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Crabhouse Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2024

Registration number: 07532562

 

Crabhouse Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Crabhouse Limited

Balance Sheet

31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

175,365

212,049

Current assets

 

Stocks

12,000

12,000

Debtors

6

179,217

44,962

Cash at bank and in hand

 

216,840

258,889

 

408,057

315,851

Creditors: Amounts falling due within one year

7

(235,998)

(229,319)

Net current assets

 

172,059

86,532

Total assets less current liabilities

 

347,424

298,581

Creditors: Amounts falling due after more than one year

7

(72,147)

(130,026)

Provisions for liabilities

(27,000)

(33,000)

Net assets

 

248,277

135,555

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

248,177

135,455

Shareholders' funds

 

248,277

135,555

 

Crabhouse Limited

Balance Sheet

31 January 2024

For the financial year ending 31 January 2024 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr C Bloxham
Director

Company Registration Number: 07532562

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

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:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Crab House Cafe
Ferrymans Way
Portland Road
Wyke Regis
Dorset
DT4 9YU

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

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 value added tax, returns, rebates and discounts.

Tax

The current corporation 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.

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Leasehold Property

25% and 10% straight line

Plant and Machinery

20% straight line

Fixtures and Fittings

20% straight line

Motor Vehicles

20% reducing balance

Office Equipment

20% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

20% straight line

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.

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line 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.

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans, hire purchase liabilities; and
• Cash and bank balances

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.

Except for bank loans and hire purchase liabilities, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans and hire purchase liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2023 - 39).

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

200,000

200,000

At 31 January 2024

200,000

200,000

Amortisation

At 1 February 2023

200,000

200,000

At 31 January 2024

200,000

200,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Leasehold Property
£

Motor vehicles
 £

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 February 2023

145,519

57,493

534,282

737,294

Additions

-

-

44,103

44,103

At 31 January 2024

145,519

57,493

578,385

781,397

Depreciation

At 1 February 2023

90,352

27,714

407,179

525,245

Charge for the year

11,040

5,956

63,791

80,787

At 31 January 2024

101,392

33,670

470,970

606,032

Carrying amount

At 31 January 2024

44,127

23,823

107,415

175,365

At 31 January 2023

55,167

29,779

127,103

212,049

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

6

Debtors

2024
£

2023
£

Trade debtors

2,063

2,886

Prepayments

6,488

9,471

Other debtors

170,666

32,605

179,217

44,962

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

57,880

57,881

Trade creditors

 

18,619

10,029

Taxation and social security

 

36,401

45,815

Other creditors

 

88,817

68,988

Accruals and deferred income

 

34,281

46,606

 

235,998

229,319

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

70,833

120,833

Hire purchase liabilities

1,314

9,193

72,147

130,026

2024
£

2023
£

Current loans and borrowings

Bank borrowings

50,000

50,001

Hire purchase contracts

7,880

7,880

57,880

57,881

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

Bank borrowings

Coronavirus Business Interruption Loan is denominated in Sterling with a nominal interest rate of 4.21% in excess of the Bank of England base rate, and the final instalment is due on 30 June 2026. The carrying amount at year end is £120,833 (2023 - £170,833).

No assets have been pledged as security as the loan is government-backed. The first twelve months of interest payments was covered by the UK Government.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

51

51

51

51

Ordinary B shares of £1 each

25

25

25

25

Ordinary C shares of £1 each

24

24

24

24

 

100

100

100

100

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £84,390 (2023 - £95,855). These are non-cancellable operating leases in respect of property and equipment.

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Director

Director's loan account

(32,605)

(333,004)

195,000

(170,609)

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Director

Director's loan account

(109,440)

(223,633)

300,468

(32,605)

         
       

 

 

Crabhouse Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2024

Directors Guarantees
A director has given personal guarantees to the company's bankers in respect of the overdraft facilities. This director has also given personal guarantees in respect of the premises that the company operates from.