Registration number:
One Little Beach Ltd
for the Year Ended 31 March 2023
One Little Beach Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
One Little Beach Ltd
(Registration number: 08387958)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
(44,566) |
(43,188) |
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Shareholders' deficit |
(44,565) |
(43,187) |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is letting of property.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold property |
No depreciation is applied to the investment property |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Long leasehold land and buildings |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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The above long leasehold land and buildings relates to investment property.
One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
4 |
Tangible assets (continued) |
Revaluation
The company's long leasehold property was revalued by the director on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The bank loan of £375,769 (2022: £375,769) is secured by way of a fixed charge over the leasehold property.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Related party transactions |
Key management personnel
During the year the director entered into the following interest free advances and credits with the company.
Transactions with the director |
2023 |
At 1 April 2022 |
Other payments made to company by director |
At 31 March 2023 |
Director |
( |
(935) |
( |
2022 |
At 1 April 2021 |
Other payments made to company by director |
At 31 March 2022 |
Director |
( |
(1,393) |
( |
Summary of transactions with other related parties
The property is let to the company's director.
The loan from the connected company is interest free and repayable on demand.
Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
( |
( |
At end of period |
( |
( |
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2022 |
Other related parties |
Total |
At start of period |
( |
( |
At end of period |
( |
( |
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One Little Beach Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Parent and ultimate parent undertaking |
The ultimate parent undertaking of the company is Seascope Trading Limited. The registered office is 47 Boutport Street, Barnstaple, Devon EX31 1SQ.