JEG Inns Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09875362

JEG Inns Limited

Filleted Unaudited Financial Statements

31 March 2018

JEG Inns Limited

Statement of Financial Position

31 March 2018

	2018	2017
Note	£	£

FIXED ASSETS

Tangible assets	4	141,724	90,196

CURRENT ASSETS

Stocks		34,237	30,763
Debtors	5	78,136	36,617
Cash at bank and in hand		–	14,035
		---------	--------
		112,373	81,415

CREDITORS: amounts falling due within one year	6	244,763	160,617
		---------	---------
NET CURRENT LIABILITIES		132,390	79,202
		---------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES		9,334	10,994
		-------	--------
NET ASSETS		9,334	10,994
		-------	--------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	9,333	10,993
	-------	--------
SHAREHOLDERS FUNDS	9,334	10,994
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

JEG Inns Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 15 November 2018 , and are signed on behalf of the board by:

J E Greenall

Director

Company registration number: 09875362

JEG Inns Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 94 Wilderspool Causeway, Warrington, England, WA4 6PU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After making appropriate enquiries, the directors have formed a judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, based on the ongoing support from the shareholder. For this reason the directors have adopted the going concern basis in preparing the financial statements.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 17 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: - deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. TANGIBLE ASSETS

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2017	79,458	33,288	112,746
Additions	78,602	–	78,602
	---------	--------	---------
At 31 March 2018	158,060	33,288	191,348
	---------	--------	---------
Depreciation
At 1 April 2017	19,663	2,887	22,550
Charge for the year	20,417	6,657	27,074
	---------	--------	---------
At 31 March 2018	40,080	9,544	49,624
	---------	--------	---------
Carrying amount
At 31 March 2018	117,980	23,744	141,724
	---------	--------	---------
At 31 March 2017	59,795	30,401	90,196
	---------	--------	---------

5. DEBTORS

	2018	2017
	£	£
Trade debtors	31,127	2,800
Other debtors	47,009	33,817
	--------	--------
	78,136	36,617
	--------	--------

6. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	50,678	–
Trade creditors	144,528	105,325
Corporation tax	–	4,748
Social security and other taxes	31,318	26,225
Other creditors	18,239	24,319
	---------	---------
	244,763	160,617
	---------	---------

7. RELATED PARTY TRANSACTIONS

Mr J E Greenall , a director of the company, is also beneficiary of The Late Lord Daresbury's Second Discretionary Settlement (James's Fund) which owns 100% of the issued Share Capital of Wilderspool Investments No.2 (Jersey) Limited. Wilderspool Investments No.2 (Jersey) Limited owns 100% of the Share Capital of Wilderspool No.2 (Jersey) (JEG) Limited which owns the property known as 'The Pheasant Inn' and leases it to JEG Inns Limited . The lease term is 10 years from 11 January 2016 at an annual rent of £125,000. Rent reviews will be carried out every 5 years. The Hon. J. E. Greenall, a director of the company, is also a beneficiary of The Late Lord Daresbury's Second Discretionary Settlement (John's Fund).

8. CONTROLLING PARTY

The company is owned and controlled by Mr J E Greenall by virtue of his shareholding.

9. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 17 November 2015.

No transitional adjustments were required in equity or profit or loss for the period.