Registered number
08176266
Wexford Inns Limited
Filleted Accounts
31 August 2024
Wexford Inns Limited
Registered number: 08176266
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 91,982 141,258
Current assets
Stocks 57,101 66,512
Debtors 4 31,465 57,062
Cash at bank and in hand 172,973 372,865
261,539 496,439
Creditors: amounts falling due within one year 5 (303,493) (537,669)
Net current liabilities (41,954) (41,230)
Total assets less current liabilities 50,028 100,028
Creditors: amounts falling due after more than one year 6 (7,473) (17,487)
Net assets 42,555 82,541
Capital and reserves
Called up share capital 1 1
Profit and loss account 42,554 82,540
Shareholders' funds 42,555 82,541
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr P Nolan
Director
Approved by the board on 7 November 2024
Wexford Inns Limited
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 168,119 19,213 77,533 264,865
Disposals - - (57,033) (57,033)
At 31 August 2024 168,119 19,213 20,500 207,832
Depreciation
At 1 September 2023 75,180 19,213 29,214 123,607
Charge for the year 10,956 - 4,100 15,056
On disposals - - (22,813) (22,813)
At 31 August 2024 86,136 19,213 10,501 115,850
Net book value
At 31 August 2024 81,983 - 9,999 91,982
At 31 August 2023 92,939 - 48,319 141,258
4 Debtors 2024 2023
£ £
Trade debtors 19,483 21,503
Deposits - 10,500
Other debtors 11,982 25,059
31,465 57,062
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,644 48,977
Trade creditors 143,960 372,290
Directors account 30,485 5,485
Taxation and social security costs 90,680 93,642
Other creditors 7,724 17,275
303,493 537,669
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,473 17,487
7 Other information
Wexford Inns Limited is a private company limited by shares and incorporated in England. Its registered office is:
95A Mitcham Lane,
London
SW16 6LY
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