The Old Passage Inn Limited
The Old Passage Inn Limited
Registered number: 6300741
Unaudited Financial Statements
For The Year Ended 31 December 2017
Christopher Burgoyne Limited
F C C A
Te Anau
Bratton Fleming
Barnstaple
Devon
EX31 4TJ
The Old Passage Inn Limited
Unaudited Financial Statements
For The Year Ended 31 December 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
The Old Passage Inn Limited
Balance Sheet
As at
31 December 2017
Balance Sheet
Registered number:
6300741
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 5 |
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| Tangible Assets | 6 |
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| CURRENT ASSETS | |||||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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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 | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 646,927 | 448,089 | |||
Page 1
The Old Passage Inn Limited
Balance Sheet (continued)
As at
31 December 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her 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 Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
The Old Passage Inn Limited
Notes to the Financial Statements
For The Year Ended 31 December 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .20.. years.
1.4.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of ...20. years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
| Freehold |
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| Plant & Machinery |
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1.6.
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.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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5.
Intangible Assets
| Goodwill | Intellectual Property | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Net Book Value | |||
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Page 3
The Old Passage Inn Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
6.
Tangible Assets
| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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7.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - finished goods |
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8.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other taxes and social security |
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Page 4
The Old Passage Inn Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
9.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security | - |
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| VAT |
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| Net wages | 2,776 | 9,286 | |
| Loan |
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| Loans |
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| pension fund |
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| Accruals and deferred income |
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| Director's loan account | - |
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The bank loan is secured
When a former director died he left an instruction to his family that the loan to the Company should not be repaid and that it should be written off. In compliance with thosae wishes the directors loan account has been written off in the profit and loss account as an exceptional credit.
10.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans |
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The bank loan is secured
Page 5
The Old Passage Inn Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
12.
Ultimate Controlling Party
The company's ultimate controlling party is Sally Pearce by virtue of his ownership of 100% of the issued share capital in the company.
13.
General Information
The Old Passage Inn Limited is a private company, limited by shares, incorporated in England & Wales, registered number 6300741 . The registered office is Te Anau, Bratton Fleming, Barnstaple, Devon, EX31 4TJ.
Page 6