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Filleted

Registration number: 04735644

The Buccaneer (Tenby) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

The Buccaneer (Tenby) Limited

(Registration number: 04735644)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

50,986

52,095

Current assets

 

Debtors

7

1,005,484

1,592,781

Cash at bank and in hand

 

629,689

109,988

 

1,635,173

1,702,769

Creditors: Amounts falling due within one year

8

(962,462)

(696,426)

Net current assets

 

672,711

1,006,343

Net assets

 

723,697

1,058,438

Capital and reserves

 

Called up share capital

6

10

Capital redemption reserve

4

-

Profit and loss account

723,687

1,058,428

Total equity

 

723,697

1,058,438

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.

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr M Evans
Director

   
     
 

The Buccaneer (Tenby) 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 United Kingdom.

The address of its registered office is:
Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

These financial statements were authorised for issue by the director on 28 August 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.

Tax

The tax expense for the period comprises current 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.

 

The Buccaneer (Tenby) Limited

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

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 buildings

2% straight line basis

Leasehold land and buildings

Over the lease term

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.

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.

 

The Buccaneer (Tenby) Limited

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

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.

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 1 (2022 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,108

1,108

 

The Buccaneer (Tenby) Limited

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

5

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 30 November 2023

Revalued assets for the period ended 30 November 2022

6

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

55,419

55,419

At 30 November 2023

55,419

55,419

Depreciation

At 1 December 2022

3,324

3,324

Charge for the year

1,109

1,109

At 30 November 2023

4,433

4,433

Carrying amount

At 30 November 2023

50,986

50,986

At 30 November 2022

52,095

52,095

Included within the net book value of land and buildings above is £50,986 (2022 - £52,095) in respect of freehold land and buildings.
 

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

24,000

Amounts owed by related parties

10

1,005,484

1,566,266

Other debtors

 

-

2,515

 

1,005,484

1,592,781

 

The Buccaneer (Tenby) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

31,112

Taxation and social security

 

667

4,000

Amounts owed to related parties

 

949,355

350,000

Other related parties

 

260

200,000

Corporation tax liability

 

4,580

95,214

Other creditors

 

7,600

16,100

 

962,462

696,426

Creditors: amounts falling due after more than one year

2023
£

2022
£

 

The Buccaneer (Tenby) Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6

6

10

10

         

10

Related party transactions

During the year the company gave financial assistance to Harbour Brewery Tenby Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £58,000 (2022 £156,000). This loan is interest free and repayable on demand and has been included under note 6.

During the year the company gave financial assistance to Cobourg Development Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £195,000 (2022 £220,000). This loan is interest free and repayable on demand and has been included under note 6.

During the year the company gave financial assistance to The Buccaneer Sun Inn Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £2,835 (2022 £2,835). This loan is interest free and repayable on demand and has been included under note 6.

During the year the company received financial assistance from Harbwr Saundersfoot Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £167,000. This loan is interest free and repayable on demand and has been included under note 7.

During the year the company received financial assistance from Harbwr Saundersfoot Limited, a company controlled by the director. The balance due from the company at the balance sheet date was £382,355. This loan is interest free and repayable on demand and has been included under note 7.

During the year the company received financial assistance from Cobourg Development Limited, a company controlled by the director. The balance due to the company at the balance sheet date was £400,000. This loan is interest free and repayable on demand and has been included under note 7.

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr M Evans

(200,000)

732,035

(532,296)

(260)

         
       

 

2022

At 1 April 2022
£

Repayments by director
£

At 30 November 2022
£

Mr M Evans

(41,040)

(158,960)

(200,000)

       
     

 

 

The Buccaneer (Tenby) Limited

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

Loans from related parties