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Company No: 08310358 (England and Wales)

OLDE WORLD INNS (DUNSTER 2012) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

OLDE WORLD INNS (DUNSTER 2012) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

OLDE WORLD INNS (DUNSTER 2012) LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
OLDE WORLD INNS (DUNSTER 2012) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS Mrs A E Way
Mr N J M Way
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 08310358 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
OLDE WORLD INNS (DUNSTER 2012) LIMITED

BALANCE SHEET

As at 30 June 2024
OLDE WORLD INNS (DUNSTER 2012) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 557,837 571,438
557,837 571,438
Current assets
Stocks 36,393 40,361
Debtors 5 286,774 212,638
Cash at bank and in hand 123,071 147,347
446,238 400,346
Creditors: amounts falling due within one year 6 ( 796,401) ( 750,498)
Net current liabilities (350,163) (350,152)
Total assets less current liabilities 207,674 221,286
Provision for liabilities 7 ( 54,204) ( 52,048)
Net assets 153,470 169,238
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 153,469 169,237
Total shareholder's funds 153,470 169,238

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Olde World Inns (Dunster 2012) Limited (registered number: 08310358) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mr N J M Way
Director
OLDE WORLD INNS (DUNSTER 2012) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
OLDE WORLD INNS (DUNSTER 2012) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Olde World Inns (Dunster 2012) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax.

The company recognises revenue from Liquor and food when the value of goods provided to date can be reliably measured. Accommodation sales, including deposits received in advance, are recognised at the date of stay.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Intragroup debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to
another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 61 63

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 171,265 171,265
At 30 June 2024 171,265 171,265
Accumulated amortisation
At 01 July 2023 171,265 171,265
At 30 June 2024 171,265 171,265
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 325,729 71,070 640,730 1,037,529
Additions 0 0 61,754 61,754
At 30 June 2024 325,729 71,070 702,484 1,099,283
Accumulated depreciation
At 01 July 2023 21,715 28,514 415,862 466,091
Charge for the financial year 21,716 10,639 43,000 75,355
At 30 June 2024 43,431 39,153 458,862 541,446
Net book value
At 30 June 2024 282,298 31,917 243,622 557,837
At 30 June 2023 304,014 42,556 224,868 571,438

5. Debtors

2024 2023
£ £
Trade debtors 6,880 4,278
Amounts owed by associates 78,153 78,110
Other debtors 201,741 130,250
286,774 212,638

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 113,825 93,557
Amounts owed to associates 379,519 314,417
Other taxation and social security 119,469 120,263
Other creditors 183,588 222,261
796,401 750,498

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 52,048) ( 43,149)
Charged to the Profit and Loss Account ( 2,156) ( 8,899)
At the end of financial year ( 54,204) ( 52,048)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments in relation to rental agreements 504,000 541,327