| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| MRMU (HIE) Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| MRMU (HIE) Limited |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MRMU (HIE) Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Balance Sheet |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The director acknowledges his 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. |
| The financial statements were approved by the director and authorised for issue on |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| MRMU (HIE) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The company's principal place of business is Holiday Inn Express Bodmin- Victoria Jct, Cornwall Services Victoria, St Austell, Cornwall PL26 8UF. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company is being financially supported by its director and shareholders. Upon reviewing its financial budgets and forecasts and company's resources, in the reasonable opinion of the director, the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the going concern basis has been adopted in preparing the financial statements for the year. |
| Changes in accounting policies |
| The director has reviewed the presentation of the company's financial statements and has concluded that it would be appropriate to amend the classification of employment costs shown in the profit and loss account. The principal reason for the amendment is that it reflects the basis upon which financial performance is monitored in that these costs are a direct cost of running the operations of the business. The impact of the reclassification is to increase cost of sales by £690,837 (2023: £622,465) and decrease administrative expenses by £690,837 (2023: £622,465). Consequently, all employment costs are now included within cost of sales. |
| In addition, the director has reviewed the presentation of other income and has concluded that it would be appropriate to amend the classification of other income shown in the profit and loss account. The principal reason for the amendment is that other income relates to direct sales revenue. The impact of the reclassification is to increase sales by £41,890 (2023: £45,973) and decrease other income by £41,890 (2023: £45,973). Consequently, all other income is now included within sales. There is no net impact on the profits or losses from this change in presentation. |
| Turnover |
| Turnover is recognised when the significant risks and rewards of the goods and services provided are transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the rendering transaction will flow to the company. |
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
| Turnover for the company comprises of the following streams: |
| 1) Sale of goods - Turnover from the sale of food and beverages is recognised at the point of sale. |
| 2) Rendering of services - Turnover from room sales and other guest services is recognised when rooms are occupied and as services are provided. |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Fixtures and fittings | - |
| All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment. |
| Subsequent additions and major components |
| Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. |
| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
| Derecognition |
| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
| 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. |
| Hire purchase and leasing commitments |
| A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. |
| Minimum lease payments are apportioned between the finance charge and reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
| Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Debtors |
| Short term debtors are measured at transaction price (which is usually the invoice price) less any impairment losses for bad or doubtful debts. Loans and other financial assets are initially recognised a transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method less any impairment losses for bad or doubtful debts. |
| Creditors |
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised a transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 June 2023 |
| Additions |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 8,221 | 8,221 |
| Prepayments and accrued income |
| MRMU (HIE) Limited (Registered number: 07635987) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| VAT | 53,501 | 44,189 |
| Other creditors |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Hire purchase contracts |
| 8. | RELATED PARTY DISCLOSURES |
| Included within other debtors at the year end is £8,221 (2023: £8,221) owed by the director. |
| Included within other creditors at the year end is £11,481 (2023: £11,481) owed to a company in which the director is also a director and shareholder. The loan is repayable on demand and interest free. |
| Included within other creditors at the year end is £93,200 (2023: £153,200) owed to a company in which a shareholder also has an interest. Interest is accruing at 6% on the loan amount excluding £25,000 which is interest free of £2,667 (2023: £8,400). The loan is repayable on demand. |
| Included within other creditors at the year end is £50,000 (2023: £50,000) owed to a shareholder. Interest is charged at 6% of £3,000 (2023: £3,000).The loan is repayable on demand. |
| Included within other creditors at the year end is £50,000 (2023: £53,000) owed to a shareholder. Interest is charged at 6% of £3,000 (2023: £3,000).The loan is repayable on demand. |
| Included within other creditors at the year end is £25,000 (2023: £25,000) owed to a shareholder. The loan is repayable on demand and interest free. |
| Included within other creditors at the year end is £20,000 (2023: £20,000) owed to a shareholder. The loan is repayable on demand and interest free. |
| 9. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the director, there is no controlling party. |