HORNINGSEA COMMUNITY INTEREST COMPANY

Company Registration Number:
08704150 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2024

Period of accounts

Start date: 1 October 2023

End date: 30 September 2024

HORNINGSEA COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 30 September 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

HORNINGSEA COMMUNITY INTEREST COMPANY

Profit And Loss Account

for the Period Ended 30 September 2024

2024 2023


£

£
Turnover: 21,428 35,182
Cost of sales: ( 6,283 ) ( 16,725 )
Gross profit(or loss): 15,145 18,457
Administrative expenses: ( 35,352 ) ( 43,829 )
Operating profit(or loss): (20,207) (25,372)
Interest receivable and similar income: 48 58
Interest payable and similar charges: ( 799 ) ( 1,140 )
Profit(or loss) before tax: (20,958) (26,454)
Profit(or loss) for the financial year: (20,958) (26,454)

HORNINGSEA COMMUNITY INTEREST COMPANY

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Tangible assets: 3 236,518 239,395
Total fixed assets: 236,518 239,395
Current assets
Debtors: 4 3,850 675
Cash at bank and in hand: 6,318 3,940
Total current assets: 10,168 4,615
Creditors: amounts falling due within one year: 5 ( 1,140 ) ( 1,062 )
Net current assets (liabilities): 9,028 3,553
Total assets less current liabilities: 245,546 242,948
Creditors: amounts falling due after more than one year: 6 ( 88,858 ) ( 71,322 )
Total net assets (liabilities): 156,688 171,626
Capital and reserves
Called up share capital: 132,000 138,380
Other reserves: 58,850 46,450
Profit and loss account: (34,162 ) (13,204 )
Total Shareholders' funds: 156,688 171,626

The notes form part of these financial statements

HORNINGSEA COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 April 2025
and signed on behalf of the board by:

Name: Liam Flaherty
Status: Director

The notes form part of these financial statements

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Depreciation is charged so as to write off assets other than land and properties under construction over their estimated useful lives as follows - Fixtures and fittings 20% reducing balance Plant & machinery 20% reducing balance

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2023 230,126 7,358 16,971 254,455
Additions
Disposals
Revaluations
Transfers
At 30 September 2024 230,126 7,358 16,971 254,455
Depreciation
At 1 October 2023 6,320 8,740 15,060
Charge for year 260 2,617 2,877
On disposals
Other adjustments
At 30 September 2024 6,580 11,357 17,937
Net book value
At 30 September 2024 230,126 778 5,614 236,518
At 30 September 2023 230,126 1,038 8,231 239,395

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Debtors

2024 2023
£ £
Other debtors 3,850 675
Total 3,850 675

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Accruals and deferred income 1,140 1,062
Total 1,140 1,062

HORNINGSEA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 88,858 71,322
Amounts due under finance leases and hire purchase contracts 0 0
Total 88,858 71,322

COMMUNITY INTEREST ANNUAL REPORT

HORNINGSEA COMMUNITY INTEREST COMPANY

Company Number: 08704150 (England and Wales)

Year Ending: 30 September 2024

Company activities and impact

The Company was formed to raise funding to enable the local community to purchase the local village pub and save it from closure. Funds were raised from the local community through a share issue, by two loans acquired from within the community and by way of a grant from the national lottery. £270,900 was raised which enabled the pub to be purchased and provide enough working capital to sustain the business start up and pay for the improvements that were needed. The pub was purchased in December 2013. Investors receive a return of 2.5% on their preference shares which each cost £50 and can purchase an ordinary share for £10.There are approximately2800 preference shares which have to be paid interest of £3500 per annum. The pub has incurred some large maintenance bills within the year but remains open for the local community.

Consultation with stakeholders

The stakeholders are primarily people living in the local community although some relatives have also become stakeholders. Investment has all been through Horningsea CIC.The pub had to be purchased by the end of December 2013 to meet the time limits stipulated by the pub owners and the national lottery. The purchase of the pub was completed on 10th December 2013 for £205,450. Primarily people are kept updated by way of a newsletter. Feedback and suggestions as to how the pub operates and its offering are raised at regular Board meetings. The Company holds its AGM in the pub and the next one is due to be held in June 2025

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
23 April 2025

And signed on behalf of the board by:
Name: Liam Flaherty
Status: Director