Waverley Inn IOW Ltd 14290444 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is that of accommodation and hospitality Digita Accounts Production Advanced 6.30.9574.0 true true 14290444 2023-12-01 2024-11-30 14290444 2024-11-30 14290444 bus:OrdinaryShareClass1 2024-11-30 14290444 core:CurrentFinancialInstruments 2024-11-30 14290444 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 14290444 core:FurnitureFittingsToolsEquipment 2024-11-30 14290444 core:LandBuildings 2024-11-30 14290444 bus:SmallEntities 2023-12-01 2024-11-30 14290444 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 14290444 bus:FilletedAccounts 2023-12-01 2024-11-30 14290444 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 14290444 bus:RegisteredOffice 2023-12-01 2024-11-30 14290444 bus:Director1 2023-12-01 2024-11-30 14290444 bus:Director2 2023-12-01 2024-11-30 14290444 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 14290444 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 14290444 core:Buildings 2023-12-01 2024-11-30 14290444 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 14290444 core:LandBuildings 2023-12-01 2024-11-30 14290444 countries:EnglandWales 2023-12-01 2024-11-30 14290444 2023-11-30 14290444 core:FurnitureFittingsToolsEquipment 2023-11-30 14290444 core:LandBuildings 2023-11-30 14290444 2022-08-11 2023-11-30 14290444 2023-11-30 14290444 bus:OrdinaryShareClass1 2023-11-30 14290444 core:CurrentFinancialInstruments 2023-11-30 14290444 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 14290444 core:FurnitureFittingsToolsEquipment 2023-11-30 14290444 core:LandBuildings 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14290444

Waverley Inn IOW Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Waverley Inn IOW Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Waverley Inn IOW Ltd

Company Information

Directors

T Smythers

D M Smythers

Registered office

Waverley
2 Clatterford Road
Newport
Isle Of Wight
PO30 1PA

Accountants

Herbert Lewis Williams & Associates Limited
Chartered Certified Accountants
Leigh Court Business Centre
Abbots Leigh
Bristol
BS8 3RA

 

Waverley Inn IOW Ltd

(Registration number: 14290444)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

98,479

97,060

Current assets

 

Stocks

5

6,298

11,270

Debtors

6

21,431

17,105

Cash at bank and in hand

 

32,232

17,837

 

59,961

46,212

Creditors: Amounts falling due within one year

7

(132,110)

(137,031)

Net current liabilities

 

(72,149)

(90,819)

Total assets less current liabilities

 

26,330

6,241

Provisions for liabilities

(3,898)

(2,715)

Net assets

 

22,432

3,526

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

22,430

3,524

Shareholders' funds

 

22,432

3,526

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

 

Waverley Inn IOW Ltd

(Registration number: 14290444)
Balance Sheet as at 30 November 2024

.........................................
T Smythers
Director

 

Waverley Inn IOW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Waverley
2 Clatterford Road
Newport
Isle Of Wight
PO30 1PA
England and Wales

These financial statements were authorised for issue by the Board on 2 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Waverley Inn IOW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leased buildings

5% straight line basis

Fixtures and fittings

15% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Waverley Inn IOW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Waverley Inn IOW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

89,003

15,399

104,402

Additions

-

8,477

8,477

At 30 November 2024

89,003

23,876

112,879

Depreciation

At 1 December 2023

5,563

1,779

7,342

Charge for the year

4,450

2,608

7,058

At 30 November 2024

10,013

4,387

14,400

Carrying amount

At 30 November 2024

78,990

19,489

98,479

At 30 November 2023

83,440

13,620

97,060

Included within the net book value of land and buildings above is £78,990 (2023 - £83,440) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

6,298

11,270

6

Debtors

Current

2024
£

2023
£

Prepayments

6,431

5,654

Other debtors

15,000

11,451

 

21,431

17,105

 

Waverley Inn IOW Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

7,258

9,248

Taxation and social security

13,513

790

Accruals and deferred income

3,500

1,563

Other creditors

107,839

125,430

132,110

137,031

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2