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COMPANY REGISTRATION NUMBER: 5002549
First and Last Inn Limited
Filleted Unaudited Financial Statements
29 December 2023
First and Last Inn Limited
Financial Statements
Year ended 29 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
First and Last Inn Limited
Statement of Financial Position
29 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
5,783
6,910
Current assets
Stocks
8,500
8,000
Debtors
7
125,441
143,791
Cash at bank and in hand
19,058
14,563
---------
---------
152,999
166,354
Creditors: amounts falling due within one year
8
( 120,395)
( 124,167)
---------
---------
Net current assets
32,604
42,187
--------
--------
Total assets less current liabilities
38,387
49,097
Creditors: amounts falling due after more than one year
9
( 25,126)
( 47,321)
Provisions
Taxation including deferred tax
10
( 1,099)
( 1,313)
--------
--------
Net assets
12,162
463
--------
--------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
12,161
462
--------
----
Shareholders funds
12,162
463
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
First and Last Inn Limited
Statement of Financial Position (continued)
29 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr RG Maynard
Mrs M Maynard
Director
Director
Company registration number: 5002549
First and Last Inn Limited
Notes to the Financial Statements
Year ended 29 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is London Road, Waterloo, Pembroke Dock, Pembrokeshire, SA72 6TX.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings & equipment
-
15% reducing balance
Office equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
5. Tax on profit
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense
14,162
9,920
Adjustments in respect of prior periods
1
Tax on directors loan account
(9,763)
(11,198)
--------
--------
Total current tax
4,400
( 1,278)
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 214)
332
-------
----
Tax on profit
4,186
( 946)
-------
----
6. Tangible assets
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
Cost
At 30 December 2022 and 29 December 2023
48,228
4,518
52,746
--------
-------
--------
Depreciation
At 30 December 2022
42,223
3,613
45,836
Charge for the year
901
226
1,127
--------
-------
--------
At 29 December 2023
43,124
3,839
46,963
--------
-------
--------
Carrying amount
At 29 December 2023
5,104
679
5,783
--------
-------
--------
At 29 December 2022
6,005
905
6,910
--------
-------
--------
7. Debtors
2023
2022
£
£
Other debtors
125,441
143,791
---------
---------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
67,193
59,631
Trade creditors
21,623
18,744
Corporation tax
14,262
32,341
Social security and other taxes
9,522
8,759
Other creditors
7,795
4,692
---------
---------
120,395
124,167
---------
---------
The company has a fixed charge over its assets. The company also has a floating charge over all the other property, assets and rights of the owner owned now or in the future which are not subject to an effective fixed charge under this deed or under any other security held by the bank. These charges are in relation to the mortgage of the property which the company rents from the directors.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
25,126
47,321
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 30 December 2022
1,313
Unused amounts reversed
( 214)
-------
At 29 December 2023
1,099
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
1,099
1,313
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,099
1,313
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Related party transactions
The company was under the control of Mr RG Maynard and Mrs M Maynard throughout the current and previous year. Mr RG Maynard and Mrs M Maynard are the managing directors and majority shareholders. During the year the company paid rent of £14,400 (2022 - £14,400) to Mr RG Maynard and Mrs M Maynard, the managing directors. During the year the company paid dividends totalling £51,900 (2022 - £48,000) to Mr RG Maynard and Mrs M Maynard, the managing directors. Included within other debtors at the year end date is an amount of £80,797 (2022 - £110,837) which relates to monies owed to the company by Mr RG Maynard and Mrs M Maynard, the managing directors.