Registered number
09357493
Twelve Magpies Limited
Unaudited Filleted Accounts
31 August 2024
Twelve Magpies Limited
Registered number: 09357493
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 72,533 87,170
Current assets
Stocks 6,200 7,019
Debtors 6 5,936 1,610
Cash at bank and in hand 25,935 105,745
38,071 114,374
Creditors: amounts falling due within one year 7 (63,072) (63,001)
Net current (liabilities)/assets (25,001) 51,373
Total assets less current liabilities 47,532 138,543
Creditors: amounts falling due after more than one year 8 (134,975) (134,975)
Net (liabilities)/assets (87,443) 3,568
Capital and reserves
Called up share capital 100 100
Profit and loss account (87,543) 3,468
Shareholders' funds (87,443) 3,568
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K A Balanovsky
Director
Approved by the board on 1 August 2025
Twelve Magpies Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Statement of compliance
Twelve Magpies Limited is a private company limited by shares incorporated in England & Wales. The address of the registered office is The Hostelrie At Goodrich, Goodrich, Ross On Wye, England, HR9 6HX.
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents revenue earned from the sale of food and beverages, exclusive of value added tax (VAT) and discounts. Revenue is recognised at the point of sale when the goods and services are provided to the customer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and 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 at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
4 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 12,000
At 31 August 2024 12,000
Amortisation
At 1 September 2023 12,000
At 31 August 2024 12,000
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 56,513 74,525 131,038
At 31 August 2024 56,513 74,525 131,038
Depreciation
At 1 September 2023 14,127 29,741 43,868
Charge for the year 5,651 8,986 14,637
At 31 August 2024 19,778 38,727 58,505
Net book value
At 31 August 2024 36,735 35,798 72,533
At 31 August 2023 42,386 44,784 87,170
6 Debtors 2024 2023
£ £
Trade debtors - 1,610
Accrued income 2,668 -
Other taxes and social security 3,268 -
5,936 1,610
7 Creditors: amounts falling due within one year 2024 2023
£ £
Director's loan account 16,000 17,759
Amounts owed to group undertakings and undertakings in which the company has a participating interest 40,344 22,002
Taxation and social security costs 413 17,193
Accruals 6,000 6,000
Other creditors 315 47
63,072 63,001
8 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 134,975 134,975
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