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Registration number: 10621667

The New Inn (Cross) Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

The New Inn (Cross) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The New Inn (Cross) Ltd

Company Information

Directors

Ms E Britton

S Gard

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

The New Inn (Cross) Ltd

(Registration number: 10621667)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

48,000

60,000

Tangible assets

6

14,409

11,399

 

62,409

71,399

Current assets

 

Stocks

7

8,958

15,980

Debtors

8

12,460

8,321

Cash at bank and in hand

 

58,620

65,408

 

80,038

89,709

Creditors: Amounts falling due within one year

9

(121,380)

(125,578)

Net current liabilities

 

(41,342)

(35,869)

Total assets less current liabilities

 

21,067

35,530

Creditors: Amounts falling due after more than one year

9

(17,658)

(25,949)

Provisions for liabilities

(2,738)

(2,166)

Net assets

 

671

7,415

Capital and reserves

 

Called up share capital

100

100

Retained earnings

571

7,315

Shareholders' funds

 

671

7,415

 

The New Inn (Cross) Ltd

(Registration number: 10621667)
Balance Sheet as at 31 October 2023

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 31 July 2024 and signed on its behalf by:
 

.........................................
S Gard
Director

 

The New Inn (Cross) Ltd

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.

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 presentation currency of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest £.

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.

 

The New Inn (Cross) Ltd

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

2

Accounting policies (continued)

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

Furniture, fittings and equipment

15% reducing balance

Computer equipment

15% straight line

 

The New Inn (Cross) Ltd

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

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

 

The New Inn (Cross) Ltd

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

2

Accounting policies (continued)

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.

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 either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2022 - 29).

 

The New Inn (Cross) Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,793

2,065

Amortisation expense

12,000

12,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

120,000

120,000

At 31 October 2023

120,000

120,000

Amortisation

At 1 November 2022

60,000

60,000

Amortisation charge

12,000

12,000

At 31 October 2023

72,000

72,000

Carrying amount

At 31 October 2023

48,000

48,000

At 31 October 2022

60,000

60,000

 

The New Inn (Cross) Ltd

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

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

16,134

16,134

Additions

5,804

5,804

At 31 October 2023

21,938

21,938

Depreciation

At 1 November 2022

4,736

4,736

Charge for the year

2,793

2,793

At 31 October 2023

7,529

7,529

Carrying amount

At 31 October 2023

14,409

14,409

At 31 October 2022

11,399

11,399

7

Stocks

2023
£

2022
£

Stocks

8,958

15,980

8

Debtors

Current

2023
£

2022
£

Prepayments

5,982

8,321

Other debtors

6,478

-

 

12,460

8,321

 

The New Inn (Cross) Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

12,868

11,032

Trade creditors

 

24,159

50,859

Taxation and social security

 

55,425

45,512

Accruals and deferred income

 

25,538

7,107

Other creditors

 

3,390

11,068

 

121,380

125,578

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

17,658

25,949

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Directors' loan

6,716

(70,726)

57,532

(6,478)

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Directors' loan

18,347

(77,887)

66,256

6,716

 

 

The New Inn (Cross) Ltd

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

10

Related party transactions (continued)

Other transactions with directors


The directors' loan is repayable on demand. No s455 tax has been provided as the loan has been repaid within 9 months of the year end.

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,658

25,949

Current loans and borrowings

2023
£

2022
£

Bank borrowings

12,868

11,032