Hoebridge Inn Ltd SC485593 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is Restaurant Digita Accounts Production Advanced 6.30.9574.0 true SC485593 2022-10-01 2023-09-30 SC485593 2023-09-30 SC485593 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-09-30 SC485593 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC485593 core:ShareCapital 2023-09-30 SC485593 core:CurrentFinancialInstruments 2023-09-30 SC485593 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC485593 core:Non-currentFinancialInstruments 2023-09-30 SC485593 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC485593 core:MoreThanFiveYears 1 2023-09-30 SC485593 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 SC485593 core:FurnitureFittingsToolsEquipment 2023-09-30 SC485593 core:LandBuildings 2023-09-30 SC485593 1 2023-09-30 SC485593 bus:SmallEntities 2022-10-01 2023-09-30 SC485593 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC485593 bus:FilletedAccounts 2022-10-01 2023-09-30 SC485593 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 SC485593 bus:RegisteredOffice 2022-10-01 2023-09-30 SC485593 bus:Director1 2022-10-01 2023-09-30 SC485593 bus:Director3 2022-10-01 2023-09-30 SC485593 bus:Director4 2022-10-01 2023-09-30 SC485593 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2022-10-01 2023-09-30 SC485593 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC485593 bus:Agent1 2022-10-01 2023-09-30 SC485593 core:ConstructionInProgressAssetsUnderConstruction 2022-10-01 2023-09-30 SC485593 core:FurnitureFittings 2022-10-01 2023-09-30 SC485593 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 SC485593 core:LandBuildings 2022-10-01 2023-09-30 SC485593 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 SC485593 1 2022-10-01 2023-09-30 SC485593 countries:Scotland 2022-10-01 2023-09-30 SC485593 2022-09-30 SC485593 core:ConstructionInProgressAssetsUnderConstruction 2022-09-30 SC485593 core:FurnitureFittingsToolsEquipment 2022-09-30 SC485593 core:LandBuildings 2022-09-30 SC485593 2021-10-01 2022-09-30 SC485593 2022-09-30 SC485593 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2022-09-30 SC485593 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC485593 core:ShareCapital 2022-09-30 SC485593 core:CurrentFinancialInstruments 2022-09-30 SC485593 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 SC485593 core:Non-currentFinancialInstruments 2022-09-30 SC485593 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 SC485593 core:MoreThanFiveYears 1 2022-09-30 SC485593 core:ConstructionInProgressAssetsUnderConstruction 2022-09-30 SC485593 core:FurnitureFittingsToolsEquipment 2022-09-30 SC485593 core:LandBuildings 2022-09-30 SC485593 1 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC485593

Hoebridge Inn Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Hoebridge Inn Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Hoebridge Inn Ltd

Company Information

Directors

H I F Carruthers

SM Carruthers

K E Tidd

Registered office

The Hoebridge
Gattonside
Melrose
Scottish Borders
TD6 9LZ

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hoebridge Inn Ltd for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hoebridge Inn Ltd for the year ended 30 September 2023 as set out on pages 3 to 9 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Hoebridge Inn Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hoebridge Inn Ltd and state those matters that we have agreed to state to the Board of Directors of Hoebridge Inn Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hoebridge Inn Ltd and its Board of Directors as a body for our work or for this report.

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

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

12 July 2024

 

Hoebridge Inn Ltd

(Registration number: SC485593)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

326,434

108,191

Current assets

 

Stocks

6

7,500

7,500

Debtors

7

898

11,075

Cash at bank and in hand

 

30,102

95,714

 

38,500

114,289

Creditors: Amounts falling due within one year

8

(102,748)

(103,570)

Net current (liabilities)/assets

 

(64,248)

10,719

Total assets less current liabilities

 

262,186

118,910

Creditors: Amounts falling due after more than one year

8

(141,172)

(30,478)

Provisions for liabilities

(3,628)

-

Net assets

 

117,386

88,432

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

117,385

88,431

Shareholders' funds

 

117,386

88,432

For the financial year ending 30 September 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 July 2024 and signed on its behalf by:
 

.........................................
K E Tidd
Director

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Hoebridge
Gattonside
Melrose
Scottish Borders
TD6 9LZ
Scotland

The principal place of business is:
The Hoebridge
Gattonside
Melrose
Scottish Borders
TD6 9LZ
Scotland

These financial statements were authorised for issue by the Board on 12 July 2024.

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 financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.

Sale of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

The company does not operate any loyalty programmes.

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Property

4% straight line

Kitchen equipment

25% reducing balance

Fixtures and fittings

25%/20% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 15).

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,456

6,644

5

Tangible assets

Property
£

Fixtures and fittings
 £

Kitchen equipment
 £

Total
£

Cost or valuation

At 1 October 2022

88,104

41,931

51,232

181,267

Additions

222,803

666

1,230

224,699

At 30 September 2023

310,907

42,597

52,462

405,966

Depreciation

At 1 October 2022

3,059

25,592

44,425

73,076

Charge for the year

506

4,069

1,881

6,456

At 30 September 2023

3,565

29,661

46,306

79,532

Carrying amount

At 30 September 2023

307,342

12,936

6,156

326,434

At 30 September 2022

85,045

16,339

6,807

108,191

6

Stocks

2023
£

2022
£

Other inventories

7,500

7,500

7

Debtors

2023
£

2022
£

Trade debtors

-

965

Prepayments

898

855

Other debtors

-

9,255

898

11,075

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

23,050

9,761

Trade creditors

 

1,965

8,490

Taxation and social security

 

15,493

13,530

Accruals and deferred income

 

3,544

3,536

Other creditors

 

58,696

68,253

 

102,748

103,570

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £13,289.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

141,172

30,478

2023
£

2022
£

Due after more than five years

After more than five years by instalments

66,447

-

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £119,604.

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

141,172

30,478

Current loans and borrowings

2023
£

2022
£

Bank borrowings

23,050

9,761

 

Hoebridge Inn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of base plus 3.25% 30 September 2033. The carrying amount at year end is £132,894 (2022 - £Nil).

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

11

Related party transactions

Other transactions with directors

During the year the directors advanced monies to the company, as at 30 September 2023 the amounts due to the directors was £42,394.