Registered number
07563947
Sussex Inns Limited
Filleted Accounts
31 March 2024
Sussex Inns Limited
Registered number: 07563947
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 350,000 350,000
Tangible assets 4 39,322 49,152
389,322 399,152
Current assets
Cash at bank and in hand 7,034 840
Creditors: amounts falling due within one year 5 (218,546) (215,793)
Net current liabilities (211,512) (214,953)
Net assets 177,810 184,199
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 225,000 225,000
Profit and loss account (47,290) (40,901)
Shareholders' funds 177,810 184,199
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.
Gill Brown
Director
Approved by the board on 2 November 2024
Sussex Inns Limited
Notes to the Accounts
for the year ended 31 March 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% written down value
Fixtures, fittings, tools and equipment 20% written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 362,890
At 31 March 2024 362,890
Amortisation
At 1 April 2023 12,890
At 31 March 2024 12,890
Net book value
At 31 March 2024 350,000
At 31 March 2023 350,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 171,939
At 31 March 2024 171,939
Depreciation
At 1 April 2023 122,787
Charge for the year 9,830
At 31 March 2024 132,617
Net book value
At 31 March 2024 39,322
At 31 March 2023 49,152
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,358 40,000
Shareholder loans 82,000 82,000
Private loans 89,395 -
Taxation and social security costs 15,793 93,793
218,546 215,793
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 225,000 225,000
At 31 March 2024 225,000 225,000
7 Other information
Sussex Inns Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Southampton Road
Ringwood
BH24 1HY
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