Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr A C Brewer 24/11/2017 Mrs M C Brewer 24/11/2017 Miss R K Brewer 24/11/2017 08 August 2024 The principal activity of the company is the operation of a licenced restaurant 11081346 2023-12-31 11081346 bus:Director1 2023-12-31 11081346 bus:Director2 2023-12-31 11081346 bus:Director3 2023-12-31 11081346 2022-12-31 11081346 core:CurrentFinancialInstruments 2023-12-31 11081346 core:CurrentFinancialInstruments 2022-12-31 11081346 core:Non-currentFinancialInstruments 2023-12-31 11081346 core:Non-currentFinancialInstruments 2022-12-31 11081346 core:ShareCapital 2023-12-31 11081346 core:ShareCapital 2022-12-31 11081346 core:RetainedEarningsAccumulatedLosses 2023-12-31 11081346 core:RetainedEarningsAccumulatedLosses 2022-12-31 11081346 core:Goodwill 2022-12-31 11081346 core:Goodwill 2023-12-31 11081346 core:LandBuildings 2022-12-31 11081346 core:PlantMachinery 2022-12-31 11081346 core:FurnitureFittings 2022-12-31 11081346 core:OfficeEquipment 2022-12-31 11081346 core:LandBuildings 2023-12-31 11081346 core:PlantMachinery 2023-12-31 11081346 core:FurnitureFittings 2023-12-31 11081346 core:OfficeEquipment 2023-12-31 11081346 2023-01-01 2023-12-31 11081346 bus:FilletedAccounts 2023-01-01 2023-12-31 11081346 bus:SmallEntities 2023-01-01 2023-12-31 11081346 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11081346 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11081346 bus:Director1 2023-01-01 2023-12-31 11081346 bus:Director2 2023-01-01 2023-12-31 11081346 bus:Director3 2023-01-01 2023-12-31 11081346 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 11081346 core:PlantMachinery 2023-01-01 2023-12-31 11081346 core:FurnitureFittings 2023-01-01 2023-12-31 11081346 core:OfficeEquipment 2023-01-01 2023-12-31 11081346 2022-01-01 2022-12-31 11081346 core:Goodwill 2023-01-01 2023-12-31 11081346 core:LandBuildings 2023-01-01 2023-12-31 11081346 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 11081346 (England and Wales)

PORT AND STARBOARD (CORNWALL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PORT AND STARBOARD (CORNWALL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PORT AND STARBOARD (CORNWALL) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
PORT AND STARBOARD (CORNWALL) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr A C Brewer
Mrs M C Brewer
Miss R K Brewer
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 11081346 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
PORT AND STARBOARD (CORNWALL) LIMITED

BALANCE SHEET

As at 31 December 2023
PORT AND STARBOARD (CORNWALL) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 234,000 292,500
Tangible assets 4 879,999 904,368
1,113,999 1,196,868
Current assets
Stocks 19,062 8,308
Debtors 5 811 717
Cash at bank and in hand 23,698 30,969
43,571 39,994
Creditors: amounts falling due within one year 6 ( 394,267) ( 279,375)
Net current liabilities (350,696) (239,381)
Total assets less current liabilities 763,303 957,487
Creditors: amounts falling due after more than one year 7 ( 901,872) ( 1,057,018)
Provision for liabilities ( 34,893) ( 31,149)
Net liabilities ( 173,462) ( 130,680)
Capital and reserves
Called-up share capital 120 120
Profit and loss account ( 173,582 ) ( 130,800 )
Total shareholders' deficit ( 173,462) ( 130,680)

For the financial year ending 31 December 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 Port and Starboard (Cornwall) Limited (registered number: 11081346) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

Mrs M C Brewer
Director
PORT AND STARBOARD (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PORT AND STARBOARD (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Port and Starboard (Cornwall) Limited (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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

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 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured
and it is probable that the future economic benefits will flow to the entity.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 Balance Sheet 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 23

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 585,000 585,000
At 31 December 2023 585,000 585,000
Accumulated amortisation
At 01 January 2023 292,500 292,500
Charge for the financial year 58,500 58,500
At 31 December 2023 351,000 351,000
Net book value
At 31 December 2023 234,000 234,000
At 31 December 2022 292,500 292,500

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 740,426 220,272 14,300 2,492 977,490
Additions 0 0 225 0 225
At 31 December 2023 740,426 220,272 14,525 2,492 977,715
Accumulated depreciation
At 01 January 2023 0 68,870 2,866 1,386 73,122
Charge for the financial year 0 22,710 1,718 166 24,594
At 31 December 2023 0 91,580 4,584 1,552 97,716
Net book value
At 31 December 2023 740,426 128,692 9,941 940 879,999
At 31 December 2022 740,426 151,402 11,434 1,106 904,368

5. Debtors

2023 2022
£ £
Other debtors 811 717

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,300
Trade creditors 0 1,873
Amounts owed to directors 300,587 201,915
Other loans 48,940 41,989
Accruals 3,245 3,283
Taxation and social security 31,495 20,015
394,267 279,375

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 16,836 25,702
Other creditors 885,036 1,031,316
901,872 1,057,018

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with owners holding a participating interest in the entity

Included within other creditors is an amount due to a company under common control. The balance at the end of the year was £933,976 (2022 - £1,073,305) including £48,940 (2022 - £41,990) due within one year.