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Company Registration No. 10277009 (England and Wales)
Tipp Inns Ltd Unaudited accounts for the year ended 31 July 2023
Tipp Inns Ltd Unaudited accounts Contents
Page
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Tipp Inns Ltd Company Information for the year ended 31 July 2023
Director
Mr Alex Tipping
Company Number
10277009 (England and Wales)
Registered Office
The Fountain Inn The Village Ashurst West Sussex BN44 3AP
Accountants
Ian Sykes and Co Limited 1 Windlesham Gardens Shoreham by Sea West Sussex BN43 5AD
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Tipp Inns Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
- 
5,000 
Tangible assets
5,822 
5,482 
5,822 
10,482 
Current assets
Inventories
11,097 
8,345 
Debtors
15,849 
16,661 
Cash at bank and in hand
7,910 
16,141 
34,856 
41,147 
Creditors: amounts falling due within one year
(173,942)
(110,060)
Net current liabilities
(139,086)
(68,913)
Total assets less current liabilities
(133,264)
(58,431)
Creditors: amounts falling due after more than one year
(23,333)
(28,333)
Net liabilities
(156,597)
(86,764)
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
(156,607)
(86,774)
Shareholders' funds
(156,597)
(86,764)
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 April 2024 and were signed on its behalf by
Mr Alex Tipping Director Company Registration No. 10277009
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Tipp Inns Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Tipp Inns Ltd is a private company, limited by shares, registered in England and Wales, registration number 10277009. The registered office is The Fountain Inn, The Village, Ashurst, West Sussex, BN44 3AP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Turnover
Revenue, described as turnover, is the value of goods provided to customers during the year. Revenue is recognised on the sale of goods on completion of each individual transaction.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in, first out basis. Net realisable value is based on estimated selling price, less any further costs of realisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% straight line
Computer equipment
25% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension costs charge represents contributions payable for the period by the company to the fund.
Going concern
The Company has incurred further trading losses during the year and this has resulted in the balance sheet at the year-end showing a deficit of £156,597. The director is confident that the company will be profitable in the future and has pledged his continued support. Consequently, the going concern basis of accounting has been adopted.
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Tipp Inns Ltd Notes to the Accounts for the year ended 31 July 2023
Government grants
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 August 2022
50,000 
At 31 July 2023
50,000 
Amortisation
At 1 August 2022
45,000 
Charge for the year
5,000 
At 31 July 2023
50,000 
Net book value
At 31 July 2023
- 
At 31 July 2022
5,000 
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
58,106 
1,587 
59,693 
Additions
4,700 
- 
4,700 
At 31 July 2023
62,806 
1,587 
64,393 
Depreciation
At 1 August 2022
53,814 
397 
54,211 
Charge for the year
3,963 
397 
4,360 
At 31 July 2023
57,777 
794 
58,571 
Net book value
At 31 July 2023
5,029 
793 
5,822 
At 31 July 2022
4,292 
1,190 
5,482 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
812 
Other debtors
15,849 
15,849 
15,849 
16,661 
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Tipp Inns Ltd Notes to the Accounts for the year ended 31 July 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
17,359 
10,000 
Trade creditors
37,193 
20,017 
Taxes and social security
74,883 
40,717 
Other creditors
5,257 
4,414 
Loans from directors
37,775 
33,462 
Accruals
1,475 
1,450 
173,942 
110,060 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
23,333 
28,333 
9
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
103,601 
103,601 
Later than one year and not later than five years
403,760 
408,674 
Later than five years
485,216 
583,904 
992,577 
1,096,179 
10
Average number of employees
During the year the average number of employees was 21 (2022: 21).
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