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COMPANY REGISTRATION NUMBER: 13253104
The Nevill Arms (Medbourne) Limited
Filleted Unaudited Financial Statements
31 March 2024
The Nevill Arms (Medbourne) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
The Nevill Arms (Medbourne) Limited
Officers and Professional Advisers
Director
Mr R Uppal
Registered office
15 Barnsdale
Great Easton
Market Harborough
Leicestershire
England
LE16 8SG
Accountant
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
The Nevill Arms (Medbourne) Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Nevill Arms (Medbourne) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of The Nevill Arms (Medbourne) Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of The Nevill Arms (Medbourne) Limited in accordance with the terms of my engagement letter dated 27 April 2021. My work has been undertaken solely to prepare for your approval the financial statements of The Nevill Arms (Medbourne) Limited and state those matters that I have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than The Nevill Arms (Medbourne) Limited and its director for my work or for this report.
It is your duty to ensure that The Nevill Arms (Medbourne) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Nevill Arms (Medbourne) Limited. You consider that The Nevill Arms (Medbourne) Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of The Nevill Arms (Medbourne) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
25 March 2025
The Nevill Arms (Medbourne) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
140,000
160,000
Tangible assets
6
1,590,018
1,269,471
------------
------------
1,730,018
1,429,471
Current assets
Stocks
13,500
13,500
Debtors
7
28,308
15,564
Cash at bank and in hand
26,169
408
--------
--------
67,977
29,472
Creditors: amounts falling due within one year
8
2,509,430
1,918,149
------------
------------
Net current liabilities
2,441,453
1,888,677
------------
------------
Total assets less current liabilities
( 711,435)
( 459,206)
---------
---------
Net liabilities
( 711,435)
( 459,206)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 711,436)
( 459,207)
---------
---------
Shareholders deficit
( 711,435)
( 459,206)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Nevill Arms (Medbourne) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr R Uppal
Director
Company registration number: 13253104
The Nevill Arms (Medbourne) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Barnsdale, Great Easton, Market Harborough, Leicestershire, LE16 8SG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
These financial statements have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to financially support the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer; 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
2% straight line
Freehold property improvements
-
10% straight line
Catering equipment
-
25% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
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 stock to its present location and condition.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 40 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
200,000
---------
Amortisation
At 1 April 2023
40,000
Charge for the year
20,000
---------
At 31 March 2024
60,000
---------
Carrying amount
At 31 March 2024
140,000
---------
At 31 March 2023
160,000
---------
6. Tangible assets
At 1 April 2023
Additions
Disposals
At 31 March 2024
£
£
£
£
Cost
Freehold property
849,400
849,400
Freehold property improvements
331,758
348,879
680,637
Catering equipment
5,641
5,641
Fixtures and fittings
289,136
77,609
( 1,000)
365,745
Computer equipment
3,214
3,214
------------
---------
-------
------------
1,473,508
432,129
( 1,000)
1,904,637
------------
---------
-------
------------
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
£
£
£
£
Depreciation
Freehold property
33,976
16,988
50,964
Freehold property improvements
56,514
33,176
89,690
Catering equipment
1,380
1,380
Fixtures and fittings
111,405
58,366
( 400)
169,371
Computer equipment
2,142
1,072
3,214
------------
---------
-------
---------
204,037
110,982
( 400)
314,619
------------
---------
-------
---------
At 31 March 2024
At 31 March 2023
£
£
Carrying amount
Freehold property
798,436
815,424
Freehold property improvements
590,947
275,244
Catering equipment
4,261
Fixtures and fittings
196,374
177,731
Computer equipment
1,072
------------
------------
1,590,018
1,269,471
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
4,915
4,530
Other debtors
23,393
11,034
--------
--------
28,308
15,564
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,858
Trade creditors
173,813
81,513
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,598,409
1,245,319
Corporation tax
200
100
Social security and other taxes
164,936
67,937
Other creditors
565,214
523,280
------------
------------
2,509,430
1,918,149
------------
------------
Included within amounts owed to group undertakings is a balance of £1,541,650 (2023: £1,177,432) owed to Willoughby (607) Limited. This amount is secured, interest free and repayable on demand.
9. Related party transactions
The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities. Mr R Uppal is also a director of No.23 (Uppingham) Limited, Bybrook Finance Solutions Limited, Bybrook Builders Limited and Willoughby (609) Limited. During the period the Company received £200,000 specifically secured against the property known as The Nevill Arms (Medbourne) Limited from Bybrook Finance Solutions Limited. The amount outstanding at the period end included within other creditors is £225,347 (2023: £25,347). £25,347 is interest free and repayable on demand. During the period the Company received no further advances from Bybrook Builders Limited. The amount outstanding at the period end included within other creditors is £3,500 (2023: £3,500). This amount is interest free and repayable on demand. During the period the Company received advances from Willoughby (609) Limited of £19,800 (2023: £19,800). The amount outstanding at the period end included within other creditors is £39,600 (2023: £19,800). This amount is interest free and repayable on demand. During the period the Company advanced No.23 (Uppingham) Limited £12,115 (2023: £2,667). The amount outstanding at the period end included within other debtors is £14,783 (2023: £2,667). This amount is interest free and repayable on demand.