Company registration number SC306710 (Scotland)
New Inn Hotel Limited
Unaudited financial statements
for the year ended 31 August 2023
Pages for filing with registrar
New Inn Hotel Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of New Inn Hotel Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Inn Hotel Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Board of Directors of New Inn Hotel Limited, as a body, in accordance with the terms of our engagement letter dated 30 June 2020. Our work has been undertaken solely to prepare for your approval the financial statements of New Inn Hotel Limited and state those matters that we have agreed to state to the Board of Directors of New Inn Hotel Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Inn Hotel Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that New Inn Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Inn Hotel Limited. You consider that New Inn Hotel 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 financial statements of New Inn Hotel 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 financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
18 April 2024
New Inn Hotel Limited
Balance sheet
as at 31 August 2023
31 August 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,475
40,335
Current assets
Stocks
12,000
11,000
Debtors
24,348
25,677
Cash at bank and in hand
646,831
774,492
683,179
811,169
Creditors: amounts falling due within one year
(358,478)
(497,825)
Net current assets
324,701
313,344
Total assets less current liabilities
358,176
353,679
Provisions for liabilities
(2,778)
(3,863)
Net assets
355,398
349,816
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
355,388
349,806
Total equity
355,398
349,816

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

New Inn Hotel Limited
Balance sheet (continued)
as at 31 August 2023
31 August 2023
3
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Eileen Misacas
Director
Company Registration No. SC306710
New Inn Hotel Limited
Notes to the financial statements
for the year ended 31 August 2023
4
1
Accounting policies
Company information

New Inn Hotel Limited is a private company limited by shares incorporated in Scotland. The registered office is 14 Market Street, Ellon, AB41 9JD.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the business fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

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.

New Inn Hotel Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies (continued)
5
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
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
55
52
New Inn Hotel Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
6
3
Tangible fixed assets
Total
£
Cost
At 1 September 2022
396,372
Additions
6,453
Disposals
(2,134)
At 31 August 2023
400,691
Depreciation and impairment
At 1 September 2022
356,037
Depreciation charged in the year
13,313
Eliminated in respect of disposals
(2,134)
At 31 August 2023
367,216
Carrying amount
At 31 August 2023
33,475
At 31 August 2022
40,335
4
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
15,282
19,529
5
Directors' transactions

During the year the directors entered into the following advances and credits with the company :

 

Description
Opening credit balance
Amounts repaid
Closing           credit            balance
£
£
£
Eileen Misacas - Director's account
82,892
(33,658)
49,234
Margaret Watson - Director's account
31,288
(7,544)
23,744
114,180
(41,202)
72,978
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