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Registered number: 08848951
Jamaica Inn Bodmin Moor Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 28 February 2020
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Jamaica Inn Bodmin Moor Limited
Registered number: 08848951
Balance Sheet
As at 28 February 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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Jamaica Inn Bodmin Moor Limited
Registered number: 08848951
Balance Sheet (continued)
As at 28 February 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Mr A R Jackson
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
Jamaica Inn Bodmin Moor Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office and trading address is Jamaica Inn, Bolventor, Launceston, Cornwall, PL15 7TS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The figures in the financial statements have been rounded to the nearest £1 and are presented in £ sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The company's ability to trade is dependent on the support of the directors and the parent company. If this assumption proves to be innappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide any further liabilities which might arise, and reclassify fixed assets as current assets.
While the impact of the Covid-19 virus has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Page 3
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 4
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Museum fittings and fixtures
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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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only 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.
Short term creditors are measured at the transaction price.
Page 5
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 69 (2019 - 63).
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Page 6
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
Page 7
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Jamaica Inn Bodmin Moor Limited
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Notes to the Financial Statements
For the Year Ended 28 February 2020
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Museum fittings and fixtures
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Charge for the year on owned assets
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Page 8
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Other taxation and social security
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Charged to profit or loss
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Page 9
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Jamaica Inn Bodmin Moor Limited
Notes to the Financial Statements
For the Year Ended 28 February 2020
8.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,437 (2019 - £7,566). Contributions totalling £5,545 (2019 - £2,330) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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During the year the company made the following related party transactions:
Jamaica Inn Bodmin Moor Holdings Limited
(Parent company)
During the year Jamaica Inn Bodmin Moor Holdings Limited continued to provide a loan to the company. The loan is interest free and repayable on demand. At the balance sheet date the amount due to Jamaica Inn Bodmin Moor Holdings Limited was £259,114 (2019 - £557,421).
Directors
During the year the directors continued to provide a loan to the company. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the directors was £47,750 (2019 - £47,750).
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The company is a subsidiary of Jamaica Inn Bodmin Moor Holdings Limited who own 100% of the called up share capital. The ultimate controlling party is Mr A R Jackson, a director and 51% shareholder of the parent company.
Page 10
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