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Filleted

Registration number: 04722974

Pirates on the Beach Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Pirates on the Beach Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

Related party transactions

10

 

Pirates on the Beach Limited

Company Information

Director

Mr E W Davies

Company secretary

Mrs N Parsells

Registered office

The Pirate
Amroth
Narberth
Pembrokeshire
SA67 8NF

 

Pirates on the Beach Limited

(Registration number: 04722974)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

27,163

32,126

Current assets

 

Stocks

6

7,378

6,160

Debtors

7

3,148

306

Cash at bank and in hand

 

202,277

327,046

 

212,803

333,512

Creditors: Amounts falling due within one year

8

(19,960)

(58,652)

Net current assets

 

192,843

274,860

Total assets less current liabilities

 

220,006

306,986

Provisions for liabilities

(5,651)

(4,662)

Net assets

 

214,355

302,324

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

214,353

302,322

Total equity

 

214,355

302,324

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

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 and the option not to file the Profit and Loss Account has been taken.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Pirates on the Beach Limited

(Registration number: 04722974)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 26 March 2024
 

.........................................
Mr E W Davies
Director

   
     
 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Pirate
Amroth
Narberth
Pembrokeshire
SA67 8NF

These financial statements were authorised for issue by the director on 26 March 2024.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold

10% Straight line

Plant and machinery

15-33% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised evenly over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 12).

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

10,000

10,000

At 30 November 2023

10,000

10,000

Amortisation

At 1 December 2022

10,000

10,000

At 30 November 2023

10,000

10,000

Carrying amount

At 30 November 2023

-

-

Revalued assets for the year ended 30 November 2022

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

6,767

155,688

1,370

163,825

Additions

-

419

-

419

At 30 November 2023

6,767

156,107

1,370

164,244

Depreciation

At 1 December 2022

4,739

125,946

1,014

131,699

Charge for the year

677

4,588

117

5,382

At 30 November 2023

5,416

130,534

1,131

137,081

Carrying amount

At 30 November 2023

1,351

25,573

239

27,163

At 30 November 2022

2,028

29,742

356

32,126

Included within the net book value of land and buildings above is £1,351 (2022 - £2,028) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

7,378

6,160

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Trade debtors

1,204

259

Prepayments

1,878

-

Other debtors

66

47

3,148

306

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

6,313

7,865

Other related parties

 

8,670

20,136

Corporation tax liability

 

-

19,522

Other creditors

 

4,977

11,129

 

19,960

58,652

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

The balance due to the director at the year end was £8,607 (2022: £20,136). the loan is interest free and repayable on demand.

During the year, the company paid rent for the use of the premises to the directors of £6,000. (2022: £6,000).