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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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The Inn On The Green Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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The Inn On The Green Limited |
The Inn On The Green Limited (Registered number: 02950398) |
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Contents of the Financial Statements |
for the Year Ended 31 December 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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The Inn On The Green Limited |
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Company Information |
for the Year Ended 31 December 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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The Inn On The Green Limited (Registered number: 02950398) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Inn On The Green Limited (Registered number: 02950398) |
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Balance Sheet - continued |
31 December 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 and authorised for issue on
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The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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The Inn On The Green Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover |
is derived from ordinary activities and represents net sales of rent income, excluding value |
added tax |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the |
consideration is the present value of the future receipts. The difference between the fair |
value of the consideration and the normal amount received is recognised as interest |
income. |
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Tangible fixed assets |
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Freehold property | not depreciated |
Improvements to property | 5% on reducing balance |
Plant and machinery | 10% on cost |
Fixtures and fittings | 10% on cost |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net |
of depreciation and any impairment losses. |
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On disposal, the difference between the net disposal proceeds and the carrying amount of |
the item sold is recognised in profit or loss. |
The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and other third |
parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as |
the difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an enforceable right to set off the recognised amounts and |
there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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Debtors: |
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Short term debtors, classified as receivable in one year, are measured at transaction price, |
less any impairment. |
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Creditors: |
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Short term trade creditors, classified as payable in one year, are measured at the |
transaction price. |
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Cash at bank and in hand: |
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Cash at bank and in hand are basic financial assets and include cash in hand, despoils held |
at call with banks, other short-term liquid investments with original maturities of three months |
or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current |
liabilities. |
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The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Included in cost of land and buildings is freehold land of £939,307 (2017: £939,307) which is |
not depreciated. |
The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed to group undertakings |
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Amounts owed to associates | - | 820 |
Taxation and social security | ( |
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Other creditors |
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The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
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There is an overdraft facility of £100,000 (which was temporarily increased to £125,000 |
during the year ending 31 December 2015) for Sphere Entertainment Ltd to which the |
following securities apply. (At the year end the bank overdraft in Sphere Entertainment Ltd |
was £47,465 (2018: £104,078)): |
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Date | Name | Amount | Description |
22/03/99 |
HSBC
Private Bank (UK) Ltd (Samuel Montagu e & Co Ltd |
All monies due or to
become due from the company. |
Debenture - Given by The Inn On
The Green Ltd including Fixed Equitable Charge over all present and future freehold and leasehold property; Fixed First Charge over, among other things, book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. |
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16/01/02 |
HSBC
Private Bank (UK) Ltd |
All monies due or to
become due from the company. |
Debenture - Given by Sphere
Entertainment Ltd including Fixed Equitable Charge over all present and future freehold and leasehold property; Fixed First Charge over, among other things, book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. |
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The following also apply to the above: |
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01/06/99 |
A J
Taylor |
All monies due or to
become due from the company. |
Debenture - property with title
number RK287776, by way of floating charge all the undertaking, property and assets. |
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01/06/99 |
Sphere
Entertain ment Limited |
All monies due or to
become due from the company. |
Debenture - property with title
number RK287776, by way of floating charge all the undertaking, property and assets. |
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The following security is given by the company in respect of Sanctum On The Green Ltd: |
The Inn On The Green Limited (Registered number: 02950398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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Alfandari Private Equites Ltd £30,324 (2016: £76,299). |
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Date | Name | Amount | Description |
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06/10/2016 |
Alfandari
Private Equities Limited |
All monies due or to
become due from the company. |
Debenture - Given by The Inn on the
Green Ltd including fixed charge over present and future freehold and lease hold property. Fixed charge over, among other things, interest, future rights, licences, guarantees, rents, deposits, contracts, covenants relating to properties. All intellectual property. Full details given charge code 029503980013. |
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8. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland', not to disclose related party transactions with wholly owned subsidiaries within the |
group. |
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Concept Venues Ltd |
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A company in which A J Taylor is a director. |
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During the year the company advance £80,000 (2018: NIL) to Concept Venues Ltd. At the |
balance sheet date Concept Venues Ltd owed the company £330,000 (2018: £250,000) for |
loan notes held. The amount is classified as a current debtor and is repayable on demand, |
no interest is charged. |
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The Ship Ltd |
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An associated company. |
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At the balance sheet date The Ship Ltd is owed £NIL (2018: £820). The amount is classified |
as a current creditor / debtor and is repayable on demand, no interest is charged. |
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9. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Sphere Entertainment Ltd, a company registered in England and |
Wales. The ultimate controlling parties are A J Taylor and E Taylor, shareholders and |
directors of the parent company Sphere Entertainment Ltd. |