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Registration number: 09315654

The New Inn Westfield Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The New Inn Westfield Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The New Inn Westfield Limited

Company Information

Directors

P M Edwards

Mrs C L Edwards

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

The New Inn Westfield Limited

(Registration number: 09315654)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,381

12,507

Current assets

 

Stocks

6

8,043

9,318

Debtors

7

911

896

Cash at bank and in hand

 

27,721

17,833

 

36,675

28,047

Creditors: Amounts falling due within one year

8

(152,791)

(133,303)

Net current liabilities

 

(116,116)

(105,256)

Total assets less current liabilities

 

(104,735)

(92,749)

Creditors: Amounts falling due after more than one year

8

(16,667)

(27,778)

Net liabilities

 

(121,402)

(120,527)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(121,406)

(120,531)

Shareholders' deficit

 

(121,402)

(120,527)

For the financial year ending 31 December 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 19 August 2024 and signed on its behalf by:
 

.........................................
P M Edwards
Director

 

The New Inn Westfield Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

The principal place of business is:
Main Road
Westfield
Hastings
East Sussex
TN35 4QE

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 the Pound Sterling (£).

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 food and drink 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

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 New Inn Westfield Limited

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

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

Fixtures, fittings and equipment

20% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

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.

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.

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 New Inn Westfield Limited

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

3

Staff numbers

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

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,959

3,127

 

The New Inn Westfield Limited

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

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

56,850

-

56,850

Additions

-

1,833

1,833

At 31 December 2023

56,850

1,833

58,683

Depreciation

At 1 January 2023

44,343

-

44,343

Charge for the year

2,501

458

2,959

At 31 December 2023

46,844

458

47,302

Carrying amount

At 31 December 2023

10,006

1,375

11,381

At 31 December 2022

12,507

-

12,507

6

Stocks

2023
£

2022
£

Stock

8,043

9,318

7

Debtors

2023
£

2022
£

Trade debtors

289

-

Prepayments

622

896

911

896

 

The New Inn Westfield Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

14,116

11,111

Trade creditors

 

19,900

22,437

Taxation and social security

 

48,270

32,533

Accruals and deferred income

 

6,157

8,672

Other creditors

 

27,823

30,151

Directors loan accounts

 

36,525

28,399

 

152,791

133,303

The company relies upon the continued support of its directors.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

16,667

27,778

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

37,128

36,725

Later than one year and not later than five years

80,444

117,572

117,572

154,297

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,725 (2022 - £51,739).