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The Seafood Restaurant (Padstow) Limited

Annual Report and Consolidated Financial Statements
Period from 2 January 2023 to 31 December 2023

Registration number: 07089657

 

The Seafood Restaurant (Padstow) Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 14

Consolidated Profit and Loss Account

15

Consolidated Balance Sheet

16

Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Statement of Changes in Equity

19

Consolidated Statement of Cash Flows

20

Notes to the Financial Statements

21 to 38

 

The Seafood Restaurant (Padstow) Limited

Company Information

Directors

Mr C R Stein

Ms J Stein

Mr I Fitzgerald

Mr C Stein

Mr E Stein

Mr J Stein

Mr R Banks

Dr M Hixon

Mrs K Coxhead

Company secretary

Mr I Fitzgerald

Registered office

The Seafood Restaurant
Riverside
Padstow
Cornwall
PL28 8BY

Bankers

Barclays Bank Plc
14 King Street
Truro
Cornwall
TR1 2RB

Auditors

PKF Francis Clark
Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

The Seafood Restaurant (Padstow) Limited

Strategic Report

Period from 2 January 2023 to 31 December 2023

The directors present their strategic report for the period from 2 January 2023 to 31 December 2023.

Principal activity

The principal activity of the company is that of a holding company for a Group whose principal activities are the operation of restaurants, hotels, e-commerce, retail outlets, a cookery school and an internal production unit which, given their inter-related nature, the Directors regard as one business.

Fair review of the business


Trading

The results for the period are set out on page 15.

2023 continued to bring challenging times for the Hospitality industry and in turn the business. The year started off slower than previous years but the Company enjoyed a successful summer season and record-breaking results in a number of sites. Food inflation continued to drive up consumer prices but with a focus on controls and maintaining standards the erosion on profit margins was minimal. The Company profitability was, however, impacted by significant increases in both electric and gas pricing as the energy markets remained volatile and at an unprecedented level.

The Group continues to seek innovative ways to improve the efficiency of the core business and is actively seeking to grow its estate through investment in restaurants and rooms in 2024.
 

Key performance indicators

The Directors and Executives receive a wide range of management information for each trading unit on a weekly basis including comparatives against budget and the previous period. The principal measures that are reviewed and managed are:

- Turnover, like for like;

- Gross profit margin;

- Wages/sales margin;

- Restaurants - Average spend per head;

- Cost of sales variance reports comparing actual gross profit to budget gross profit for each site;

- Overhead costs - Purchasing manager to control cost;

- Cash flow forecasting - Rolling 12 month forecasts are prepared, which are updated each week and reviewed monthly by the directors;

- Customer feedback - Instant daily feedback using our booking systems and Trust Pilot;

 

The Seafood Restaurant (Padstow) Limited

Strategic Report

Period from 2 January 2023 to 31 December 2023

Key performance indicators continued

- Staff retention - Focus to reduce staff turnover;

- Staff Engagement surveys; and

- Data based size and social media following.

All potential capital projects are subjected to net present value investment appraisal techniques which are stress tested to ensure that informed investment decisions can be taken.

Principal risks and uncertainties

The key business risks and uncertainties facing the group are:

- Regulatory costs - Increases in the living wage, business rates discount being removed, taxation, auto enrolment pensions and the apprenticeship levy;

- Competition from other hospitality providers, new concepts and lower price alternatives;

- People - Being able to retain a strong executive team and recruit and retain local managers, chefs and employees with the right skills and experience. In particular, recruitment of Chefs continues to be challenging, whilst investment in learning and development requires sufficient cashflow and time;

- Supply chain - Being able to obtain consistent fresh, quality produce for our restaurants without delays, price stability and continuity of supply;

- Seasonality of the business - Pressure on cash flows and staffing considerations;

- Cost pressures on energy, food, beverages, wages and overheads due to inflation; and

- Reliance on systems infrastructure and security - Cyber/lT security.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr I Fitzgerald
Director

 

The Seafood Restaurant (Padstow) Limited

Directors' Report

Period from 2 January 2023 to 31 December 2023

The directors present their report and the for the period from 2 January 2023 to 31 December 2023.

