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Company No: 06763957 (England and Wales)

ENLIGHTEN INNS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

ENLIGHTEN INNS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ENLIGHTEN INNS LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
ENLIGHTEN INNS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Mr S J Guest
Mr N Jewell
REGISTERED OFFICE 26a Fore Street
St Marychurch
Torquay
TQ1 4LY
United Kingdom
COMPANY NUMBER 06763957 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
ENLIGHTEN INNS LIMITED

BALANCE SHEET

As at 31 January 2024
ENLIGHTEN INNS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 429,202 582,259
Investment property 5 747,280 747,280
1,176,482 1,329,539
Current assets
Stocks 30,532 33,425
Debtors 6 192,425 118,873
Cash at bank and in hand 896,696 652,086
1,119,653 804,384
Creditors: amounts falling due within one year 7 ( 308,452) ( 318,689)
Net current assets 811,201 485,695
Total assets less current liabilities 1,987,683 1,815,234
Net assets 1,987,683 1,815,234
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 1,986,683 1,814,234
Total shareholders' funds 1,987,683 1,815,234

For the financial year ending 31 January 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 Enlighten Inns Limited (registered number: 06763957) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

Mr S J Guest
Director
Mr N Jewell
Director
ENLIGHTEN INNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ENLIGHTEN INNS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Enlighten Inns 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 26a Fore Street, St Marychurch, Torquay, TQ1 4LY, 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 represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Other income, such as gaming machine nomination payments, are accounted for on a received basis and not spread over the financial year. These amounts are not considered material.

Employee benefits

Defined contribution schemes
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.

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 10 years straight line
Tangible fixed 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 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:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.66 years straight line
Office equipment 4 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 522,935 522,935
Disposals ( 125,428) ( 125,428)
At 31 January 2024 397,507 397,507
Accumulated amortisation
At 01 February 2023 522,935 522,935
Disposals ( 125,428) ( 125,428)
At 31 January 2024 397,507 397,507
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 February 2023 787,244 11,500 283,551 8,658 1,090,953
Disposals ( 188,560) 0 ( 56,450) 0 ( 245,010)
At 31 January 2024 598,684 11,500 227,101 8,658 845,943
Accumulated depreciation
At 01 February 2023 221,699 8,771 269,566 8,658 508,694
Charge for the financial year 11,974 682 4,953 0 17,609
Disposals ( 53,112) 0 ( 56,450) 0 ( 109,562)
At 31 January 2024 180,561 9,453 218,069 8,658 416,741
Net book value
At 31 January 2024 418,123 2,047 9,032 0 429,202
At 31 January 2023 565,545 2,729 13,985 0 582,259

5. Investment property

Investment property
£
Valuation
As at 01 February 2023 747,280
As at 31 January 2024 747,280

There has been no valuation of investment property by an independent valuer. The directors have valued the investment property in accordance with the company accounting policies.

6. Debtors

2024 2023
£ £
Trade debtors 48,681 29,958
Amounts owed by directors 52,501 0
Prepayments 89,323 86,237
Other debtors 1,920 2,678
192,425 118,873

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 81,016 91,898
Amounts owed to directors 0 21,987
Accruals and deferred income 115,643 131,162
Corporation tax 90,285 56,525
Other taxation and social security 20,548 16,637
Other creditors 960 480
308,452 318,689

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £851,033 (2023 - £957,133).

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance at 1 February 2023 (21,987) (21,287)
Advances 116,193 15,300
Repayments (41,705) (16,000)
Balance at 31 January 2024 52,501 (21,987)