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REGISTERED NUMBER: 06281245 (England and Wales)















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: Mrs L E Rann
Mr N L Dodd





SECRETARY: Mrs H Briggs





REGISTERED OFFICE: Kempton House
Kempton Way
Dysart Road
Grantham
NG31 7LE





REGISTERED NUMBER: 06281245 (England and Wales)






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.

Mrs L E Rann
Mr N L Dodd

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:





Mr N L Dodd - Director


10th September 2024

Totemic Inns Limited (Registered number: 06281245)

Statement of Income and
Retained Earnings
for the year ended 31st December 2023

2023 2022
£    £   

TURNOVER 1,089,346 989,770

Cost of sales (360,318 ) (331,404 )
GROSS PROFIT 729,028 658,366

Administrative expenses (700,113 ) (646,742 )
28,915 11,624

Other operating income - 8,550
OPERATING PROFIT 28,915 20,174

Interest payable and similar expenses (5,449 ) (2,797 )
PROFIT BEFORE TAXATION 23,466 17,377

Tax on profit - -
PROFIT FOR THE FINANCIAL YEAR 23,466 17,377

Retained earnings at beginning of year (254,695 ) (272,072 )

RETAINED EARNINGS AT END OF
YEAR

(231,229

)

(254,695

)

Totemic Inns Limited (Registered number: 06281245)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 52,791 68,584
52,791 68,584

CURRENT ASSETS
Stocks 16,232 16,091
Debtors 6 30,897 30,346
Cash at bank and in hand 39,912 19,948
87,041 66,385
CREDITORS
Amounts falling due within one year 7 (351,949 ) (362,535 )
NET CURRENT LIABILITIES (264,908 ) (296,150 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(212,117

)

(227,566

)

CREDITORS
Amounts falling due after more than one year 8 (18,112 ) (26,129 )
NET LIABILITIES (230,229 ) (253,695 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (231,229 ) (254,695 )
SHAREHOLDERS' FUNDS (230,229 ) (253,695 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





Mr N L Dodd - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Website costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer and office equipment - 33% on cost and 20% on cost

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 23 (2022 - 21 ) .

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 80,408 3,300 83,708
AMORTISATION
At 1st January 2023
and 31st December 2023 80,408 3,300 83,708
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 35,690 85,824 39,635 10,903 172,052
Additions 4,496 - - - 4,496
Disposals (2,827 ) - - - (2,827 )
At 31st December 2023 37,359 85,824 39,635 10,903 173,721
DEPRECIATION
At 1st January 2023 23,192 68,825 826 10,625 103,468
Charge for year 4,267 6,213 9,702 74 20,256
Eliminated on disposal (2,794 ) - - - (2,794 )
At 31st December 2023 24,665 75,038 10,528 10,699 120,930
NET BOOK VALUE
At 31st December 2023 12,694 10,786 29,107 204 52,791
At 31st December 2022 12,498 16,999 38,809 278 68,584

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 39,635
DEPRECIATION
At 1st January 2023 826
Charge for year 9,702
At 31st December 2023 10,528
NET BOOK VALUE
At 31st December 2023 29,107
At 31st December 2022 38,809

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 16,876 15,446
Other debtors 13,565 14,023
30,441 29,469

Amounts falling due after more than one year:
Other debtors 456 877

Aggregate amounts 30,897 30,346

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 8,017 7,396
Trade creditors 86,250 70,776
Taxation and social security 54,317 44,934
Other creditors 203,365 239,429
351,949 362,535

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) 18,112 26,129

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,017 7,396
Between one and five years 18,112 26,129
26,129 33,525

Non-cancellable operating leases
2023 2022
£    £   
Within one year 37,209 49,613
Between one and five years - 37,209
37,209 86,822

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs L E Rann.