Directors of the group

The directors who held office during the period were as follows:

Mr C R Stein

Ms J Stein

Mr I Fitzgerald

Mr C Stein

Mr E Stein

Mr J Stein

Mr R Banks

Dr M Hixon

Mrs K Coxhead (appointed 1 December 2023)


Results and dividends

The loss before tax for the financial period amounted to £204,000 (1 Jan 2023 - loss of £492,000).

There were dividends totalling £nil (1 Jan 2023 - £100,000) declared and paid during this period. The directors do not recommend the payment of a final dividend.

Charitable donations

During the period, the group made charitable donations of £12,000 (1 Jan 2023 - £58,000).

Future developments

The future developments of the group are discussed within the Business Review section of the Strategic Report on page 2.

Employees

The group is one of the largest private sector employers in Cornwall, the average number of employees for the period was 390 (1 Jan 2023 - 412).

Employee engagement

The group is committed to the involvement of all employees in the business. Managers are measured closely on the group’s performance targets and are incentivised with profit related bonus schemes. Performance information is shared throughout the teams.

 

The Seafood Restaurant (Padstow) Limited

Directors' Report

Period from 2 January 2023 to 31 December 2023

Equal opportunities

The group is an equal opportunities employer. Its policy is to ensure that all employees are treated with the same respect and consideration regarding sex, age, colour, disability, nationality, or ethnic origin. The group's policy is to provide training, career development and opportunities for promotion.

Financial risk management

There is little credit risk as credit sales form a very small percentage of total sales. The group has policies in place that require appropriate credit checks on new potential customers and active credit control procedures.

With regards to liquidity risk, the group actively manages cash and prepares rolling cash flow forecasts covering the next 12 months. The group maintains an appropriate level of cash and bank facility funding in order to settle all financial obligations as they fall due and to meet planned activities.

Employment of disabled persons

We have clear standards to ensure fairness and flexibility in our approach - a documented dignity at work policy that details our expectations and standards in relation to inclusivity and fairness, our managers are supported to ensure that we consider all applications on merit, enabling our recruitment process to be fair and objective, with no requirement for any applicant to disclose any sensitive details during the application stage. In the event that we are advised of a disability post-job offer, reasonable adjustments are discussed and agreed upon to ensure individual potential is fulfilled.

We have not encountered a scenario where an employee of the group has become disabled during their employment with the group during the financial year, however, in such circumstances we would uphold our responsibility to ensure that any matters of physical or mental wellbeing were openly discussed with reasonable adjustments agreed to ensure that continued employment can be sustained, with any training provided as appropriate.

As an inclusive employer, we ensure that training and career opportunities are made available to every member of our team, with a dedicated approach to internal selection that ensures all applicants are invited to discuss their interest in an opportunity, with feedback provided post-interview.

 

The Seafood Restaurant (Padstow) Limited

Directors' Report

Period from 2 January 2023 to 31 December 2023

Going concern

These financial statements have been prepared on a going concern basis. The Board is confident that in the current circumstances the group will generate sufficient net internal cash flows and have adequate undrawn bank facilities to meet all of its needs for a period of at least 12 months from the date of signing these financial statements.

The economic outlook for the year ahead appears more stable and the hospitality sector has welcomed the continuation of government support in the form of 75% business rate relief and a freeze on alcohol duty. The largest business challenge we anticipate facing in 2024 is the ability to maximise revenue from reduced customer numbers. Although inflation is still tracking in excess of 4%, we have implemented a number of actions that reduce our exposure to excessive costs which increases our ability to be agile in reacting to our trading environment. The company has produced a financial model which allows the Board to see the impact of these cost increases on the likely forecast outturn for 2024. The model enables a variety of sensitivity analysis to be performed including assessing the impact of increased cost pressures, reducing trade and the impact on reduced operating profit.

The Board has considered an extreme downside scenario that reflects the uncertainty in the UK economy around reduced footfall & general inflationary pressures. The results of this scenario show that we would still be able to operate with adequate cashflow.

The group continues to have strong, long-term supportive relationships with its banks and remains in regular dialogue with them.

