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REGISTERED NUMBER: 04325478 (England and Wales)


















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

INN EXPRESS LIMITED

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


INN EXPRESS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr D A Hall
Mr G M Lawton
Mr R Hall
Mr P Wilkins
Mr A Lawton
Mr J Lewis
Mr J P Hathaway
Mr J Fairchild-Davies
Mr S Anderson





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 04325478 (England and Wales)





AUDITORS: TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024


The directors present their strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
2024 is another year of consistent sales growth where turnover has increased 34.6% from £29.1 million to £39.1 million this year. The gross profit percentage remained consistent at 20%.

The cost of living crisis and global events have raised various challenges, but we have managed this well throughout the year.

This year has seen the full use of the website for ordering which has streamlined the order processing for the customer, whilst we still take orders in the usual way via phone and email.

During the year we increased the number of sales account managers as we continue to grow into new areas of the country. The company has also recruited wine specialists to help assist in the growth of that specific area of the business.

The company also opened up a new warehouse in Meon Vale to run alongside our warehouse in Haselor, which we have continued to invest and improve on to ensure that we can hold sufficient stock.

2024 also saw Inn Express invest heavily in updating our fleet of distribution vehicles to serve the expanding customer base. This year the company has invested £357,958 in purchasing it's own vehicles, whilst also expanding the leased vehicles, and replacing old ones.

As important as ever, the company remains a strong advocator of KPI's which are deployed to monitor and manage the daily operations, as well as provide the business with clear direction and benchmarks when assessing annual performance, growth, profitability, debts and return on investments. Non financial indicators are percentage measures for customer growth, movements in customer accounts and daily spend.

The companies KPI's during the year are:

Increase in turnover by 34.6% (2023 - 49.5%)
Increase in gross profit by 33.1% (2023 - 53.1%)
Decrease in profit before taxation for the year 47.5% (2023 - 45.3%)

The Inn Express strength is our people, now circa 135, and their dedication and resolve to give their best at all times is paramount in the success and development of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The current economic climate creates uncertainty that could potentially impact the level of demand and also serves as risks to our customer base as they face their own challenges surviving the cost of living crisis.

The company is exposed to credit risk, liquidity risk and cashflow risk, The company manages credit risk through credit insurance, and monitoring levels of credit given to customers. Liquidity risk is mitigated by managing cash generation from operations. Investment is carefully monitored and all capital items have approval procedures. Cashflow risk is mitigated by financing its operations through retained profits, supplemented by bank borrowings where necessary.

ON BEHALF OF THE BOARD:





Mr D A Hall - Director


25 February 2025

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of beverage distribution.

DIVIDENDS
Interim dividends were paid during the year ended 31 August 2024 as follows:

£   
Ordinary £1 shares 2,000
Preference nil
Ordinary A £1 shares 100,000
Ordinary B £1 shares 93,073
Ordinary C £1 shares 38,015
Ordinary D £1 shares 38,841
Ordinary E £1 shares 8,997
Ordinary F £1 shares 10,212
Ordinary G £1 shares 21,835
Ordinary H £1 shares 18,909
Ordinary I £1 shares 5,381
Ordinary J £1 shares 32,000
Ordinary K £1 shares 7,000
376,263

The total distribution of dividends for the year ended 31 August 2024 will be £376,263.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

Mr D A Hall
Mr G M Lawton
Mr R Hall
Mr P Wilkins
Mr A Lawton
Mr J Lewis

Other changes in directors holding office are as follows:

Mr J P Hathaway - appointed 8 January 2024
Mr J Fairchild-Davies - appointed 8 January 2024

Mr S Anderson was appointed as a director after 31 August 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The business' principal financial instruments comprise bank balances, trade debtors, other debtors, trade creditors and other creditors. The main purpose of these instruments is to finance the business' operations.

Debtors are managed in respect of credit risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

STRATEGIC REPORT
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report)
Regulations 2013, the company has prepared a Strategic Report, which includes information that would have previously been included in the Directors' Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TGFP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D A Hall - Director


25 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INN EXPRESS LIMITED


Opinion
We have audited the financial statements of Inn Express Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INN EXPRESS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INN EXPRESS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We have considered how irregularities, including fraud, can be detected in this business and how they may occur.

