Company registration number 01620967 (England and Wales)
CUMBRIAN INNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CUMBRIAN INNS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CUMBRIAN INNS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
121,903
121,903
Current assets
Debtors
5
661,468
661,468
Net current assets
661,468
661,468
Net assets
783,371
783,371
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
773,371
773,371
Total equity
783,371
783,371
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr C J Graves
Director
Company registration number 01620967 (England and Wales)
CUMBRIAN INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Cumbrian Inns Limited is a private company limited by shares incorporated in England and Wales. The registered office is Armathwaite Hall Hotel, Bassenthwaite, Keswick, Cumbria, England, CA12 4RE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention; the principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
121,903
CUMBRIAN INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 3 -
The fair value of investment property has been arrived at on the basis of a valuation carried out at the year end by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
There has been no valuation of investment property by an independent valuer.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
661,468
661,468
6
Related Party Transactions
During the year the company entered into the following transactions with related parties:
There is a company which is under common control and is therefore a related party.
This company has provided loan finance to the related party. Interest has been charged totalling £nil (2023 - £nil). At the year end the balance owed by the related party was £661,468 (2023 - £661,468).