 

The Seafood Restaurant (Padstow) Limited

Directors' Report

Period from 2 January 2023 to 31 December 2023

Streamlined Energy and Carbon Reporting
The UK government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019, when the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and
Carbon Report) Regulations 2018 came into force.

SECR aims to bring the benefits of energy and carbon reporting to more businesses. The reporting framework is intended to encourage the implementation of energy efficiency measures, with both economic and environmental benefits, supporting businesses with cutting costs and improving productivity at the same time as reducing carbon emissions.

We have measured our direct emissions from fuel, transport and those emissions from purchased electricity and gas for the assets that we operate.

Energy usage and emissions
UK energy use for business purposes (fuel, transport and purchased electricity and gas):

Associated greenhouse gas emissions (CO2): 967 tonnes (1 Jan 2023: 1,121 tonnes)

Intensity ratio
We have produced 48.5 tonnes (1 Jan 2023: 49.6 tonnes) of CO2 per £1 million of turnover.

Energy efficiency action taken
The group has taken the following measures to help improve its energy efficiency in 2023:

• LED lights and PIR sensors continue to replace traditional lighting where appropriate;

• The Air Conditioning units at the largest site in the group's property portfolio have been replaced with more energy efficient units. Expansion of this replacement project is planned to continue across the portfolio in future years;

• The group selects energy-efficient boilers when replacements are required, and there is a view to roll this out across the portfolio in coming years;

• Fryers and burners are not being switched on until 30 minutes before service times when beforehand they were unnecessarily in use for longer periods;

• Timer switches are now used on bottle fridges where possible;

• Equipment vents are more regularly cleaned to optimise efficiency; and

• Reviews and reductions for refrigeration equipment have been undertaken if the equipment is not fully optimised.

 

The Seafood Restaurant (Padstow) Limited

Directors' Report

Period from 2 January 2023 to 31 December 2023

Methodologies used in calculations
Energy usage and consumption data was gathered throughout the year and the associated greenhouse gas (CO2) emissions were calculated using appropriate conversion rates.
Data was gathered for the consumption of energy as follows:

All of the group's electricity and gas invoice data have been entered into a fully managed energy database and data quality checks have been carried out for data completeness and accuracy. All transport information has also been entered into the energy database.

There were a number of instances, equating to 5.2% of the total reported consumption, where it was necessary to calculate some estimated consumption on a kWh/day pro-rata basis at meter level to achieve 100% data coverage. For properties where data was not available for utilities, a median consumption for properties with similar operations was calculated at meter level and applied to the properties with no available data.

Disclosure of information to the auditor

Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr I Fitzgerald
Director

 

The Seafood Restaurant (Padstow) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The Seafood Restaurant (Padstow) Limited

Independent Auditor's Report to the Members of The Seafood Restaurant (Padstow) Limited

Opinion

We have audited the financial statements of The Seafood Restaurant (Padstow) Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 2 January 2023 to 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

The Seafood Restaurant (Padstow) Limited

Independent Auditor's Report to the Members of The Seafood Restaurant (Padstow) Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

 

The Seafood Restaurant (Padstow) Limited

Independent Auditor's Report to the Members of The Seafood Restaurant (Padstow) Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 9, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s licence to operate. In making this assessment we determined that the most significant elements of legislation which impact the restaurant and hotel operations of the group include food standards and licencing laws, employment laws and regulations, and health and safety legislation.

 

The Seafood Restaurant (Padstow) Limited

Independent Auditor's Report to the Members of The Seafood Restaurant (Padstow) Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none in the year.

• Considering the filings made at Companies House, and any omissions thereon of which there were none identified.

• Reviewing the most recent Food Hygiene Ratings awarded to the restaurants, and where there had been visits discussing with management their findings.

• Reviewing external fire risk assessment reports in addition to external health and safety compliance reviews and workplans.

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.

• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

The Seafood Restaurant (Padstow) Limited

Independent Auditor's Report to the Members of The Seafood Restaurant (Padstow) Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

1 August 2024

 

The Seafood Restaurant (Padstow) Limited

Consolidated Profit and Loss Account

Period from 2 January 2023 to 31 December 2023

Note

2 January 2023 to 31 December 2023
 £ 000

(As restated)
3 January 2022 to 1 January 2023
 £ 000

Turnover

3

20,206

22,594

Cost of sales

 

(7,064)

(9,029)

Gross profit

 

13,142

13,565

Administrative expenses

 

(13,755)

(14,076)

Other operating income

4

300

50

Operating loss

5

(313)

(461)

Other interest receivable and similar income

48

-

Interest payable and similar charges

9

(1)

(92)

Share of profit of equity accounted associates

 

61

61

Loss before tax

 

(204)

(492)

Taxation

10

(41)

64

Loss for the financial period

 

(245)

(428)

Profit/(loss) attributable to:

 

Owners of the company

 

(245)

(428)

The group has no recognised gains or losses for the period other than the results above.

 

The Seafood Restaurant (Padstow) Limited

Consolidated Balance Sheet

31 December 2023

Note

31 December
2023
£ 000

(As restated)

1 January
2023
£ 000

Fixed assets

 

Intangible assets

11

17

17

Tangible assets

12

12,456

12,853

Other financial assets

651

651

 

13,124

13,521

Current assets

 

Stocks

14

819

904

Debtors

15

3,496

729

Cash at bank and in hand

 

530

5,313

 

4,845

6,946

Creditors: Amounts falling due within one year

17

(3,454)

(5,712)

Net current assets

 

1,392

1,234

Total assets less current liabilities

 

14,515

14,756

Provisions for liabilities

20

(269)

(265)

Net assets

 

14,246

14,490

Capital and reserves

 

Called up share capital

22

135

135

Profit and loss account

14,111

14,355

Equity attributable to owners of the company

 

14,246

14,490

Shareholders' funds

 

14,246

14,490

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr I Fitzgerald
Director

Company Registration Number: 07089657

 

The Seafood Restaurant (Padstow) Limited

Balance Sheet

31 December 2023

Note

31 December
2023
£ 000

1 January
2023
£ 000

Fixed assets

 

Tangible assets

12

9,101

9,101

Investments

13

135

135

Other financial assets

651

651

 

9,887

9,887

Current assets

 

Debtors

15

46

46

Creditors: Amounts falling due within one year

17

(2,980)

(3,667)

Net current liabilities

 

(2,934)

(3,621)

Net assets

 

6,953

6,266

Capital and reserves

 

Called up share capital

22

135

135

Profit and loss account

6,818

6,131

Shareholders' funds

 

6,953

6,266

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial period of £687,064 (2023 - profit of £716,117).

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr I Fitzgerald
Director

Company Registration Number: 07089657

 

The Seafood Restaurant (Padstow) Limited

Consolidated Statement of Changes in Equity

Period from 2 January 2023 to 31 December 2023

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 2 January 2023

135

14,355

14,490

Loss for the period

-

(245)

(245)

Total comprehensive income

-

(245)

(245)

At 31 December 2023

135

14,111

14,246

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 3 January 2022

135

14,883

15,018

Loss for the period

-

(428)

(428)

Dividends

-

(100)

(100)

At 1 January 2023 (As restated)

135

14,355

14,490

 

The Seafood Restaurant (Padstow) Limited

Statement of Changes in Equity

Period from 2 January 2023 to 31 December 2023

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 2 January 2023

135

6,131

6,266

Profit for the period

-

687

687

Total comprehensive income

-

687

687

At 31 December 2023

135

6,818

6,953

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 3 January 2022

135

5,515

5,650

Profit for the period

-

716

716

Dividends

-

(100)

(100)

At 1 January 2023

135

6,131

6,266

 

The Seafood Restaurant (Padstow) Limited

Consolidated Statement of Cash Flows

Period from 2 January 2023 to 31 December 2023

Note

2 January 2023 to 31 December 2023
 £ 000

(As restated)
3 January 2022 to 1 January 2023
 £ 000

Cash flows from operating activities

Loss for the period

 

(245)

(428)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

698

759

Loss on disposal of tangible assets

11

-

Finance income

(48)