To mitigate these risks we have carried out the following risk assessment procedures:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
- Performing analytical review procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Testing of journal entries throughout the year and post year end which met a defined risk criteria.

In respect of non- compliance with laws and regulations we have carried out the following enquiries:

- Review of correspondence with tax authorities for any instances of non-compliance with tax laws and regulations;
- Reviewing the financial statements disclosures and agreeing to supporting documentation
- Review of legal expenditure and understanding the nature of expenditure incurred.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




BENJAMIN R REYNOLDS (Senior Statutory Auditor)
for and on behalf of TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

25 February 2025

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 39,135,335 29,082,289

Cost of sales 31,314,135 23,208,005
GROSS PROFIT 7,821,200 5,874,284

Administrative expenses 7,232,934 4,754,599
OPERATING PROFIT 4 588,266 1,119,685

Interest receivable and similar income 5,487 2,198
593,753 1,121,883

Interest payable and similar expenses 5 13,769 16,914
PROFIT BEFORE TAXATION 579,984 1,104,969

Tax on profit 6 161,642 311,174
PROFIT FOR THE FINANCIAL YEAR 418,342 793,795

OTHER COMPREHENSIVE LOSS
Share buyback (50,000 ) -
Income tax relating to other
comprehensive loss

-

-
OTHER COMPREHENSIVE LOSS FOR
THE YEAR, NET OF INCOME TAX

(50,000

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

368,342

793,795

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 848,730 307,584
Investments 10 182,573 182,573
1,031,303 490,157

CURRENT ASSETS
Stocks 11 2,084,242 1,811,046
Debtors 12 4,828,392 3,431,002
Cash at bank and in hand 382,182 1,039,920
7,294,816 6,281,968
CREDITORS
Amounts falling due within one year 13 7,140,110 5,619,572
NET CURRENT ASSETS 154,706 662,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,009

1,152,553

CREDITORS
Amounts falling due after more than one
year

14

(31,000

)

(118,500

)

PROVISIONS FOR LIABILITIES 19 (195,069 ) (66,192 )
NET ASSETS 959,940 967,861

CAPITAL AND RESERVES
Called up and paid share capital 20 10,165 60,165
Capital redemption reserve 21 50,000 -
Retained earnings 21 899,775 907,696
SHAREHOLDERS' FUNDS 959,940 967,861

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Mr D A Hall - Director


INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
and paid Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 60,165 468,179 - 528,344

Changes in equity
Total comprehensive income - 793,795 - 793,795
Dividends - (354,278 ) - (354,278 )
Balance at 31 August 2023 60,165 907,696 - 967,861

Changes in equity
Total comprehensive income - 368,342 - 368,342
Dividends - (376,263 ) - (376,263 )
Reduction in share capital (50,000 ) - 50,000 -
Balance at 31 August 2024 10,165 899,775 50,000 959,940

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 767,586 1,327,078
Interest paid (13,769 ) (16,914 )
Tax paid (244,472 ) (141,762 )
Net cash from operating activities 509,345 1,168,402

Cash flows from investing activities
Purchase of tangible fixed assets (741,307 ) (235,807 )
Purchase of fixed asset investments - (182,573 )
Sale of tangible fixed assets 6,000 -
Interest received 5,487 2,198
Net cash from investing activities (729,820 ) (416,182 )

Cash flows from financing activities
Loan repayments in year (62,000 ) (62,000 )
Amount introduced by directors 53,000 -
Amount withdrawn by directors (2,000 ) -
Share buyback (50,000 ) -
Equity dividends paid (376,263 ) (354,277 )
Net cash from financing activities (437,263 ) (416,277 )

(Decrease)/increase in cash and cash equivalents (657,738 ) 335,943
Cash and cash equivalents at
beginning of year

