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Financial Statements For The Year Ended 30 November 2021 |
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Mussel Inn Limited |
REGISTERED NUMBER:
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Financial Statements For The Year Ended 30 November 2021 |
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for |
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Mussel Inn Limited |
Mussel Inn Limited (Registered number: SC111821) |
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Contents of the Financial Statements |
For The Year Ended 30 November 2021 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Mussel Inn Limited |
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Company Information |
For The Year Ended 30 November 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Mussel Inn Limited (Registered number: SC111821) |
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Abridged Statement of Financial Position |
30 November 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET (LIABILITIES)/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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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. |
Mussel Inn Limited (Registered number: SC111821) |
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Abridged Statement of Financial Position - continued |
30 November 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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Mussel Inn Limited (Registered number: SC111821) |
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Notes to the Financial Statements |
For The Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Mussel 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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During the period the business was impacted by Covid-19 restrictions and forced closures. The directors are confident that the business has coped well and in accordance with their responsibilities as directors, they have considered the appropriateness of the going concern basis for the preparation of the financial statements. The directors are confident trading levels will return and on this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
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Tangible fixed assets |
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Heritable property | - |
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Leasehold property | - |
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Plant and machinery | - |
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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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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income. |
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Mussel Inn Limited (Registered number: SC111821) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income. |
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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 statement of financial position date. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 commitments |
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 the 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 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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Mussel Inn Limited (Registered number: SC111821) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 November 2021 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2020 |
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Additions |
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Disposals | ( |
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At 30 November 2021 |
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DEPRECIATION |
At 1 December 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 December 2020 |
and 30 November 2021 | 1 |
NET BOOK VALUE |
At 30 November 2021 | 1 |
At 30 November 2020 | 1 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
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Mussel Inn Limited (Registered number: SC111821) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 November 2021 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2021 | 2020 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 16,000 | - |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Bank of Scotland PLC holds a floating charge over all the property or undertaking of the company. |