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Company No: 05633762 (England and Wales)

PIER POINT TORQUAY LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

PIER POINT TORQUAY LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PIER POINT TORQUAY LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
PIER POINT TORQUAY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 22,940 39,323
Tangible assets 5 640,390 743,167
663,330 782,490
Current assets
Debtors 6 149,097 123,931
Cash at bank and in hand 7 5,358 7,251
154,455 131,182
Creditors: amounts falling due within one year 8 ( 488,104) ( 674,403)
Net current liabilities (333,649) (543,221)
Total assets less current liabilities 329,681 239,269
Provision for liabilities ( 66,828) ( 52,511)
Net assets 262,853 186,758
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 262,753 186,658
Total shareholder's funds 262,853 186,758

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.

Directors' responsibilities:

The financial statements of Pier Point Torquay Ltd (registered number: 05633762) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Lorraine Arnold
Director
PIER POINT TORQUAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PIER POINT TORQUAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pier Point Torquay Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 5 Rowditch Business Centre, Uttoxeter New Road, Derby, DE22 3LN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

A loan between Pier Point Torquay Ltd and Candy Bar Limited was incorrectly written off during the prior year. The adjustment in the 2023 accounts re-introduces this loan in full.

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Other creditors 144,725 44,300 189,025
Candy Bar Limited loan write off 44,300 (44,300) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 52

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 163,826 163,826
At 30 November 2023 163,826 163,826
Accumulated amortisation
At 01 December 2022 124,503 124,503
Charge for the financial year 16,383 16,383
At 30 November 2023 140,886 140,886
Net book value
At 30 November 2023 22,940 22,940
At 30 November 2022 39,323 39,323

5. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 December 2022 459,767 494,055 20,423 974,245
Additions 950 12,386 2,929 16,265
At 30 November 2023 460,717 506,441 23,352 990,510
Accumulated depreciation
At 01 December 2022 32,305 189,959 8,814 231,078
Charge for the financial year 16,072 98,556 4,414 119,042
At 30 November 2023 48,377 288,515 13,228 350,120
Net book value
At 30 November 2023 412,340 217,926 10,124 640,390
At 30 November 2022 427,462 304,096 11,609 743,167

6. Debtors

2023 2022
£ £
Trade debtors 2,776 2,444
Amounts owed by directors 115,816 88,062
Prepayments 8,313 20,794
Other debtors 22,192 12,631
149,097 123,931

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 5,358 7,251
Less: Bank overdrafts ( 39,080) ( 36,617)
(33,722) (29,366)

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 39,080 36,617
Trade creditors 74,252 53,865
Amounts owed to Parent undertakings 169,115 303,000
Accruals 12,206 33,113
Taxation and social security 94,062 58,783
Other creditors 99,389 189,025
488,104 674,403

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

The group has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Transactions with the entity's directors

2023 2022
£ £
Owed by/(to) the directors 115,816 88,062

Interest has been charged at the HMRC official rates on overdrawn balances and there are no set repayment terms.