30 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 2560390 2022-12-01 2023-11-30 2560390 2023-11-30 2560390 2022-11-30 2560390 2021-12-01 2022-11-30 2560390 2022-11-30 2560390 2021-11-30 2560390 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 2560390 core:FurnitureFittings 2022-12-01 2023-11-30 2560390 core:MotorVehicles 2022-12-01 2023-11-30 2560390 bus:Director3 2022-12-01 2023-11-30 2560390 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 2560390 core:FurnitureFittings 2022-11-30 2560390 core:MotorVehicles 2022-11-30 2560390 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 2560390 core:FurnitureFittings 2023-11-30 2560390 core:MotorVehicles 2023-11-30 2560390 core:WithinOneYear 2023-11-30 2560390 core:WithinOneYear 2022-11-30 2560390 core:AfterOneYear 2023-11-30 2560390 core:AfterOneYear 2022-11-30 2560390 core:ShareCapital 2023-11-30 2560390 core:ShareCapital 2022-11-30 2560390 core:RetainedEarningsAccumulatedLosses 2023-11-30 2560390 core:RetainedEarningsAccumulatedLosses 2022-11-30 2560390 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 2560390 core:FurnitureFittings 2022-11-30 2560390 core:MotorVehicles 2022-11-30 2560390 bus:SmallEntities 2022-12-01 2023-11-30 2560390 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 2560390 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 2560390 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 2560390 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 2560390
JOHN SULLIVAN (HORNSEA) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
JOHN SULLIVAN (HORNSEA) LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,238,041
4,083,632
Current assets
Stocks
143,040
70,630
Debtors
6
88,731
99,169
Cash at bank and in hand
41,908
74,360
-----------
-----------
273,679
244,159
Creditors: amounts falling due within one year
7
491,916
348,618
-----------
-----------
Net current liabilities
218,237
104,459
--------------
--------------
Total assets less current liabilities
4,019,804
3,979,173
Creditors: amounts falling due after more than one year
8
1,284,251
1,399,151
Provisions
77,748
79,671
--------------
--------------
Net assets
2,657,805
2,500,351
--------------
--------------
JOHN SULLIVAN (HORNSEA) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
2,607,805
2,450,351
--------------
--------------
Shareholders funds
2,657,805
2,500,351
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
C J Sullivan
Director
Company registration number: 2560390
JOHN SULLIVAN (HORNSEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 New Road, Hornsea, East Yorkshire, HU18 1PW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Restaurant and take away income is recognised on receipt. Caravan site income and property rental income is recognised in the period to which it relates. Site income and rental income invoiced in advance is deferred. Caravan sales income is recognised on delivery to the customer.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% reducing balance
Fixtures and Fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 33 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
4,370,801
890,751
4,242
5,265,794
Additions
206,579
54,352
260,931
--------------
-----------
--------
--------------
At 30 November 2023
4,577,380
945,103
4,242
5,526,725
--------------
-----------
--------
--------------
Depreciation
At 1 December 2022
621,940
557,321
2,901
1,182,162
Charge for the year
40,484
65,702
336
106,522
--------------
-----------
--------
--------------
At 30 November 2023
662,424
623,023
3,237
1,288,684
--------------
-----------
--------
--------------
Carrying amount
At 30 November 2023
3,914,956
322,080
1,005
4,238,041
--------------
-----------
--------
--------------
At 30 November 2022
3,748,861
333,430
1,341
4,083,632
--------------
-----------
--------
--------------
6. Debtors
2023
2022
£
£
Trade debtors
31,246
79,040
Other debtors
57,485
20,129
---------
---------
88,731
99,169
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
213,467
144,750
Trade creditors
98,765
92,354
Corporation tax
64,210
38,763
Social security and other taxes
68,990
41,139
Other creditors
46,484
31,612
-----------
-----------
491,916
348,618
-----------
-----------
Bank borrowing is secured against freehold property and the assets of the company generally.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,284,251
1,399,151
--------------
--------------
Bank borrowing is secured against freehold property and the assets of the company generally.
Included within creditors: amounts falling due after more than one year is an amount of £891,014 (2022: £1,047,081) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.