-

Finance costs

9

1

92

Income tax expense

10

41

(64)

 

457

359

Working capital adjustments

 

Decrease in stocks

14

85

108

(Increase)/decrease in debtors

15

(2,837)

1,502

(Decrease)/increase in creditors

17

(2,258)

1,561

Increase in provisions

20

30

-

Cash generated from operations

 

(4,523)

3,531

Income taxes received/(paid)

10

4

(771)

Net cash flow from operating activities

 

(4,518)

2,760

Cash flows from investing activities

 

Interest received

48

-

Acquisitions of tangible assets

(346)

(1,579)

Proceeds from sale of tangible assets

 

34

-

Net cash flows from investing activities

 

(264)

(1,579)

Cash flows from financing activities

 

Interest paid

9

(1)

(91)

Repayment of bank borrowing

 

-

(1,750)

Repayment of other borrowing

 

-

(480)

Dividends paid

-

(100)

Net cash flows from financing activities

 

(1)

(2,421)

Net decrease in cash and cash equivalents

 

(4,783)

(1,240)

Cash and cash equivalents at 2 January 2023

 

5,313

6,553

Cash and cash equivalents at 31 December 2023

16

530

5,313

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
The Seafood Restaurant
Riverside
Padstow
Cornwall
PL28 8BY

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the The Seafood Restaurant (Padstow) Limited group..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Associates

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated financial statements, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised as the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit and loss, other comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of identifiable net assets.

Going concern

These financial statements have been prepared on a going concern basis. The Board is confident that in the current circumstances the group will generate sufficient net internal cash flows and have adequate undrawn bank facilities to meet all of its needs for a period of at least 12 months from the date of signing these financial statements.

The economic outlook for the year ahead appears more stable and the hospitality sector has welcomed the continuation of government support in the form of 75% business rate relief and a freeze on alcohol duty. The largest business challenge we anticipate facing in 2024 is the ability to maximise revenue from reduced customer numbers. Although inflation is still tracking at c.4%, we feel we have implemented a number of actions that reduce our exposure to excessive costs and increases our ability to be agile in reacting to our trading environment. The company has produced a financial model which allows the Board to see the impact of these cost increases on the likely forecast outturn for 2024. The model enables a variety of sensitivity analysis to be performed including assessing the impact of increased cost pressures, reducing trade and the impact on reduced operating profit.

The Board has considered an extreme downside scenario that reflects the uncertainty in the UK economy around reduced footfall & general inflationary pressures. The results of this scenario show that we would still be able to operate with adequate cashflow.

The group continues to have strong, long-term supportive relationships with its bank and remains in regular dialogue with them.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

Prior period errors

Post year end the company received invoices which were not accrued for. These invoices relate to costs incurred in the years ending 1 January 2023, 31 December 2023 and post year end. A prior period adjustment is required to ensure the accounts are materially correct.

The table below illustrates the increase/(decrease) in each financial statement line:

 

Relating to the current period disclosed in these financial statements
£ 000

Relating to the prior period disclosed in these financial statements
£ 000

Administrative expenses

161

145

Creditors: Amounts falling due within one year

305

145

Profit and loss account (cumulative)

(305)

(145)

   

Judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience. The key estimates applied by management are as outlined below:

Depreciation and useful economic lives of tangible assets - Management have carefully considered the depreciation estimates applied on the tangible assets held by the group. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of each asset. The directors consider that no depreciation should be provided on freehold properties. This is on the basis that any possible depreciation charge would be expected to be immaterial as the residual value is considered to be materially equivalent to its carrying value;

Stock provision - The Directors consider whether any slow moving or obsolete stocks are held that should be provided against;

Dilapidations provision - Management provide for their best estimate of the costs that will be incurred, based on contractual requirements, on the termination of leases. The estimated cost is considered annually and is charged to profit and loss evenly over the lease period; and

Gift voucher provision - Management apply an annual provision against the payments on account creditor to release a proportion of gift vouchers which are unlikely to be redeemed into revenue. The provision is calculated as a proportion of unredeemed gift vouchers within certain specified age groups with the older vouchers being more heavily provided against.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises food and beverage revenue at the point of sale.

