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Registration number: 14552639

The Chem Inn (Saundersfoot) Limited

Annual Report and Unaudited Financial Statements

for the Period from 21 December 2022 to 30 November 2023

 

The Chem Inn (Saundersfoot) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

The Chem Inn (Saundersfoot) Limited

Company Information

Directors

Mr R Barnes

Mr M Evans

Registered office

Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

 

The Chem Inn (Saundersfoot) Limited

(Registration number: 14552639)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

907,397

Current assets

 

Stocks

6

5,000

Debtors

7

140,801

Cash at bank and in hand

 

27,287

 

173,088

Creditors: Amounts falling due within one year

8

(970,822)

Net current liabilities

 

(797,734)

Total assets less current liabilities

 

109,663

Provisions for liabilities

(7,012)

Net assets

 

102,651

Capital and reserves

 

Called up share capital

100

Profit and loss account

102,551

Total equity

 

102,651

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.

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

 

The Chem Inn (Saundersfoot) Limited

(Registration number: 14552639)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
Mr M Evans
Director

   
     
 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 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:
Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

These financial statements were authorised for issue by the Board on 20 August 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 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.

 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 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

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.

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.

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.

 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 19.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

6,938

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

Additions

870,492

21,036

22,140

667

At 30 November 2023

870,492

21,036

22,140

667

Depreciation

Charge for the period

-

3,399

3,364

175

At 30 November 2023

-

3,399

3,364

175

Carrying amount

At 30 November 2023

870,492

17,637

18,776

492

 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 2023

Total
£

Cost or valuation

Additions

914,335

At 30 November 2023

914,335

Depreciation

Charge for the period

6,938

At 30 November 2023

6,938

Carrying amount

At 30 November 2023

907,397

Included within the net book value of land and buildings above is £870,492 in respect of freehold land and buildings.
 

6

Stocks

2023
£

Other inventories

5,000

7

Debtors

Note

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

140,000

Prepayments

 

576

Other debtors

 

225

 

140,801

 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

21,262

Taxation and social security

 

11,123

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

862,219

Other related parties

 

43,736

Corporation tax liability

 

21,009

Other creditors

 

11,473

 

970,822

9

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary A Shares of £1 each

50

50

Ordinary Shares of £1 each

50

50

 

100

100

10

Related party transactions

During the year the company received financial assistance from Harbwr Saundersfoot Limited, a company controlled by the Directors. The balance due to the company at the balance sheet date was £10,500. This loan is interest free and repayable on demand and has been included under note 8.

During the year the company gave financial assistance to Harbwr Tenby Limited, a company controlled by the Directors. The balance from the company at the balance sheet date was £140,000. This loan is interest free and repayable on demand and has been included under note 9.

During the year the company received financial assistance from Cobourg Development Limited, a company controlled by the Directors. The balance due to the company at the balance sheet date was £851,719. This loan is interest free and repayable on demand and has been included under note 8.

 

The Chem Inn (Saundersfoot) Limited

Notes to the Financial Statements for the Period from 21 December 2022 to 30 November 2023

Transactions with directors

2023

At 21 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr M Evans

This loan is interest free and repayable on demand

-

50

(31,336)

(31,286)

         
       

Mr R Barnes

This loan is interest free and repayable on demand

-

50

(12,500)

(12,450)