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Company No: 06545400 (England and Wales)

PEBBLES OF SALCOMBE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

PEBBLES OF SALCOMBE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

PEBBLES OF SALCOMBE LIMITED

BALANCE SHEET

As at 30 September 2023
PEBBLES OF SALCOMBE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 382,147 382,511
Tangible assets 4 159,733 91,853
Investments 5 10 10
541,890 474,374
Current assets
Stocks 26,717 16,127
Debtors 6 464,498 326,177
Cash at bank and in hand 129,558 164,853
620,773 507,157
Creditors: amounts falling due within one year 7 ( 535,108) ( 453,960)
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 ( 173,707) ( 127,825)
Net assets 453,848 399,746
Capital and reserves
Called-up share capital 9 80 80
Revaluation reserve 378,664 378,664
Profit and loss account 75,104 21,002
Total shareholders' funds 453,848 399,746

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pebbles of Salcombe Limited (registered number: 06545400) were approved and authorised for issue by the Board of Directors on 23 February 2024. They were signed on its behalf by:

Mr J Spencer
Director
PEBBLES OF SALCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
PEBBLES OF SALCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

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.

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 9 years straight line
Plant and machinery 4 years straight line
Vehicles 6.66 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 94 76

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 October 2022 120,000 415,138 535,138
Additions 0 3,150 3,150
At 30 September 2023 120,000 418,288 538,288
Accumulated amortisation
At 01 October 2022 120,000 32,627 152,627
Charge for the financial year 0 3,514 3,514
At 30 September 2023 120,000 36,141 156,141
Net book value
At 30 September 2023 0 382,147 382,147
At 30 September 2022 0 382,511 382,511

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 87,033 37,158 101,247 2,688 228,126
Additions 0 33,848 67,766 1,864 103,478
Disposals 0 0 ( 13,800) 0 ( 13,800)
At 30 September 2023 87,033 71,006 155,213 4,552 317,804
Accumulated depreciation
At 01 October 2022 57,322 34,636 43,277 1,038 136,273
Charge for the financial year 7,213 4,946 14,252 697 27,108
Disposals 0 0 ( 5,310) 0 ( 5,310)
At 30 September 2023 64,535 39,582 52,219 1,735 158,071
Net book value
At 30 September 2023 22,498 31,424 102,994 2,817 159,733
At 30 September 2022 29,711 2,522 57,970 1,650 91,853

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 October 2022 10
At 30 September 2023 10
Carrying value at 30 September 2023 10
Carrying value at 30 September 2022 10

6. Debtors

2023 2022
£ £
Trade debtors 253,488 138,078
Amounts owed by Group undertakings 67,249 65,079
Corporation tax 681 993
Other debtors 143,080 122,027
464,498 326,177

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,195 23,041
Trade creditors 122,840 89,641
Taxation and social security 104,455 155,845
Obligations under finance leases and hire purchase contracts 27,605 15,414
Other creditors 274,013 170,019
535,108 453,960

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 35,211 40,770
Obligations under finance leases and hire purchase contracts 95,006 42,325
Other creditors 43,490 44,730
173,707 127,825

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
40 Ordinary A shares of £ 1.00 each 40 40
40 Ordinary B shares of £ 1.00 each 40 40
80 80

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
other 25,488 32,325