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Registration number: 07206263

Inn Cornwall Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Inn Cornwall Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 6

 

Inn Cornwall Ltd

(Registration number: 07206263)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,500

1,750

Tangible assets

5

257,450

267,914

 

258,950

269,664

Current assets

 

Stocks

38,010

42,422

Debtors

16,247

40,274

Cash at bank and in hand

 

519,728

774,033

 

573,985

856,729

Prepayments and accrued income

 

4,196

4,898

Creditors: Amounts falling due within one year

(284,415)

(452,831)

Net current assets

 

293,766

408,796

Total assets less current liabilities

 

552,716

678,460

Provisions for liabilities

(53,286)

(58,467)

Accruals and deferred income

 

(21,943)

(24,453)

Net assets

 

477,487

595,540

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

477,387

595,440

Total equity

 

477,487

595,540

 

Inn Cornwall Ltd

(Registration number: 07206263)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................

Mr M R Holden
Director

 

Inn Cornwall Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods, including food, drinks, and other items, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the point of sale.

Rendering of services and use of facilities

Turnover from accommodation, other guest services, and use of facilities is recognised when accommodation is occupied, as services are provided, and as facilities are used.

 

Inn Cornwall Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

Government grants

Government grants are recognised at the fair value of the asset received or receivable, when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received, using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

15% straight line basis

Plant and machinery

15% to 33% straight line basis

Fixtures and fittings

15% to 33% straight line basis

Motor vehicles

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Inn Cornwall Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for goods provided or services performed in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 89 (2023 - 94).

 

Inn Cornwall Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

5,000

At 30 April 2024

5,000

Amortisation

At 1 May 2023

3,250

Amortisation charge

250

At 30 April 2024

3,500

Carrying amount

At 30 April 2024

1,500

At 30 April 2023

1,750

5

Tangible assets

Total
£

Cost or valuation

At 1 May 2023

615,291

Additions

85,292

Disposals

(22,882)

At 30 April 2024

677,701

Depreciation

At 1 May 2023

347,377

Charge for the year

83,878

Eliminated on disposal

(11,004)

At 30 April 2024

420,251

Carrying amount

At 30 April 2024

257,450

At 30 April 2023

267,914

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £202,752 (2023 - £193,751). These relate to the lease of property and equipment.