Company registration number 13244645 (England and Wales)
ALANA BY THE SEA LIMITED
Unaudited Financial Statements
for the Year Ended 31 March 2023
ALANA BY THE SEA LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ALANA BY THE SEA LIMITED
Company Information
- 1 -
Director
Ms A R Spencer
Company number
13244645
Registered office
Unit 2.2 Parc Melin Glan Yr Afon Industrial Estate
Llanbadarn Fawr
Aberystwyth
UK
SY23 3JQ
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
ALANA BY THE SEA LIMITED
Balance Sheet
As at 31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,621
Current assets
Stocks
4
-
8,722
Debtors
5
3,826
15,572
Cash at bank and in hand
31,195
74,653
35,021
98,947
Creditors: amounts falling due within one year
6
(286,374)
(253,903)
Net current liabilities
(251,353)
(154,956)
Net liabilities
(251,353)
(94,335)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(251,354)
(94,336)
Total equity
(251,353)
(94,335)
ALANA BY THE SEA LIMITED
Balance Sheet
As at 31 March 2023
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 March 2024
Ms A R Spencer
Director
Company Registration No. 13244645
ALANA BY THE SEA LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 4 -
1
Accounting policies
Company information
Alana By The Sea Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2.2 Parc Melin Glan Yr Afon Industrial Estate, Llanbadarn Fawr, Aberystwyth, UK, SY23 3JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of true251,353 (2022 - £154,956) and total net liabilities of 251,353 (2022 - £94,335). The directors are aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and they believe these targets can be met. The directors review realistic objectives at regular intervals, based on this periodic review and the company's plans, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
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 sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over Term of Lease
Plant and equipment
4 Years on Cost
Computers
4 Years on Cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ALANA BY THE SEA LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
1
Accounting policies
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
ALANA BY THE SEA LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
1
Accounting policies
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
21
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
10,770
70,020
80,790
Additions
10,248
10,248
Disposals
(10,770)
(80,268)
(91,038)
At 31 March 2023
Depreciation and impairment
At 1 April 2022
3,644
16,525
20,169
Eliminated in respect of disposals
(3,644)
(16,525)
(20,169)
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
7,126
53,495
60,621
ALANA BY THE SEA LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 7 -
4
Stocks
2023
2022
£
£
Stocks
-
8,722
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,501
Other debtors
3,826
12,071
3,826
15,572
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,052
18,862
Taxation and social security
6,907
1,489
Other creditors
275,415
233,552
286,374
253,903
7
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £92,250 (2022 - £115,250)
This is made up of property leases payable until the end of the lease terms detailed below:
Property lease payable until 31 March 2026 with annual rents of £15,000
Property lease payable until 29 July 2025 with annual rents of £17,000
Property lease payable until 23 September 2023 with annual rents of £18,000