Registered number
06551178
CUMBERLAND INNS TRADING LIMITED
Unaudited Filleted Accounts
31 March 2024
CUMBERLAND INNS TRADING LIMITED
Registered number: 06551178
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 38,350 40,927
Current assets
Stocks 27,850 27,441
Debtors 4 9,005 6,667
Cash at bank and in hand 259,591 322,014
296,446 356,122
Creditors: amounts falling due within one year 5 (90,781) (96,534)
Net current assets 205,665 259,588
Total assets less current liabilities 244,015 300,515
Creditors: amounts falling due after more than one year 6 (36,174) (60,090)
Net assets 207,841 240,425
Capital and reserves
Called up share capital 110 110
Profit and loss account 207,731 240,315
Shareholder's funds 207,841 240,425
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Goodman
Director
Approved by the board on 19 September 2024
CUMBERLAND INNS TRADING LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 25% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 45 37
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 7,034 136,275 143,309
At 31 March 2024 7,034 140,500 147,534
Depreciation
At 1 April 2023 6,737 95,645 102,382
At 31 March 2024 6,811 102,373 109,184
Net book value
At 31 March 2024 223 38,127 38,350
At 31 March 2023 297 40,630 40,927
4 Debtors 2024 2023
£ £
Other debtors 9,005 6,667
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,403 12,691
Taxation and social security costs 62,112 63,897
Other creditors 17,266 19,946
90,781 96,534
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 36,174 60,090
7 Related party transactions
At the year end the company owes £5,743 to related parties (2023: £1,202).
8 Controlling party
The company is under the ultimate control of Mr Goodman by virtue of his controlling shareholding in the company.
9 Other information
CUMBERLAND INNS TRADING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
Quadrant House
9 Heath Road
Weybridge
KT13 8SX
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