REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 MARCH 2024 |
FOR |
HOLY CROSS INNS LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 MARCH 2024 |
FOR |
HOLY CROSS INNS LIMITED |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 MARCH 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
HOLY CROSS INNS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 27 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
27 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
27 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 MARCH 2024 |
1. | STATUTORY INFORMATION |
Holy Cross Inns Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Leasehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Depreciation is not provided in respect of land and building. Leasehold properties are not amortised where the unexpired term is over twenty years. |
The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 28 March 2023 |
Additions |
At 27 March 2024 |
DEPRECIATION |
At 28 March 2023 |
Charge for year |
At 27 March 2024 |
NET BOOK VALUE |
At 27 March 2024 |
At 27 March 2023 |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 27 March 2024 is represented by: |
Totals |
£ |
Valuation in 2017 | 222,329 |
Cost | 1,288,270 |
1,510,599 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 975,193 | 968,537 |
Freehold property was valued on a fair value basis on 21 December 2017 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 MARCH 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Gain on freehold property | 55,582 | 55,582 |
72,326 | 76,338 |
Deferred |
tax |
£ |
Balance at 28 March 2023 |
Accelerated capital allowances |
decrease | (4,012 | ) |
Balance at 27 March 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 28 March 2023 |
and 27 March 2024 |
Fair value reserve is non-distributable. |
HOLY CROSS INNS LIMITED (REGISTERED NUMBER: 06597420) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 MARCH 2024 |
12. | RELATED PARTY DISCLOSURES |
Cormackstown Properties Limited |
Cormackstown Properties Limited is a company incorporated in the United Kingdom in which Patrick Joseph Ryan is a director and 100% shareholder. At the balance sheet date the amount owned by Cormackstown Properties Limited to the company is £298,000 (2023 £310,000). |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr Patrick Joseph Ryan. |
He is the sole director and shareholder and is considered to be the ultimate controlling party by virtue of the fact that he owns 100% of the issued share capital. |