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
Tipp Inns Ltd
Company Information
for the year ended 31 July 2023
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
Tipp Inns Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
5,822
5,482
Cash at bank and in hand
7,910
16,141
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)
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
Tipp Inns Ltd
Notes to the Accounts
for the year ended 31 July 2023
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.
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.
The accounts have been prepared under the historical cost convention.
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 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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
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.
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.
Tipp Inns Ltd
Notes to the Accounts
for the year ended 31 July 2023
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
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
At 31 July 2023
62,806
1,587
64,393
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
At 31 July 2023
5,029
793
5,822
At 31 July 2022
4,292
1,190
5,482
Amounts falling due within one year
Other debtors
15,849
15,849
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
8
Creditors: amounts falling due after more than one year
2023
2022
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
10
Average number of employees
During the year the average number of employees was 21 (2022: 21).