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COMPANY REGISTRATION NUMBER: 11762124
THE VILLAGE INN CO. LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
THE VILLAGE INN CO. LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
25,802
27,259
CURRENT ASSETS
Stocks
14,832
9,290
Debtors
6
73,687
73,175
Cash at bank and in hand
27,269
17,881
---------
---------
115,788
100,346
CREDITORS: amounts falling due within one year
7
77,344
47,422
---------
---------
NET CURRENT ASSETS
38,444
52,924
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
64,246
80,183
CREDITORS: amounts falling due after more than one year
8
15,772
26,905
--------
--------
NET ASSETS
48,474
53,278
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
10
10
Profit and loss account
48,464
53,268
--------
--------
SHAREHOLDERS FUNDS
48,474
53,278
--------
--------
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 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 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 .
THE VILLAGE INN CO. LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr P Cruickshank
Miss K J Avery
Director
Director
Company registration number: 11762124
THE VILLAGE INN CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Lilacs Inn, Church Street, Isham, Northamptonshire, NN14 1HD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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 and fittings
-
15% reducing balance
Office equipment
-
33 1/3% Straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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 24 (2023: 21 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 February 2023
37,398
3,298
40,696
Additions
785
234
1,019
--------
-------
--------
At 31 January 2024
38,183
3,532
41,715
--------
-------
--------
Depreciation
At 1 February 2023
10,139
3,298
13,437
Charge for the year
2,398
78
2,476
--------
-------
--------
At 31 January 2024
12,537
3,376
15,913
--------
-------
--------
Carrying amount
At 31 January 2024
25,646
156
25,802
--------
-------
--------
At 31 January 2023
27,259
27,259
--------
-------
--------
6. DEBTORS
2024
2023
£
£
Other debtors
73,687
73,175
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,132
11,132
Trade creditors
9,942
3,103
Corporation tax
4,812
107
Social security and other taxes
26,409
4,359
Other creditors
25,049
28,721
--------
--------
77,344
47,422
--------
--------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,772
26,905
--------
--------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Cruickshank
11,188
24,785
( 24,529)
11,444
Miss K J Avery
11,187
24,785
( 24,529)
11,443
--------
--------
--------
--------
22,375
49,570
( 49,058)
22,887
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Cruickshank
9,593
12,845
( 11,250)
11,188
Miss K J Avery
9,593
12,844
( 11,250)
11,187
--------
--------
--------
--------
19,186
25,689
( 22,500)
22,375
--------
--------
--------
--------
The loans were repaid on 25 September 2024.