HORSE SHOE INN LIMITED


Directors	CLARKE, Angela
	CLARKE, Peter Charles


Company Secretary	CLARKE, Peter Charles


Registered Address	Braeside
	Portinscale
	Keswick
	CA12 5RF


Registered Number	04678491 (England and Wales)

Notes to the Financial Statements
for the year ended 28 February 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Fixtures and fittings	15	-
Vehicles	20	-
Office Equipment	-	3

	Finance leases and hire purchase contracts
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

	Trade and other 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.

Trade and other 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.

	Trade and other 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.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	11		13

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 March 24	45,000	45,000
At 28 February 25	45,000	45,000
Amortisation and impairment
At 01 March 24	45,000	45,000
At 28 February 25	45,000	45,000
Net book value
At 28 February 25	-	-
At 29 February 24	-	-

4.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 March 24	470,706	15,378	69,134	6,907	562,125
Additions	-	36,695	-	-	36,695
Disposals	-	(15,378)	-	-	(15,378)
At 28 February 25	470,706	36,695	69,134	6,907	583,442
Depreciation and impairment
At 01 March 24	132,448	11,682	54,695	6,907	205,732
Charge for year	9,414	2,205	2,165	-	13,784
On disposals	-	(12,052)	-	-	(12,052)
At 28 February 25	141,862	1,835	56,860	6,907	207,464
Net book value
At 28 February 25	328,844	34,860	12,274	-	375,978
At 29 February 24	338,258	3,696	14,439	-	356,393

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	79	33,503
Prepayments and accrued income	439	-
Total	518	33,503

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	7,643	11,132
Bank borrowings and overdrafts	12,416	11,833
Taxation and social security	39,074	30,859
Finance lease and HP contracts	3,193	-
Other creditors	31,570	-
Accrued liabilities and deferred income	4,125	3,805
Total	98,021	57,629


	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. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

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.

Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	41,057	54,159
Other creditors	27,725	-
Total	68,782	54,159


	Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Finance lease and Hire Purchase contracts amounting to £27,725 (2024 - £Nil) are included within other creditors. Hire purchase creditors are secured by the asset to which they relate.

8.	Provisions for liabilities
	The provision for deferred tax is made up of £19,200 in respect of accelerated capital allowances.

	2025	2024
	£	£
Net deferred tax liability (asset)	19,200	19,500
Total	19,200	19,500

9.	Directors advances, credits and guarantees
	On 1 March 2024 a Director owed the Company £973. During the period this director was advanced a further £2,099 and repaid £3,072. At 28 Feb 2025 this Director owed the Company £Nil. No interest was charged on this loan. This loan is unsecured and repayable upon demand. On 1 March 2024 a Director owed the Company £4,530. During the period this director was advanced £2,000 and repaid £6,530. At 28 Feb 2025 this Director owed the Company £Nil. No interest was charged on this loan. This loan is unsecured and repayable upon demand.

Directors advances, credits and guarantees

On 1 March 2024 a Director owed the Company £973. During the period this director was advanced a further £2,099 and repaid £3,072. At 28 Feb 2025 this Director owed the Company £Nil. No interest was charged on this loan. This loan is unsecured and repayable upon demand.

On 1 March 2024 a Director owed the Company £4,530. During the period this director was advanced £2,000 and repaid £6,530. At 28 Feb 2025 this Director owed the Company £Nil. No interest was charged on this loan. This loan is unsecured and repayable upon demand.

10.	Related party transactions
	During the year a director had a loan account with the company. At the balance sheet date the company owed the director £11,036 (2024 - £Nil). This loan is unsecured, interest free and repayable upon demand. During the year a director had a loan account with the company. At the balance sheet date the company owed the director £19,928 (2024 - £Nil). This loan is unsecured, interest free and repayable upon demand.

10.

Related party transactions

During the year a director had a loan account with the company. At the balance sheet date the company owed the director £11,036 (2024 - £Nil). This loan is unsecured, interest free and repayable upon demand.

During the year a director had a loan account with the company. At the balance sheet date the company owed the director £19,928 (2024 - £Nil). This loan is unsecured, interest free and repayable upon demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		375,978		356,393
			375,978		356,393
Current assets
Stocks		4,500		4,220
Debtors	5	518		33,503
Cash at bank and on hand		81,947		48,539
		86,965		86,262
Creditors amounts falling due within one year	6	(98,021)		(57,629)
Net current assets (liabilities)			(11,056)		28,633
Total assets less current liabilities			364,922		385,026
Creditors amounts falling due after one year	7		(68,782)		(54,159)
Provisions for liabilities	8		(19,200)		(19,500)
Net assets			276,940		311,367
Capital and reserves
Called up share capital			100		100
Profit and loss account			276,840		311,267
Shareholders' funds			276,940		311,367