Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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541,890 | 474,374 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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620,773 | 507,157 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 85,665 | 53,197 | ||
Total assets less current liabilities | 627,555 | 527,571 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Pebbles of Salcombe Limited (registered number:
Mr J Spencer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Pebbles of Salcombe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp North Quay House, Sutton Harbour, Plymouth, PL4 0RA, United Kingdom. The address of the Company's principal place of business is 4 Island Square, Island Street, Salcombe, Devon, TQ8 8DP.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Other intangible assets |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated amortisation | |||||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||||
At 30 September 2023 |
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At 30 September 2022 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 October 2022 |
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Additions |
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Disposals |
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At 30 September 2023 |
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Accumulated depreciation | |||||||||
At 01 October 2022 |
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Charge for the financial year |
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Disposals |
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At 30 September 2023 |
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Net book value | |||||||||
At 30 September 2023 |
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At 30 September 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 October 2022 |
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At 30 September 2023 |
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Carrying value at 30 September 2023 |
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Carrying value at 30 September 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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80 | 80 |
Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
other |
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