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Registration number: 00685608

Moonrakers Guest House Limited

Annual Report and Unaudited Financial Statements Year Ended 31 October 2023

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Chartered Accountants

 

Moonrakers Guest House Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Moonrakers Guest House Limited

Company Information

Directors

Mr M K Gregory

Mr M R Gregory

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Moonrakers Guest House Limitedfor the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moonrakers Guest House Limited for the year ended 31 October 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Moonrakers Guest House Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of Moonrakers Guest House Limited and state those matters that we have agreed to state to the Board of Directors of Moonrakers Guest House Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moonrakers Guest House Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Moonrakers Guest House Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Moonrakers Guest House Limited. You consider that Moonrakers Guest House Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Moonrakers Guest House Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

11 March 2024

 

Moonrakers Guest House Limited

(Registration number: 00685608)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

878

627

Investment property

5

200,000

200,000

Investments

6

1

1

 

200,879

200,628

Current assets

 

Debtors

7

8,914

26,539

Cash at bank and in hand

 

336,828

365,799

 

345,742

392,338

Creditors: Amounts falling due within one year

8

(1,383)

(10,705)

Net current assets

 

344,359

381,633

Total assets less current liabilities

 

545,238

582,261

Provisions for liabilities

9

(18,648)

(18,600)

Net assets

 

526,590

563,661

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

521,590

558,661

Shareholders' funds

 

526,590

563,661

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 



Mr M R Gregory
Director

 

Moonrakers Guest House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
Garrison Lane
St Mary's
Isles of Scilly
TR21 0JF

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.

The account are presented in £ sterling.

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 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.

 

Moonrakers Guest House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 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

Furniture and equipment

15% Reducing Balance

Computer

15% Reducing Balance

Investment property

The property was valued by the directors during the year ended 31 October 2018 at £200,000. The directors deem the previous valuation as reflective of the current market value of the property.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Moonrakers Guest House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

5,000

500

5,500

Additions

406

-

406

At 31 October 2023

5,406

500

5,906

Depreciation

At 1 November 2022

4,478

395

4,873

Charge for the year

139

16

155

At 31 October 2023

4,617

411

5,028

Carrying amount

At 31 October 2023

789

89

878

At 31 October 2022

522

105

627

 

Moonrakers Guest House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2023

5

Investment properties

2023
£

At 1 November

200,000

At 31 October

200,000

The property was valued by the directors during the year ended 31 October 2018 at £200,000.

The directors deem the previous valuation as reflective of the current market value of the property.

6

Investments

2023
£

2022
£

Investments in associates

1

1

Associates

£

Cost

At 1 November 2022

1

Carrying amount

At 31 October 2023

1

At 31 October 2022

1

7

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

11

-

19,000

Other debtors

 

8,614

7,489

Prepayments

 

300

50

 

8,914

26,539

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

17

9

Accruals and deferred income

1,366

1,410

Other creditors

-

9,286

1,383

10,705

 

Moonrakers Guest House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2023

9

Provisions for liabilities

This refers to deferred tax which is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £10.50 (2022 - £13.00) for only 3450 shares in issue, the balance having been waived by the relevant shareholders.

 

36,225

 

44,850

         

11

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mr M K Gregory

Loan - interest charged at 1%

19,000

(19,000)

-

       
     

 

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

Mr M K Gregory

Loan - interest charged at 1%

21,000

(2,000)

19,000

       
     

 

Summary of transactions with all associates

In the year Moonrakers Guest House Ltd has made service charge payments to Moonrakers Management Ltd of £1,719 (2022 - £1,391).