0 0
(253,831) (247,775)
Total members' interests
Loans and other debts due to members (253,831) (247,775)
(253,831) (247,775)

For the financial year ending 31 August 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

Inn Excess Inns LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of Inn Excess Inns LLP (registered number: OC340150) were approved and authorised for issue by the Director on 05 March 2024. They were signed on its behalf by:

D Tierney
Designated member
INN EXCESS INNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
INN EXCESS INNS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inn Excess Inns LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 67 Broad Street, Chipping Sodbury, BS37 6AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members note that the business has net liabilities of £253,831. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 41 41

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 September 2022 58,458 66,269 14,475 52,125 12,680 204,007
Additions 0 5,326 0 0 1,302 6,628
Disposals 0 ( 6,077) 0 0 ( 101) ( 6,178)
At 31 August 2023 58,458 65,518 14,475 52,125 13,881 204,457
Accumulated depreciation
At 01 September 2022 50,462 44,400 13,388 37,366 9,671 155,287
Charge for the financial year 3,313 6,311 272 3,690 1,886 15,472
Disposals 0 ( 4,361) 0 0 ( 101) ( 4,462)
At 31 August 2023 53,775 46,350 13,660 41,056 11,456 166,297
Net book value
At 31 August 2023 4,683 19,168 815 11,069 2,425 38,160
At 31 August 2022 7,996 21,869 1,087 14,759 3,009 48,720

4. Debtors

2023 2022
£ £
Other debtors 7,000 7,005

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 12,000 12,000
Trade creditors 67,884 87,051
Amounts owed to Group undertakings 139,616 149,746
Other loans 0 2,534
Accruals and deferred income 7,788 2,201
Other taxation and social security 60,227 59,707
Other creditors 38,372 43,775
325,887 357,014

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,000 32,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 26,182 48,672
between one and five years 0 26,182
26,182 74,854

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,266 2,175

8. Related party transactions

At the year end the LLP owed a company under common control £139,616 (2022: £149,746). The loan is interest free and has no fixed date for repayment.