Walrus Inns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07727725 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Walrus Inns Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S. P. Chapman

D S Chapman

SECRETARY:

M. K. Chapman

REGISTERED OFFICE:

172 Westminister Bridge Road

London

London

SE1 7RW

REGISTERED NUMBER:

07727725 (England and Wales)

ACCOUNTANTS:

Ingwe Services Limited

Pentax House

South Hill Avenue

South Harrow

Middlesex

HA2 0DU

FIXED ASSETS

Intangible assets

4

52,584

50,609

Tangible assets

5

510,783

496,583

563,367

547,192

CURRENT ASSETS

Stocks

20,202

21,882

Debtors

78,424

103,386

Cash at bank and in hand

10,556

40,949

109,182

166,217

CREDITORS

Amounts falling due within one year

329,585

355,350

NET CURRENT LIABILITIES

(220,403

)

(189,133

)

TOTAL ASSETS LESS CURRENT LIABILITIES

342,964

358,059

CREDITORS

Amounts falling due after more than one year

(307,664

)

(320,253

)

PROVISIONS FOR LIABILITIES

(8,312

)

(10,850

)

NET ASSETS

26,988

26,956

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

26,978

26,946

SHAREHOLDERS' FUNDS

26,988

26,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 April 2020 and were signed on its behalf by:

S. P. Chapman - Director

1.	STATUTORY INFORMATION

Walrus Inns Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 10% on cost

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in

preparing the annual financial statements.

Goodwill

Goodwill, being the amounts paid in connection with the acquisition of businesses in 2011 and 2013, is being

amortised evenly over its estimated useful life of eight years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2018 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

and 31 August 2019

304,198

AMORTISATION

At 1 September 2018

253,589

Amortisation for year

(1,975

)

At 31 August 2019

251,614

NET BOOK VALUE

At 31 August 2019

52,584

At 31 August 2018

50,609

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

648,781

Additions

1,677

At 31 August 2019

650,458

DEPRECIATION

At 1 September 2018

152,198

Charge for year

(12,523

)

At 31 August 2019

139,675

NET BOOK VALUE

At 31 August 2019

510,783

At 31 August 2018

496,583

The leasehold premises purchased at a cost of £ 357,205 have a market value of £ 375,000.

This asset is not depreciated.

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Bank loans

271,764

324,553

The bank loan is secured over the leasehold assets of the company.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The amount advanced was repaid within 9 months.

8.	RELATED PARTY DISCLOSURES

The company was controlled throughout the period by the director and his wife who controlled 70% of the issued

share capital.