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Company registration number: NI631966
Baxter Inns Limited
Unaudited filleted financial statements
30 June 2024
Baxter Inns Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Baxter Inns Limited
Directors and other information
Directors Mr Colin Brown
Mrs Lisa Brown
Mr Stephen Brown
Company number NI631966
Registered office 637 Shore Road
Newtownabbey
BT37 0ST
Business address 637 Shore Road
Newtownabbey
BT37 0ST
Accountant SWM Accountancy Services
9 Upper Crescent
Belfast
Antrim
BT7 1NT
Bankers Bank of Ireland
1 Donegall Square South
Belfast
BT1 5LR
Baxter Inns Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 52,505 63,158
_______ _______
52,505 63,158
Current assets
Stocks 16,162 16,676
Debtors 6 69,869 55,232
Cash at bank and in hand 30,068 34,313
_______ _______
116,099 106,221
Creditors: amounts falling due
within one year 7 ( 166,605) ( 126,495)
_______ _______
Net current liabilities ( 50,506) ( 20,274)
_______ _______
Total assets less current liabilities 1,999 42,884
Creditors: amounts falling due
after more than one year 8 ( 29,161) ( 34,562)
_______ _______
Net (liabilities)/assets ( 27,162) 8,322
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 27,262) 8,222
_______ _______
Shareholders (deficit)/funds ( 27,162) 8,322
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2024 , and are signed on behalf of the board by:
Mr Colin Brown
Director
Company registration number: NI631966
Baxter Inns Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 637 Shore Road, Newtownabbey, BT37 0ST.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
Due to losses sustained, the company had net liabilities of £27,162 at 30 June 2024.The directors have considered the working capital requirements of the business and will continue to support those requirements for the foreseeable future. On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - Straight line over the term of the lease
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 18 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2023 48,883 151,777 200,660
Additions - 6,165 6,165
_______ _______ _______
At 30 June 2024 48,883 157,942 206,825
_______ _______ _______
Depreciation
At 1 July 2023 29,681 107,821 137,502
Charge for the year 6,992 9,826 16,818
_______ _______ _______
At 30 June 2024 36,673 117,647 154,320
_______ _______ _______
Carrying amount
At 30 June 2024 12,210 40,295 52,505
_______ _______ _______
At 30 June 2023 19,202 43,956 63,158
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,041 1,533
Other debtors 68,828 53,699
_______ _______
69,869 55,232
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 5,409 11,150
Trade creditors 78,665 65,188
Corporation tax 2,399 1,762
Social security and other taxes 55,453 33,673
Other creditors 24,679 14,722
_______ _______
166,605 126,495
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 29,161 34,562
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts written off Balance o/standing
£ £ £ £
Mr Colin Brown 19,792 16,135 (19,792) 16,135
Mrs Lisa Brown 7,500 6,750 (7,500) 6,750
Mr Stephen Brown 6,930 9,240 (6,930) 9,240
_______ _______ _______ _______
34,222 32,125 (34,222) 32,125
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts written off Balance o/standing
£ £ £ £
Mr Colin Brown 3,589 19,792 (3,589) 19,792
Mrs Lisa Brown - 7,500 - 7,500
Mr Stephen Brown - 6,930 - 6,930
_______ _______ _______ _______
3,589 34,222 (3,589) 34,222
_______ _______ _______ _______