Company registration number 3845255 (England and Wales)
RUTLAND INN COMPANY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RUTLAND INN COMPANY LIMITED
COMPANY INFORMATION
Directors
BP Jones
DM Hosie
Secretary
C L Jones
Company number
3845255
Registered office
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Main Street
Clipsham
Rutland
LE15 7SH
Bankers
Handelsbanken
St John's House
30 East Street
Leicester
LE1 6NB
RUTLAND INN COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RUTLAND INN COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
1,072,197
1,096,200
1,072,198
1,096,201
Current assets
Stocks
40,249
32,109
Debtors
5
21,600
23,976
Cash at bank and in hand
68,769
101,657
130,618
157,742
Creditors: amounts falling due within one year
6
(365,817)
(328,490)
Net current liabilities
(235,199)
(170,748)
Total assets less current liabilities
836,999
925,453
Creditors: amounts falling due after more than one year
7
(477,567)
(537,616)
Provisions for liabilities
(87,263)
(93,337)
Net assets
272,169
294,500
Capital and reserves
Called up share capital
8
90,000
90,000
Capital redemption reserve
30,000
30,000
Profit and loss reserves
152,169
174,500
Total equity
272,169
294,500
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RUTLAND INN COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
BP Jones
Director
Company registration number 3845255 (England and Wales)
RUTLAND INN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Rutland Inn Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Walk Building, 110 Regent Road, Leicester, LE1 7LT. The place of business is given in the company information page of these financial statements.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and comprises:
- Turnover from the sale of food and beverages, which is recognised at the point of sale.
- Turnover from the provision of accommodation which is recognised when the rooms are occupied.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
No depreciation
Fixtures, fittings & equipment
15% per annum of net book value
Motor vehicles
25% per annum of net book value
No depreciation is provided on freehold buildings. The company's practice is to maintain these assets in a continual state of sound repair. The directors consider the lives of these assets as so long and residual values are so high, that their depreciation is insignificant.
1.5
Stocks
Stock is measured at the lower of cost and estimated selling price. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
RUTLAND INN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
RUTLAND INN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1,048,308
428,418
1,476,726
Additions
10,401
10,401
At 31 March 2024
1,048,308
438,819
1,487,127
Depreciation and impairment
At 1 April 2023
165,348
215,178
380,526
Depreciation charged in the year
34,404
34,404
At 31 March 2024
165,348
249,582
414,930
Carrying amount
At 31 March 2024
882,960
189,237
1,072,197
At 31 March 2023
882,960
213,240
1,096,200
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,758
4,313
Corporation tax recoverable
13,246
Other debtors
2,516
3,868
Prepayments and accrued income
4,326
2,549
21,600
23,976
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,822
60,755
Trade creditors
59,348
38,874
Other taxation and social security
93,882
71,613
Accruals and deferred income
151,765
157,248
365,817
328,490
RUTLAND INN COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
477,567
537,616
The aggregate amount of creditors secured by a fixed charge over company assets amounted to £499,500 as at 31 March 2024 (£555,000 - 31 March 2023).
8
Called up share capital
2024
2023
£
£
A Ordinary share capital
Issued and fully paid
20,000 A Ordinary Shares of £1 each
20,000
20,000
B Ordinary share capital
Issued and fully paid
70,000 B Ordinary Shares of £1 each
70,000
70,000
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
3,751
2,565
(3,800)
2,516
3,751
2,565
(3,800)
2,516
The above loan is unsecured, interest free and repayable on demand.