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Filleted

Registration number: 04865439

Vaughany Inns Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Vaughany Inns Ltd

(Registration number: 04865439)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

5,000

6,000

Tangible assets

6

154,455

162,470

 

159,455

168,470

Current assets

 

Stocks

7

14,149

10,000

Debtors

8

69,963

3,500

Cash at bank and in hand

 

155,403

152,415

 

239,515

165,915

Creditors: Amounts falling due within one year

9

(132,853)

(116,003)

Net current assets

 

106,662

49,912

Total assets less current liabilities

 

266,117

218,382

Creditors: Amounts falling due after more than one year

9

(25,833)

(35,833)

Provisions for liabilities

(9,891)

(9,891)

Net assets

 

230,393

172,658

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

230,293

172,558

Total equity

 

230,393

172,658

 

Vaughany Inns Ltd

(Registration number: 04865439)
Balance Sheet as at 31 December 2023

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.

Director's 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 March 2024
 

.........................................
Mrs J Davies
Director

   
     
 

Vaughany Inns Ltd

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

1

General information

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

The address of its registered office is:
Barclays Bank Chambers
18 High Street
Tenby
Pembrokeshire
SA70 7HD

These financial statements were authorised for issue by the director on 28 March 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.

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

 

Vaughany Inns Ltd

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

Tax

The tax expense for the period comprises current 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.

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

Plant and machinery

20% reducing balance

Leasehold

50 years

Fixtures and fittings

20% reducing balance

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

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.

Asset class

Amortisation method and rate

Goodwill

Over 20 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.

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.

 

Vaughany Inns Ltd

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Vaughany Inns Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 38 (2022 - 32).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14,140

15,111

Amortisation expense

1,000

1,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Amortisation

At 1 January 2023

14,000

14,000

Amortisation charge

1,000

1,000

At 31 December 2023

15,000

15,000

Carrying amount

At 31 December 2023

5,000

5,000

At 31 December 2022

6,000

6,000

Revalued assets for the year ended 31 December 2022

 

Vaughany Inns Ltd

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

6

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

128,387

245,012

373,399

Additions

-

6,125

6,125

At 31 December 2023

128,387

251,137

379,524

Depreciation

At 1 January 2023

17,976

192,953

210,929

Charge for the year

2,568

11,572

14,140

At 31 December 2023

20,544

204,525

225,069

Carrying amount

At 31 December 2023

107,843

46,612

154,455

At 31 December 2022

110,411

52,059

162,470

Included within the net book value of land and buildings above is £107,843 (2022 - £110,411) in respect of long leasehold land and buildings.
 

7

Stocks

2023
£

2022
£

Other inventories

14,149

10,000

8

Debtors

2023
£

2022
£

Other debtors

69,963

3,500

69,963

3,500

 

Vaughany Inns Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

621

812

Trade creditors

 

50,931

27,274

Taxation and social security

 

40,947

41,736

Other related parties

 

-

1,561

Outstanding defined contribution pension costs

 

1,236

898

Corporation tax liability

 

34,302

34,680

Other creditors

 

4,816

9,042

 

132,853

116,003

Due after one year

 

Loans and borrowings

11

25,833

35,833

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

25,833

35,833

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,833

35,833

 

Vaughany Inns Ltd

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

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

621

812

12

Related party transactions

During the year the Company paid £20,000 in rent. £10,000 to the director and £10,000 to the secretary.

A loan of £1,000 was made in the year to a Jessica Page who is a related party of the director and secretary of the business.

During the year the company repaid loans from the directors. The balance outstanding at the year end was £10,395 (2020: £23,057). The loan is interest free and repayable on demand.