The Village Inn at Marehay Limited
The Village Inn at Marehay Limited
Registered number: 08198051
Financial Statements
For The Year Ended 31 August 2023
The Village Inn at Marehay Limited
Contents
Contents
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
The Village Inn at Marehay Limited
Statement of Financial Position
As At
31 August 2023
Statement of Financial Position
Registered number:
08198051
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (28,600) | (14,455) | |||
The Village Inn at Marehay Limited
Statement of Financial Position (continued)
As At
31 August 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
The Village Inn at Marehay Limited
Notes to the Financial Statements
For The Year Ended 31 August 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors consider that the company will continue to operate based on the current financial information and continued support of the bank and directors. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis.
1.3.
Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
2.
Average Number of Employees
Average number of employees, including directors, during the year was:
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| Office and administration |
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The Village Inn at Marehay Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
3.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at 1 September 2022 |
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| As at 31 August 2023 |
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| Depreciation | |||
| As at 1 September 2022 |
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| Provided during the period |
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| As at 31 August 2023 |
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| Net Book Value | |||
| As at 31 August 2023 |
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| As at 1 September 2022 |
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4.
Stocks
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| Stock |
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5.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 987 | 3,013 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 7,621 | 9,018 | |
| Taxation and social security |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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The Village Inn at Marehay Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
9.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
| As at 1 September 2022 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 August 2023 | |
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| £ | £ | £ | £ | £ | |
| Mrs Sarah Barnaville |
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| Mr Martin Barnaville |
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| Mr Philip Barnaville |
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The above loan is unsecured, interest free and repayable on demand.