2

1,039,920

703,977

Cash and cash equivalents at end of
year

2

382,182

1,039,920

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 579,984 1,104,969
Depreciation charges 183,850 257,248
Loss on disposal of fixed assets 10,311 -
Finance costs 13,769 16,914
Finance income (5,487 ) (2,198 )
782,427 1,376,933
Increase in stocks (273,196 ) (548,146 )
Increase in trade and other debtors (1,397,390 ) (1,000,952 )
Increase in trade and other creditors 1,655,745 1,499,243
Cash generated from operations 767,586 1,327,078

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 382,182 1,039,920
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 1,039,920 703,977


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 1,039,920 (657,738 ) 382,182
1,039,920 (657,738 ) 382,182
Debt
Debts falling due within 1 year (62,000 ) (25,500 ) (87,500 )
Debts falling due after 1 year (118,500 ) 87,500 (31,000 )
(180,500 ) 62,000 (118,500 )
Total 859,420 (595,738 ) 263,682

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Inn Express Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Inn Express Limited as an individual company and do not contain consolidated financial information as the parent of a group. Under Section 405(2) the subsidiary undertaking has been excluded from consolidation as it's inclusion is not material for the purpose of giving a true and fair view.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. For the year under review there were no specific areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates had a material bearing on the financial statements.

Turnover
Turnover relates to the principal activity of the company and is for the provision of goods. Turnover is recognised upon delivery, when the risks and rewards of ownership have transferred to the customer. Turnover is shown net of discounts, value added tax and other sales taxes.

Goodwill
Goodwill, being amounts paid in connection with the acquisition of businesses in 2009, 2010 and 2020 is being amortised evenly over its estimated useful life of seven years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade debtors are amounts owed from customers for services performed and goods sold in the ordinary course in business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised costs using the effective interest method, less provision for impairment. A provision for 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.

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

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Share capital
Ordinary shares are classed as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,249,091 2,582,970
Social security costs 415,171 238,847
Other pension costs 135,094 71,220
4,799,356 2,893,037

The average number of employees during the year was as follows:
2024 2023

Sales 12 10
Administration 15 14
Management 6 5
Distribution 61 29
Nights 26 26
120 84

2024 2023
£    £   
Directors' remuneration 314,222 182,500
Directors' pension contributions to money purchase schemes 21,845 8,566

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 5

Information regarding the highest paid director for the year ended 31 August 2024 is as follows:
2024
£   
Emoluments etc 84,925
Pension contributions to money purchase schemes 7,409

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 11,355 18,776
Other operating leases 328,423 227,475
Depreciation - owned assets 183,850 49,924
Loss on disposal of fixed assets 10,311 -
Goodwill amortisation - 207,326
Auditors' remuneration 9,750 9,350

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 13,769 12,035
HMRC interest - 4,879
13,769 16,914

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 33,239 244,973
Over/under provision
in prior year (474 ) 9
Total current tax 32,765 244,982

Deferred tax 128,877 66,192
Tax on profit 161,642 311,174

UK corporation tax has been charged at 25% (2023 - 21.52%).

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 579,984 1,104,969
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 21.520%)

144,996

237,789

Effects of:
Expenses not deductible for tax purposes 3,856 5,028
Capital allowances in excess of depreciation (115,613 ) -
Depreciation in excess of capital allowances - 2,212
Adjustments to tax charge in respect of previous periods (474 ) -
Rounding on rate - (47 )
Deferred tax 128,877 66,192
Total tax charge 161,642 311,174

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Share buyback (50,000 ) - (50,000 )

7. DIVIDENDS

Class:20242023
£   £   
Interim dividends paid
Ordinary 2,0002,000
Ordinary A100,00055,780
Ordinary B93,07361,138
Ordinary C38,01535,469
Ordinary D38,84127,817
Ordinary E8,99727,381
Ordinary F10,21227,876
Ordinary G21,83520,716
Ordinary H18,90916,205
Ordinary I5,381700
Ordinary J32,00060,000
Ordinary K7,00019,196

