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Registration number: 13553143

Farmers Arms Inn Ltd

Unaudited Filleted

Financial Statements


for the Year Ended 31 August 2024

 

Farmers Arms Inn Ltd

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Farmers Arms Inn Ltd

Company Information




 

Directors

 

Mr G J Fisher

Ms J L Champion

Registered office




 

2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Farmers Arms Inn Ltd

(Registration number: 13553143)
Balance Sheet as at 31 August 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

54,837

 

69,031

Current assets

   

 

Stocks

5

16,076

 

28,604

 

Debtors

6

10,695

 

10,830

 

Cash at bank and in hand

 

35,189

 

40,835

 

 

61,960

 

80,269

 

CREDITORS: Amounts falling due within one year

7

(532,477)

 

(423,273)

 

Net current liabilities

   

(470,517)

 

(343,004)

Net liabilities

   

(415,680)

 

(273,973)

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

(415,780)

 

(274,073)

 

Shareholders' deficit

   

(415,680)

 

(273,973)

For the financial year ending 31 August 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.

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.

 

Farmers Arms Inn Ltd

(Registration number: 13553143)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Mr G J Fisher
Director

 

Farmers Arms Inn Ltd

Notes to the Unaudited Financial Statements

1

General information

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

The address of its registered office is:
2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

These financial statements were authorised for issue by the Board on 10 February 2025.

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 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 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.

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 company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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, other than land and properties under construction over their estimated useful lives, as follows:

 

Farmers Arms Inn Ltd

Notes to the Unaudited Financial Statements

Asset class

Depreciation method and rate

Furniture, fittings & equipment

15-33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Farmers Arms Inn Ltd

Notes to the Unaudited Financial Statements

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 18 (2023 - 21).

 

Farmers Arms Inn Ltd

Notes to the Unaudited Financial Statements

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

94,962

94,962

Additions

624

624

At 31 August 2024

95,586

95,586

Depreciation

At 1 September 2023

25,931

25,931

Charge for the year

14,818

14,818

At 31 August 2024

40,749

40,749

Carrying amount

At 31 August 2024

54,837

54,837

At 31 August 2023

69,031

69,031

5

Stocks

2024
£

2023
£

Other inventories

16,076

28,604

6

Debtors

Current

2024
£

2023
£

Prepayments

5,689

5,823

Other debtors

5,006

5,007

 

10,695

10,830

 

Farmers Arms Inn Ltd

Notes to the Unaudited Financial Statements

7

CREDITORS

CREDITORS: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

90,166

66,898

Taxation and social security

272,280

201,497

Accruals and deferred income

4,345

8,749

Other creditors

165,686

146,129

532,477

423,273

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100