Company registration number 09904937 (England and Wales)
SHOREDITCH-BY-THE-SEA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SHOREDITCH-BY-THE-SEA LIMITED
COMPANY INFORMATION
Directors
O R A Hutchinson
J P Ledwidge
Company number
09904937
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
SHOREDITCH-BY-THE-SEA LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
SHOREDITCH-BY-THE-SEA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company is the provision of holiday retreats.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
O R A Hutchinson
J P Ledwidge
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J P Ledwidge
Director
6 March 2024
SHOREDITCH-BY-THE-SEA LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHOREDITCH-BY-THE-SEA LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shoreditch-by-the-Sea Limited for the year ended 30 June 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Shoreditch-by-the-Sea Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shoreditch-by-the-Sea Limited and state those matters that we have agreed to state to the Board of Directors of Shoreditch-by-the-Sea Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shoreditch-by-the-Sea Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Shoreditch-by-the-Sea Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shoreditch-by-the-Sea Limited. You consider that Shoreditch-by-the-Sea Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shoreditch-by-the-Sea Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Begbies
6 March 2024
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
SHOREDITCH-BY-THE-SEA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2023
2022
£
£
Turnover
1,121,984
1,278,408
Cost of sales
(182,688)
(226,591)
Gross profit
939,296
1,051,817
Administrative expenses
(839,262)
(731,108)
Operating profit
100,034
320,709
Interest payable and similar expenses
(177)
Profit before taxation
100,034
320,532
Tax on profit
Profit for the financial year
100,034
320,532
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SHOREDITCH-BY-THE-SEA LIMITED
BALANCE SHEET
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
203,257
214,654
Current assets
Stocks
61,775
63,792
Debtors
5
71,270
274,324
Cash at bank and in hand
329,457
231,952
462,502
570,068
Creditors: amounts falling due within one year
6
(482,000)
(700,997)
Net current liabilities
(19,498)
(130,929)
Net assets
183,759
83,725
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
183,659
83,625
Total equity
183,759
83,725
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
O R A Hutchinson
J P Ledwidge
Director
Director
Company registration number 09904937 (England and Wales)
SHOREDITCH-BY-THE-SEA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
(236,907)
(236,807)
Year ended 30 June 2022:
Profit and total comprehensive income
-
320,532
320,532
Balance at 30 June 2022
100
83,625
83,725
Year ended 30 June 2023:
Profit and total comprehensive income
-
100,034
100,034
Balance at 30 June 2023
100
183,659
183,759
SHOREDITCH-BY-THE-SEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information
Shoreditch-by-the-Sea Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.
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
Turnover
Turnover comprises revenue recognised in respect of accommodation and other guest related goods and services supplied, exclusive of Value Added Tax. Revenue in relation to accommodation services is recognised on guest arrival. Revenue in relation to other goods and services is recognised at the point of service.
1.3
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:
Fixtures and fittings
20% Straight line basis
Computers
33% Straight line basis
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.
1.4
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).
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 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
SHOREDITCH-BY-THE-SEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SHOREDITCH-BY-THE-SEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
31
The directors received no remuneration.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
363,957
Additions
73,450
Disposals
(1,004)
At 30 June 2023
436,403
Depreciation and impairment
At 1 July 2022
149,303
Depreciation charged in the year
84,178
Eliminated in respect of disposals
(335)
At 30 June 2023
233,146
Carrying amount
At 30 June 2023
203,257
At 30 June 2022
214,654
SHOREDITCH-BY-THE-SEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,115
96,472
Amounts owed by group undertakings
128,615
Other debtors
42,155
49,237
71,270
274,324
Included within other debtors is £20,333 (2022: £31,655) of loan to related parties.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
52,051
33,623
Taxation and social security
46,172
54,440
Other creditors
383,777
612,934
482,000
700,997
Included within other creditors is £300 (2022: £176,782) of loan from related parties.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100