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Financial Statements for the Year Ended 30 June 2021 |
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Mermaid Inn Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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30.6.21 | 30.6.20 |
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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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 2021 |
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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 and authorised for issue 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 2021 |
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1. | STATUTORY INFORMATION |
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Mermaid Inn Limited is a
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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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During the year, the company has recorded a substantial profit and since the year end has repaid its secured bank loan in full. Based on the current position, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. |
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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. |
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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. |
Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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Government grants |
Coronavirus Job Retention Scheme (CJRS) |
The company has furloughed staff during the Covid-19 pandemic and made claims for government furlough grants. The grants are recognised on an accruals basis, matched in the period against the staff costs that they relate to, and recorded as grant income in the accounts. |
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Local Restrictions Grant Fund/Additional Restrictions Grant Fund/Re-Start Grant Fund |
The company made applications and received payments from the Local Restrictions Grants Fund and Additional Restrictions Grant Fund. These grants have been recognised on an accruals basis for the period that they relate to and have not been deferred in any way. |
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Business rates relief |
The company met the criteria for business rates relief for businesses within the hospitality sector due to Covid-19 and has benefited from a rates holiday for the 2020-21 and 2021-22 rates year. The effect of this relief is to reduce the rates cost reflected through the profit & loss account with the relief spread over the period it relates to on an accruals basis. |
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Coronavirus Bounce Back Loan Scheme |
The company has received a Coronavirus Bounce Back Loan. Under the terms of the loan, the government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months, the interest rate will be 2.5% per annum and the loan will be repayable by equal monthly instalments over 5 years. In the accounts, the initial interest paid by the government has been recognised as grant income and spread evenly over the first 12 months of the loan term. |
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Deferral of VAT payments due to coronavirus |
The company has taken advantage of the government scheme whereby any VAT payments arising between 20 March and 30 June 2020 could be deferred. The balance outstanding on the deferred VAT liability is recognised within current liabilities. |
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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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Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | Land | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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Disposals |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
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fittings |
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COST |
At 1 July 2020 |
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Transfer to ownership | (44,634 | ) |
At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Transfer to ownership | (44,634 | ) |
At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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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 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Bank loans |
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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 | 54,557 | 90,905 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.21 | 30.6.20 |
£ | £ |
Bank overdraft |
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Bank loan | 177,555 | 199,595 |
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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. The Bounce Back Loan of £50,000 is unsecured. |
Mermaid Inn Limited (Registered number: 02816575) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 30.6.21 | 30.6.20 |
value: | £ | £ |
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Ordinary shares | £1 | 600 | 400 |
(30.6.20 - 400 ) |
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200 Ordinary Shares shares of £1 each were allotted
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During the year, the company issued an additional £200 £1 shares at par to the existing shareholders in line with their current holding. This was to allow the overall share capital to be divisible by 3 and 4 so that the shareholders could put in place a new shareholders' agreement to cover their future dealings. |
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10. | 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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