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REGISTERED NUMBER: 02816575 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Mermaid Inn Limited

Mermaid Inn Limited (Registered number: 02816575)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mermaid Inn Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs J W Blincow
Mr E Campbell - Salmon
Mr A P Adlington
Mrs GE Kite





SECRETARY: Mrs GE Kite





REGISTERED OFFICE: Mermaid Street
RYE
East Sussex
TN31 7EU





REGISTERED NUMBER: 02816575 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Bank Chambers
61 High Street
Cranbrook
Kent
TN17 3EG

Mermaid Inn Limited (Registered number: 02816575)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 981,086 1,025,328

CURRENT ASSETS
Stocks 43,087 46,099
Debtors 5 76,574 65,826
Cash at bank and in hand 23,865 15,955
143,526 127,880
CREDITORS
Amounts falling due within one year 6 367,991 327,150
NET CURRENT LIABILITIES (224,465 ) (199,270 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,621

826,058

CREDITORS
Amounts falling due after more than one
year

7

(9,646

)

(19,910

)

PROVISIONS FOR LIABILITIES (40,341 ) (49,358 )
NET ASSETS 706,634 756,790

CAPITAL AND RESERVES
Called up share capital 9 600 600
Retained earnings 706,034 756,190
SHAREHOLDERS' FUNDS 706,634 756,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Mermaid Inn Limited (Registered number: 02816575)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:




Mrs J W Blincow - Director



Mrs GE Kite - Director


Mermaid Inn Limited (Registered number: 02816575)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Mermaid Inn 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention and on a going concern basis.

Aside from a Bounceback loan there is no external borrowing. Based on the current position, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. Increasing an asset's expected life or its residual value would result in a reduced depreciation charge in the income statement. The useful lives and residual values of the company's assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life, such as changes in technology. Historically, changes in useful lives and residual values have not resulted in material changes to the company's depreciation charge.

Turnover
Turnover represents net invoiced sales of goods and services (being room income, restaurant and bar sales and other usual supplies made by a hotel, restaurant and bar), excluding value added tax and trade discounts. Turnover is recognised once the performance of the service has been concluded or goods have been delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Land - straight line over 5 years
Fixtures and fittings - 20% on cost and 10% on cost

Mermaid Inn Limited (Registered number: 02816575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

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.

Hire purchase and leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to a profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2023 - 60 ) .

Mermaid Inn Limited (Registered number: 02816575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property Land fittings Totals
£    £    £    £   
COST
At 1 July 2023 666,984 320,000 1,596,267 2,583,251
Additions - - 21,278 21,278
Disposals - - (1,487 ) (1,487 )
At 30 June 2024 666,984 320,000 1,616,058 2,603,042
DEPRECIATION
At 1 July 2023 168,557 - 1,389,366 1,557,923
Charge for year 6,600 - 58,920 65,520
Eliminated on disposal - - (1,487 ) (1,487 )
At 30 June 2024 175,157 - 1,446,799 1,621,956
NET BOOK VALUE
At 30 June 2024 491,827 320,000 169,259 981,086
At 30 June 2023 498,427 320,000 206,901 1,025,328

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 16,202 21,993
Other debtors 60,372 43,833
76,574 65,826

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,268 10,016
Trade creditors 93,345 146,899
Taxation and social security 119,112 120,866
Other creditors 145,266 49,369
367,991 327,150

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 9,646 19,910

8. SECURED DEBTS

The Bounce Back Loan which stands at £19,913 at the year end is unsecured.

Mermaid Inn Limited (Registered number: 02816575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
600 Ordinary shares £1 600 600

10. PENSION COMMITMENTS

The company made pension contributions of £32,140 (2023: £18,301) to money purchase schemes during the year on behalf of the staff and directors. At the year end, pension contributions of £7,551 (2023: £7,585) were outstanding.

11. RELATED PARTY DISCLOSURES

The directors have made an interest free loan to the company of £652 which is outstanding at the year end.