Accommodation revenue is recognised at the point of the customer staying in the room. Deposits
received in advance of customer stays are treated as payments on account and recognised within
creditors less than one year.

Turnover derives from the company activities which are wholly undertaken within the UK.

Finance income and costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that 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.

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

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 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 group operates and generates taxable income.

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
consolidated 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.

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.

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 the Group's share 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.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

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

Straight line over 20 years

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.

Freehold land and buildings are deemed to have an unlimited useful life and are therefore not depreciated.

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 land and buildings

Not depreciated

Leasehold land and buildings

Straight line over the term of the lease

Fixtures, fittings and equipment

7% - 33% straight line

Investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; 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.

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.

3

Revenue

The whole of the turnover is attributable to the principal activity of the Group.

All turnover arose within the United Kingdom.

4

Other operating income

The analysis of the group's other operating income for the period is as follows:

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Recharged staff costs

300

50

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

5

Operating loss

Arrived at after charging/(crediting)

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Depreciation expense

698

759

Operating lease expense - property

419

402

Operating lease expense - plant and machinery

41

69

Loss on disposal of property, plant and equipment

11

-

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Wages and salaries

7,726

7,579

Social security costs

612

633

Pension costs, defined contribution scheme

108

179

8,445

8,391

The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:

2 January 2023 to
31 December
2023
No.

3 January 2022 to
1 January
2023
No.

Administration

58

56

Operations

340

356

398

412

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

7

Directors' remuneration

The directors' remuneration for the period was as follows:

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Aggregate directors' emoluments

1,101

896

Contributions paid to money purchase schemes

11

8

1,112

905

During the period the number of directors who were receiving benefits and share incentives was as follows:

2 January 2023 to
31 December
2023
No.

3 January 2022 to
1 January
2023
No.

Accruing benefits under money purchase pension scheme

6

4

In respect of the highest paid director:

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Remuneration

319

295

8

Auditor's remuneration

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Audit of these financial statements

5

5

Audit of the financial statements of subsidiaries of the company pursuant to legislation

11

12

16

17

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023


 

9

Interest payable and similar expenses

2 January 2023 to
31 December
2023
£ 000

3 January 2022 to
1 January
2023
£ 000

Interest on bank overdrafts and borrowings

-

39

Interest on obligations under finance leases and hire purchase contracts

1

1

Interest on Directors' loans

-

53

1

92

10

Taxation

Tax charged/(credited) in the profit and loss account

2 January 2023 to 31 December 2023
 £ 000

3 January 2022 to 1 January 2023
 £ 000

Current taxation

UK corporation tax adjustment to prior periods

66

(103)

Deferred taxation

Arising from origination and reversal of timing differences

(26)

39

Tax expense/(receipt) in the income statement

41

(64)

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 23.52% (2023 - 19%).

The differences are reconciled below:

2 January 2023 to
31 December
2023
£ 000

(As restated)
3 January 2022 to
1 January
2023
£ 000

Loss before tax

(204)

(492)

Corporation tax at standard rate

(48)

(66)

Effect of expense not deductible in determining taxable profit (tax loss)

7

63

Effect of tax losses

-

54

Deferred tax expense relating to changes in tax rates or laws

1

6

Decrease from effect of tax incentives

-

(32)

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(30)

15

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

66

(104)

Tax increase from effect of capital allowances and depreciation

45

-

Total tax charge/(credit)

41

(64)

On 1 April 2023 there was an increase in the main rate of corporation tax to 25%, with the rate prior to that date being 19%. Consequently there has been an increase in the applicable tax rate to 23.52% (2022 - 19%), being the average rate for the year.

