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Registration number: 05191219

Fistral Beach Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Fistral Beach Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 5

 

Fistral Beach Limited

(Registration number: 05191219)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,331

63,500

Current assets

 

Stocks

43,706

62,990

Debtors

71,273

53,149

Debtors: Amounts falling due after more than one year

 

3,454,861

3,356,570

Cash at bank and in hand

 

176,733

151,351

 

3,746,573

3,624,060

Prepayments and accrued income

 

24,911

28,932

Creditors: Amounts falling due within one year

(244,086)

(247,282)

Net current assets

 

3,527,398

3,405,710

Total assets less current liabilities

 

3,610,729

3,469,210

Provisions for liabilities

(20,831)

(15,873)

Accruals and deferred income

 

(18,373)

(17,750)

Net assets

 

3,571,525

3,435,587

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

3,571,523

3,435,585

Total equity

 

3,571,525

3,435,587

 

Fistral Beach Limited

(Registration number: 05191219)
Abridged Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................

Mrs L C Briant
Director

 

Fistral Beach Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Treviles Manor
Treworga
Ruan High Lanes
Truro
Cornwall
TR2 5NR

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 abridged 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 abridged 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Sale of goods
Turnover from the sale of goods is recognised at the point of sale.

Rendering of services
Turnover is recognised on completion of the service or by reference to the stage of completion at the balance sheet date.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, 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.

 

Fistral Beach Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, on each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance method

Plant and machinery

15% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

Fistral Beach Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

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.

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 directors) during the year, was 32 (2022 - 30).

4

Tangible assets

Total
£

Cost or valuation

At 1 November 2022

165,736

Additions

39,735

At 31 October 2023

205,471

Depreciation

At 1 November 2022

102,236

Charge for the year

19,904

At 31 October 2023

122,140

Carrying amount

At 31 October 2023

83,331

At 31 October 2022

63,500

5

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

There is a charge over the company’s assets in relation to bank loans to a company under common control. The bank loans outstanding at the year end were £8,253,726 (2022 - £8,900,894).