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Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Inn Quests Limited

Inn Quests Limited (Registered number: 01788601)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Inn Quests Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A Pugh
B W Pugh





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 01788601 (England and Wales)





ACCOUNTANTS: Williams & Co
Chartered Accountants
8/10 South Street
Epsom
Surrey
KT18 7PF

Inn Quests Limited (Registered number: 01788601)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 268,397 268,706
Investments 5 2 2
268,399 268,708

CURRENT ASSETS
Cash at bank 55,650 26,654

CREDITORS
Amounts falling due within one year 6 14,394 14,563
NET CURRENT ASSETS 41,256 12,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

309,655

280,799

PROVISIONS FOR LIABILITIES 7 47,514 47,514
NET ASSETS 262,141 233,285

CAPITAL AND RESERVES
Called up share capital 8 4 4
Retained earnings 262,137 233,281
SHAREHOLDERS' FUNDS 262,141 233,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





B W Pugh - Director


Inn Quests Limited (Registered number: 01788601)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Inn Quests Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Income represents net invoiced rents receivable, excluding VAT. It is recognised in general over the period of rental and when the company is contractually entitled to consideration.

Deferred income represents rental deposits and is recognised at commencement of the rental period or when the company is contractually entitled to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Income policy
Income represents net invoiced rents receivable, excluding VAT. It is recognised in general over the period of rental and when the company is contractually entitled to consideration.

Deferred income represents rental deposits and is recognised at commencement of the rental period or when the company is contractually entitled to consideration.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Inn Quests Limited (Registered number: 01788601)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 268,396 2,810 13,992 285,198
DEPRECIATION
At 1 March 2023 - 2,810 13,682 16,492
Charge for year - - 309 309
At 29 February 2024 - 2,810 13,991 16,801
NET BOOK VALUE
At 29 February 2024 268,396 - 1 268,397
At 28 February 2023 268,396 - 310 268,706

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 2
NET BOOK VALUE
At 29 February 2024 2
At 28 February 2023 2

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 148 -
Other creditors 483 -
Directors' current accounts 6,457 9,057
Accrued expenses 7,306 5,506
14,394 14,563

7. PROVISIONS FOR LIABILITIES

Deferred tax represents the estimated tax payable in the event of the freehold property being sold at the value shown in the accounts.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the property was let through Wellies & Windbreaks which is run by Mrs A Pugh. Fees of £7,200 were paid for managing the property.

Inn Quests Limited (Registered number: 01788601)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


10. ULTIMATE CONTROLLING PARTY

The company is under the control of B Pugh.