376,263354,278

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 662,125
AMORTISATION
At 1 September 2023
and 31 August 2024 662,125
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 67,981 200,696 105,995 121,155 495,827
Additions 54,137 290,880 357,958 38,332 741,307
Disposals (12,547 ) (32,928 ) (12,150 ) (2,938 ) (60,563 )
At 31 August 2024 109,571 458,648 451,803 156,549 1,176,571
DEPRECIATION
At 1 September 2023 39,676 76,568 16,305 55,694 188,243
Charge for year 11,462 68,427 81,868 22,093 183,850
Eliminated on disposal (11,666 ) (25,866 ) (4,303 ) (2,417 ) (44,252 )
At 31 August 2024 39,472 119,129 93,870 75,370 327,841
NET BOOK VALUE
At 31 August 2024 70,099 339,519 357,933 81,179 848,730
At 31 August 2023 28,305 124,128 89,690 65,461 307,584

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 182,573
NET BOOK VALUE
At 31 August 2024 182,573
At 31 August 2023 182,573

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Independent Drinks Supplies Limited
Registered office: Fulford House, Newbold Terrace, Leamington Spa, Warwickshire, CV32 4EA
Nature of business: Beverage distribution and retail
%
Class of shares: holding
Ordinary 100.00
2024 31.3.23
£    £   
Aggregate capital and reserves - 13,027

11. STOCKS
2024 2023
£    £   
Stocks 2,084,242 1,811,046

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,531,542 3,266,791
Other debtors 14,662 4,623
Prepayments and accrued income 282,188 159,588
4,828,392 3,431,002

Trade debtors amounting to £3,163,713 (2023 - £2,716,944) have been assigned to the Company's factors to secure advances amounting to £1,950,648 (2023 - £1,595,059) which are included in other creditors.

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 87,500 62,000
Trade creditors 4,205,985 3,304,534
Tax 33,239 244,946
Social security and other taxes 102,677 74,025
VAT 296,694 256,878
Other creditors 2,142,709 1,595,059
Pension due 25,079 13,706
Directors' current accounts 51,052 52
Accruals and deferred income 195,175 68,372
7,140,110 5,619,572

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 31,000 118,500

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 87,500 62,000

Amounts falling due between two and five years:
Bank loans - 1-5 years 31,000 118,500

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 10,626 11,033
Between one and five years 421,293 95,974
In more than five years 122,400 107,400
554,319 214,407

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 118,500 180,500
Factor account 1,950,648 1,595,059
2,069,148 1,775,559

Aldermore Bank and Lloyds TSB Bank have fixed and floating charges over the assets of the Company.

18. FINANCIAL INSTRUMENTS

Categorisation of financial instruments:

Financial assets that are debt instruments measured at amortised cost £4,928,386 (2023 - £6,011,979)
Financial liabilities measured at amortised cost £6,738,499 (2023 - £5,194,326)

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 195,069 66,192

Deferred
tax
£   
Balance at 1 September 2023 66,192
Charge to Statement of Comprehensive Income during year 128,877
Balance at 31 August 2024 195,069

Deferred tax is calculated on accelerated capital allowances.

INN EXPRESS LIMITED (REGISTERED NUMBER: 04325478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


20. CALLED UP AND PAID SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £    £   
110 Ordinary £1 110 110
10,000 Preference £1 10,000 60,000
5 Ordinary A £1 5 5
5 Ordinary B £1 5 5
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
5 Ordinary E £1 5 5
5 Ordinary F £1 5 5
5 Ordinary G £1 5 5
5 Ordinary H £1 5 5
5 Ordinary I £1 5 5
5 Ordinary J £1 5 5
5 Ordinary K £1 5 5
5 Ordinary L £1 5 5
10,165 60,165

During the year 50,000 preference shares were bought back by the company

21. RESERVES

Share capital represents the number of shares issued at nominal price.

Capital redemption reserve represents the nominal value of share capital bought back by the company.

The profit and loss account represents accumulated comprehensive income for the year end and prior periods after deduction of dividends paid.

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £135,094 (2023 - £71,220).

Contributions totalling £25,079 (2023 - £13,706) were payable to the scheme at the end of the year and are included in creditors.

23. RELATED PARTY DISCLOSURES

Key management personnel comprises the directors of the company. The directors received remuneration in the year as disclosed in note 3.