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COMPANY REGISTRATION NUMBER: 9336602
LE Saundersfoot Limited
Filleted Unaudited Financial Statements
31 December 2023
LE Saundersfoot Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
LE Saundersfoot Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
360,715
578,123
Current assets
Debtors
6
51,103
Cash at bank and in hand
37,549
5,491
--------
--------
37,549
56,594
Creditors: amounts falling due within one year
7
( 90,444)
( 299,760)
--------
---------
Net current liabilities
( 52,895)
( 243,166)
---------
---------
Total assets less current liabilities
307,820
334,957
Creditors: amounts falling due after more than one year
8
( 14,209)
( 24,209)
Provisions
9
( 115)
( 6,096)
---------
---------
Net assets
293,496
304,652
---------
---------
Capital and reserves
Called up share capital
11
155,607
155,607
Profit and loss account
137,889
149,045
---------
---------
Shareholders funds
293,496
304,652
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LE Saundersfoot Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr LA Evans
Director
Company registration number: 9336602
LE Saundersfoot Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Brompton Grove, Burton, Milford Haven, Pembrokeshire, SA73 1LR.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over lease term
Fixtures & fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Property Improvements
-
2% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
15,438
Deferred tax:
Origination and reversal of timing differences
( 5,980)
6,096
-------
-------
Tax on profit
9,458
6,096
-------
-------
5. Tangible assets
Long leasehold property
Fixtures & fittings
Equipment
Property Improvements
Total
£
£
£
£
£
Cost
At 1 January 2023
549,622
16,096
908
25,628
592,254
Disposals
( 178,278)
( 16,096)
( 25,628)
( 220,002)
---------
--------
----
--------
---------
At 31 December 2023
371,344
908
372,252
---------
--------
----
--------
---------
Depreciation
At 1 January 2023
7,790
5,601
227
513
14,131
Charge for the year
3,895
2,624
170
513
7,202
Disposals
( 545)
( 8,225)
( 1,026)
( 9,796)
---------
--------
----
--------
---------
At 31 December 2023
11,140
397
11,537
---------
--------
----
--------
---------
Carrying amount
At 31 December 2023
360,204
511
360,715
---------
--------
----
--------
---------
At 31 December 2022
541,832
10,495
681
25,115
578,123
---------
--------
----
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
282
Other debtors
50,821
----
--------
51,103
----
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
10,000
10,000
Trade creditors
3,109
4,210
Corporation tax
15,438
Social security and other taxes
1,933
585
Other creditors
59,964
284,965
--------
---------
90,444
299,760
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
14,209
24,209
--------
--------
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023
6,096
Charge against provision
( 5,981)
-------
At 31 December 2023
115
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
115
6,096
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
115
6,896
Unused tax losses
( 800)
----
-------
115
6,096
----
-------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
50
50
50
50
Ordinary C shares of £ 1 each
155,507
155,507
155,507
155,507
---------
---------
---------
---------
155,607
155,607
155,607
155,607
---------
---------
---------
---------
12. Related party transactions
The company was under the control of Mr LA Evans throughout the current and previous year. Mr LA Evans is the managing director and majority shareholder. During the year a dividend of £20,500 (2022 - £nil) was paid to the shareholders.