Deferred tax

Group

The provision for deferred taxation is made up as follows:

31 December 2023

Liability
£ 000

Accelerated capital allowances

256

Short term timing differences

(17)

239

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

1 January 2023

Liability
£ 000

Accelerated capital allowances

290

Short term timing differences

(25)

265

11

Intangible assets

Group

Goodwill
 £ 000

Cost or valuation

At 2 January 2023

118

At 31 December 2023

118

Amortisation

At 2 January 2023

101

At 31 December 2023

101

Carrying amount

At 31 December 2023

17

At 1 January 2023

17

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

12

Tangible assets

Group

Land and buildings
£ 000

Furniture, fittings and equipment
 £ 000

Total
£ 000

Cost or valuation

At 2 January 2023

10,039

13,488

23,527

Additions

-

346

346

Disposals

-

(57)

(57)

At 31 December 2023

10,039

13,777

23,816

Depreciation

At 2 January 2023

919

9,755

10,674

Charge for the period

15

684

698

Eliminated on disposal

-

(11)

(11)

At 31 December 2023

933

10,427

11,360

Carrying amount

At 31 December 2023

9,106

3,350

12,456

At 1 January 2023

9,120

3,733

12,853

Included within the net book value of land and buildings above is £9,101,000 (2023 - £9,101,000) in respect of freehold land and buildings, £5,000 (2023 - £19,000) in respect of long leasehold land and buildings.
 

Company

Land and buildings
£ 000

Cost or valuation

At 2 January 2023

9,101

At 31 December 2023

9,101

Carrying amount

At 31 December 2023

9,101

At 1 January 2023

9,101

Included within the net book value of land and buildings above is £9,101,000 (2023 - £9,101,000) in respect of freehold land and buildings.
 

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

13

Investments

Company

31 December
2023
£ 000

1 January
2023
£ 000

Investments in subsidiaries

135

135

Investments in associates

651

651

786

786

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

31 December 2023

01 January 2023

Subsidiary undertakings

Seafood Trading Limited

The Seafood Restaurant, Riverside, Padstow, Cornwall, PL28 8BY

Ordinary

100%

100%

 

United Kingdom

     

Seafood Trading Limited

The principal activity of Seafood Trading Limited is operator of restaurants, hotels, retail outlets, a cookery school and an internal production unit.

Associates

Seafood Property (Padstow) LLP is registered at The Seafood Restaurant, Riverside, Padstow, Cornwall, PL28 8BY, United Kingdom. The company is entitled to 4% of the capital profits and 99% of the income profits generated by the LLP

The principal activity of Seafood Property (Padstow) LLP is property management. Its financial period is 31 March.

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

14

Stocks

 

Group

Company

31 December
2023
£ 000

1 January
2023
£ 000

31 December
2023
£ 000

1 January
2023
£ 000

Finished goods and goods for resale

819

904

-

-

15

Debtors

   

Group

Company

Note

31 December
2023
£ 000

1 January
2023
£ 000

31 December
2023
£ 000

1 January
2023
£ 000

Trade debtors

 

230

89

-

-

Amounts due from associate companies

25

2,973

-

46

46

Other debtors

 

116

169

-

-

Prepayments

 

112

336

-

-

Income tax asset

10

65

135

-

-

 

3,496

729

46

46

There is no interest accruing in respect of the amounts owed by group undertakings.

16

Cash and cash equivalents

 

Group

Company

31 December
2023
£ 000

1 January
2023
£ 000

31 December
2023
£ 000

1 January
2023
£ 000

Cash on hand

2

5

-

-

Cash at bank

529

5,308

-

-

530

5,313

-

-

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

17

Creditors

   

Group

Company

Note

31 December
2023
£ 000

(As restated)

1 January
2023
£ 000

31 December
2023
£ 000

1 January
2023
£ 000

Due within one year

 

Trade creditors

 

699

1,516

-

-

Amounts due to group undertakings

25

-

1,235

2,980

3,667

Corporation tax

 

Social security and other taxes

 

321

366

-

-

Outstanding defined contribution pension costs

 

24

22

-

-

Other creditors

 

231

334

-

-

Accrued expenses

 

1,172

883

-

-

Payments on account

 

1,008

1,355

-

-

 

3,454

5,712

2,980

3,667

18

Reconciliation of net debt

At 02 January 2023

Cash flow

Other non cash charges

At 31 December 2023

£'000

£'000

£'000

£'000

Cash on hand

5

(4)

-

1

Cash at bank

5,308

(4,779)

-

529

Cash and cash equivalents

5,313

(4,783)

-

530

Loan from director

(148)

98

-

(50)

Net debt

15,643

(14,153)

-

1,490

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£ 000

1 January
2023
£ 000

Not later than one year

386

394

Later than one year and not later than five years

616

723

Later than five years

459

548

1,462

1,665

20

Deferred tax and other provisions

Group

Deferred tax
£ 000

Dilapidations provision
£ 000

Total
£ 000

At 2 January 2023

265

-

265

Increase (decrease) in existing provisions

(26)

30

4

At 31 December 2023

239

30

269

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £108,000 (1 January 2023 - £179,000).

