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Financial Statements for the Year Ended 30 June 2019 |
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Mermaid Inn Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2019 |
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for |
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Mermaid Inn Limited |
Mermaid Inn Limited (Registered number: 02816575) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Mermaid Inn Limited |
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Company Information |
for the Year Ended 30 June 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors and |
Chartered Accountants |
Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
Mermaid Inn Limited (Registered number: 02816575) |
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Balance Sheet |
30 June 2019 |
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30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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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 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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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Mermaid Inn Limited (Registered number: 02816575) |
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Balance Sheet - continued |
30 June 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2019 |
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1. | STATUTORY INFORMATION |
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Mermaid Inn Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention and on a going concern basis. |
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The company has negotiated continuing provision of an overdraft facility with its bankers and anticipates that |
the facility will be extended to provide funds to meet its shortterm cash requirements. It has also taken out a |
loan with its bankers and is complying with the loan terms. |
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After reviewing the company's budget for the years to 30 June 2020 and 2021 and its medium term plans, the |
directors have reasonable expectations that the company has adequate resources to continue in operational |
existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing |
the financial statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying value of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors that |
are considered relevant. Actual results may differ from these estimates. The estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period |
to which the estimate is revised if the revision affects only that period or in the period of the revision and |
future periods if the revision affects both current and future periods. The key sources of estimation |
uncertainty that have a significant effect on the amounts recognised in the financial statements are the |
depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
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The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected |
useful life and the expected residual value at the end of its life. Increasing an asset's expected life or its residual |
value would result in a reduced depreciation charge in the income statement. The useful lives and residual |
values of the company's assets are determined by management at the time the asset is acquired and reviewed |
annually for appropriateness. The lives are based on historical experience with similar assets as well as |
anticipation of future events which may impact their life, such as changes in technology. Historically, changes in |
useful lives and residual values have not resulted in material changes to the company's depreciation charge. |
Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents net invoiced sales of goods and services (being room income, restaurant and bar sales and |
other usual supplies made by a hotel, restaurant and bar), excluding value added tax and trade discounts. |
Turnover is recognised once the performance of the service has been concluded or goods have been delivered. |
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Tangible fixed assets |
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Freehold property | - |
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Land | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to a profit or loss on a straight line basis over the period of the |
lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | Land | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as |
follows: |
Fixtures |
and |
fittings |
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COST |
At 1 July 2018 |
and 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 108,284 | 132,809 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.19 | 30.6.18 |
£ | £ |
Bank overdraft |
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Bank loans |
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The bank overdraft and loans are secured against the freehold properties owned by the company and by a |
fixed and floating charge over all other assets of the company. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | OTHER FINANCIAL COMMITMENTS |
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Outstanding commitments under non-cancellable operating leases for equipment total £3,483 (2018: £10,381) |
for leases expiring in the next year. |