THE PROPELLER INN IW LTD 13498817 false 2022-08-01 2023-11-30 2023-11-30 The principal activity of the company is public house Digita Accounts Production Advanced 6.30.9574.0 true true 13498817 2022-08-01 2023-11-30 13498817 2023-11-30 13498817 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13498817 core:FurnitureFittingsToolsEquipment 2023-11-30 13498817 core:LandBuildings 2023-11-30 13498817 bus:SmallEntities 2022-08-01 2023-11-30 13498817 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-11-30 13498817 bus:FilletedAccounts 2022-08-01 2023-11-30 13498817 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-11-30 13498817 bus:RegisteredOffice 2022-08-01 2023-11-30 13498817 bus:Director1 2022-08-01 2023-11-30 13498817 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-11-30 13498817 core:Buildings 2022-08-01 2023-11-30 13498817 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-11-30 13498817 core:LandBuildings 2022-08-01 2023-11-30 13498817 core:PlantMachinery 2022-08-01 2023-11-30 13498817 countries:AllCountries 2022-08-01 2023-11-30 13498817 2022-07-31 13498817 core:FurnitureFittingsToolsEquipment 2022-07-31 13498817 core:LandBuildings 2022-07-31 13498817 2021-07-07 2022-07-31 13498817 2022-07-31 13498817 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 13498817 core:FurnitureFittingsToolsEquipment 2022-07-31 13498817 core:LandBuildings 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 13498817

THE PROPELLER INN IW LTD

Unaudited Filleted Financial Statements

for the Period from 1 August 2022 to 30 November 2023

 

THE PROPELLER INN IW LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

THE PROPELLER INN IW LTD

Company Information

Director

Ms Roxanne Lucy Nicholson

Registered office

Sandown Road
Bembridge
Isle of Wight
PO35 5PW

Accountants

Vectis Accountants Ltd
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

 

THE PROPELLER INN IW LTD

(Registration number: 13498817)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,790

55,133

Current assets

 

Stocks

5

11,000

11,000

Cash at bank and in hand

 

74,121

74,848

 

85,121

85,848

Creditors: Amounts falling due within one year

6

(146,838)

(141,526)

Net current liabilities

 

(61,717)

(55,678)

Net liabilities

 

(15,927)

(545)

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(15,937)

(555)

Shareholders' deficit

 

(15,927)

(545)

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 May 2024
 

.........................................
Ms Roxanne Lucy Nicholson
Director

 

THE PROPELLER INN IW LTD

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

1

General information

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

The address of its registered office is:
Sandown Road
Bembridge
Isle of Wight
PO35 5PW

These financial statements were authorised for issue by the director on 31 May 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

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.

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.

 

THE PROPELLER INN IW LTD

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

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

Plant and machinery

25% reducing balance

Short Leasehold

Straight line over 6 years

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.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

THE PROPELLER INN IW LTD

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 22 (2022 - 17).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

60,000

6,205

66,205

Additions

-

3,217

3,217

At 30 November 2023

60,000

9,422

69,422

Depreciation

At 1 August 2022

10,000

1,072

11,072

Charge for the period

10,000

2,560

12,560

At 30 November 2023

20,000

3,632

23,632

Carrying amount

At 30 November 2023

40,000

5,790

45,790

At 31 July 2022

50,000

5,133

55,133

Included within the net book value of land and buildings above is £40,000 (2022 - £50,000) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

11,000

11,000

 

THE PROPELLER INN IW LTD

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,486

23,025

Taxation and social security

42,813

26,505

Accruals and deferred income

-

1,808

Other creditors

88,539

90,188

146,838

141,526