Contributions totalling £24,000 (1 January 2023 - £22,000) were payable to the scheme at the end of the period and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

31 December 2023

01 January 2023

 

No. 000

£ 000

No. 000

£ 000

Ordinary shares of £1 each

135

135

135

135

         
 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

23

Dividends

   

31 December
2023
£ 000

 

1 January
2023
£ 000

Dividend of £Nil (2023 - £740.74) per each Ordinary share

 

-

 

100

         

24

Contingent liabilities

The bank borrowings of an associated company, Stein's Trading Limited, are secured by a Cross Guarantee from The Seafood Restaurant (Padstow) Limited Group and by Legal Charges over two of its freehold properties: The Seafood Restaurant Complex and St. Petrocs House Hotel.

25

Related party transactions

Transactions with directors

Loans (from) Directors are interest bearing at 4.0% above bank base rate and are included within other creditors.

Loans to Directors are interest bearing at 2.25% and are included within other debtors.

 

At 2 January 2023
£ 000

Advances to director
£ 000

Repayments by director
£ 000

At 31 December 2023
£ 000

Mr C R Stein

Director's unsecured, repayable on demand loan account

(148)

98

-

(50)

         
       

Ms J Stein

Director's unsecured, repayable on demand loan account

30

-

(12)

18

         
       

Mr C Stein

Director's unsecured, repayable on demand loan account

21

-

(21)

-

         
       

Mr E Stein

Director's unsecured, repayable on demand loan account

41

-

-

41

         
       

Mr J Stein

Director's unsecured, repayable on demand loan account

6

8

-

14

         
       

 

 

The Seafood Restaurant (Padstow) Limited

Notes to the Financial Statements

Period from 2 January 2023 to 31 December 2023

 

At 3 January 2022
£ 000

Advances to director
£ 000

Repayments by director
£ 000

At 1 January 2023
£ 000

Mr C R Stein

Director's unsecured, repayable on demand loan account

(149)

1

-

(148)

         
       

Ms J Stein

Director's unsecured, repayable on demand loan account

-

31

(1)

30

         
       

Mr C Stein

Director's unsecured, repayable on demand loan account

2

52

(33)

21

         
       

Mr E Stein

Director's unsecured, repayable on demand loan account

60

36

(55)

41

         
       

Mr J Stein

Director's unsecured, repayable on demand loan account

25

33

(52)

6

         
       

 

Summary of transactions with associates

During the period the Group entered in to transactions with Stein's Trading Limited, a Company related by way of ultimate shareholders. At the period end Stein's Trading Limited owed the Group £2,687,000 (1 Jan 2023 - the Group owed Stein's Trading Limited £1,220,000).

Stein's Trading Limited has a revolving credit facility of £3m. The security pledged for this loan is a legal charge over: The Seafood Restaurant, St. Petrocs; The Cafe, St. Edmunds; and Prospect House. All of which are properties owned by the company.

During the period the Group paid a total of £63,000 (1 Jan 2023 - £63,000) to a Limited Liability Partnership controlled by the ultimate owners of the Company, for property rental. At the period end the Group owed this LLP £14,000 (1 Jan 2023 - £14,000).

Summary of transactions with other related parties

During the period the Group paid a total of £98 (1 Jan 2023 - £25,000) to the spouse of one of the directors of the Group. At the period end the Group owed £nil (1 Jan 2023 - £3,000) to this individual.

26

Ultimate controlling party

There is not considered to be any ultimate controlling parties of this Company given no shareholder owns a majority interest.