REGISTERED NUMBER: |
Directors' Report and |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Totemic Inns Limited |
REGISTERED NUMBER: |
Directors' Report and |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Totemic Inns Limited |
Totemic Inns Limited (Registered number: 06281245) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Statement of Income and Retained Earnings | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 6 |
Totemic Inns Limited |
Company Information |
for the year ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Totemic Inns Limited (Registered number: 06281245) |
Directors' Report |
for the year ended 31st December 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of a public house and bed and breakfast. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
GOING CONCERN |
The financial statements have been prepared on the going concern basis even though the company has net liabilities, as financial support has been provided by the shareholders and they have confirmed that this support will be available for twelve months from the date of approval of the financial statements. |
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
APPROVED AND SIGNED ON BEHALF OF THE BOARD: |
Totemic Inns Limited (Registered number: 06281245) |
Statement of Income and |
Retained Earnings |
for the year ended 31st December 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
28,915 | 11,624 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
( |
) |
Totemic Inns Limited (Registered number: 06281245) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Totemic Inns Limited (Registered number: 06281245) |
Statement of Financial Position - continued |
31st December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Totemic Inns Limited (Registered number: 06281245) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Totemic Inns Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on the going concern basis even though the company has net liabilities, as financial support has been provided by the shareholders and they have confirmed that this support will be available for twelve months from the date of approval of the financial statements. |
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover represents amounts receivable for goods and services net of Value Added Tax (VAT). |
Income is recognised when the goods and services have been supplied. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, was amortised evenly over its estimated useful life of three years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer and office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Totemic Inns Limited (Registered number: 06281245) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. |
Financial assets |
Financial assets including trade debtors, are initially recognised at transaction cost which is considered to be fair value and subsequently held at amortised cost. At each statement of financial position date the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing an impairment loss provision. Impairment loss provisions are maintained at the level that management deems sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment. |
Financial liabilities |
Financial liabilities are presented as such in the statement of financial position. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Dividends and distributions relating to equity instruments are debited directly to equity. |
Taxation |
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Operating leasing commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company make contributions to employees' personal pension schemes which are defined contribution schemes. The annual contributions payable are charged in the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Totemic Inns Limited (Registered number: 06281245) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Computer |
Fixtures | and |
Plant and | and | Motor | office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Totemic Inns Limited (Registered number: 06281245) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
Totemic Inns Limited (Registered number: 06281245) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |