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COMPANY REGISTRATION NUMBER: 11095006
LINDA'S INNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 May 2024
LINDA'S INNS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
CONTENTS
PAGE
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
13
LINDA'S INNS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mrs L Senior
Registered office
Equitable House
55 Pellon Lane
Halifax
United Kingdom
HX1 5SP
Accountants
Streets Spenser Wilson (Yorkshire) Limited
Chartered Accountants
Equitable House
55 Pellon Lane
Halifax
West Yorkshire
HX1 5SP
Bankers
Barclays Bank Plc
PO Box 14
39-47 Commercial Street
Halifax
West Yorkshire
LINDA'S INNS LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 MAY 2024
The director presents her report and the unaudited financial statements of the company for the year ended 31 May 2024 .
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was that of operating public houses.
DIRECTOR
The director who served the company during the year was as follows:
Mrs L Senior
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 February 2025 and signed on behalf of the board by:
Mrs L Senior
Director
Registered office:
Equitable House
55 Pellon Lane
Halifax
United Kingdom
HX1 5SP
LINDA'S INNS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MAY 2024
2024
2023
Note
£
£
TURNOVER
668,418
661,848
Cost of sales
517,288
599,091
----------
----------
GROSS PROFIT
151,130
62,757
Administrative expenses
141,461
226,402
Other operating income
4
5,066
----------
----------
OPERATING PROFIT/(LOSS)
5
9,669
( 158,579)
Other interest receivable and similar income
7
492
48
Interest payable and similar expenses
8
19,882
13,884
----------
----------
LOSS BEFORE TAXATION
( 9,721)
( 172,415)
Tax on loss
-------
----------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 9,721)
( 172,415)
-------
----------
RETAINED LOSSES AT THE START OF THE YEAR
( 226,855)
( 54,440)
----------
----------
RETAINED LOSSES AT THE END OF THE YEAR
( 236,576)
( 226,855)
----------
----------
All the activities of the company are from continuing operations.
LINDA'S INNS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
11
49,653
52,018
CURRENT ASSETS
Stocks
16,551
12,402
Debtors
12
30,840
33,260
Cash at bank and in hand
1,050
1,050
---------
---------
48,441
46,712
CREDITORS: amounts falling due within one year
13
284,320
269,894
----------
----------
NET CURRENT LIABILITIES
235,879
223,182
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 186,226)
( 171,164)
CREDITORS: amounts falling due after more than one year
14
50,349
55,690
----------
----------
NET LIABILITIES
( 236,575)
( 226,854)
----------
----------
LINDA'S INNS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
( 236,576)
( 226,855)
----------
----------
SHAREHOLDERS DEFICIT
( 236,575)
( 226,854)
----------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 February 2025 , and are signed on behalf of the board by:
Mrs L Senior
Director
Company registration number: 11095006
LINDA'S INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, HX1 5SP, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has given assurances that she will continue to support the company and does not intend to withdraw her loan account in the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. OTHER OPERATING INCOME
2024
2023
£
£
Other operating income
5,066
----
-------
5. OPERATING PROFIT/(LOSS)
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
2,000
Depreciation of tangible assets
14,996
15,114
---------
---------
6. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
7. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on bank deposits
492
48
----
----
8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on banks loans and overdrafts
19,882
13,884
---------
---------
9. TAXATION
The results for the year do not give rise to a charge to UK Corporation Tax. Losses of £215,815 are carried forward and are available to offset future Corporation Tax liabilities.
10. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
10,000
---------
Amortisation
At 1 June 2023 and 31 May 2024
10,000
---------
Carrying amount
At 31 May 2024
---------
At 31 May 2023
---------
11. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
9,902
121,299
131,201
Additions
12,632
12,632
-------
----------
----------
At 31 May 2024
9,902
133,931
143,833
-------
----------
----------
Depreciation
At 1 June 2023
1,815
77,368
79,183
Charge for the year
1,981
13,016
14,997
-------
----------
----------
At 31 May 2024
3,796
90,384
94,180
-------
----------
----------
Carrying amount
At 31 May 2024
6,106
43,547
49,653
-------
----------
----------
At 31 May 2023
8,087
43,931
52,018
-------
----------
----------
12. DEBTORS
2024
2023
£
£
Other debtors
30,840
33,260
---------
---------
13. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,844
34,659
Trade creditors
47,093
63,030
Social security and other taxes
38,639
16,951
Other creditors
185,744
155,254
----------
----------
284,320
269,894
----------
----------
14. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
50,349
54,174
Other creditors
1,516
---------
---------
50,349
55,690
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £nil respect of liabilities payable by instalment which fall due for payment after more than five years from the reporting date.
15. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,000
15,000
Later than 1 year and not later than 5 years
60,000
60,000
Later than 5 years
135,000
150,000
----------
----------
210,000
225,000
----------
----------
16. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The director's loan account was in credit throughout the period, the loan is unsecured, interest free and repayable on demand.
LINDA'S INNS LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MAY 2024
The following pages do not form part of the financial statements.
LINDA'S INNS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LINDA'S INNS LIMITED
YEAR ENDED 31 MAY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Linda's Inns Limited for the year ended 31 May 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Linda's Inns Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Linda's Inns Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linda's Inns Limited and its director for our work or for this report.
It is your duty to ensure that Linda's Inns Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Linda's Inns Limited. You consider that Linda's Inns Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Linda's Inns Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Streets Spenser Wilson (Yorkshire) Limited Chartered Accountants
Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP
12 February 2025