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Registration number: 07334857

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Company Information

Directors

S A Wickens

J E Featherstone

A T L Powell

J P Wickens

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

(Registration number: 07334857)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

721,209

737,982

Current assets

 

Stocks

6

57,000

29,800

Debtors

7

72,479

127,977

Cash at bank and in hand

 

8,572

13,737

 

138,051

171,514

Creditors: Amounts falling due within one year

8

(242,063)

(248,586)

Net current liabilities

 

(104,012)

(77,072)

Total assets less current liabilities

 

617,197

660,910

Creditors: Amounts falling due after more than one year

8

(916,611)

(941,963)

Provisions for liabilities

(4,993)

(4,887)

Net liabilities

 

(304,407)

(285,940)

Capital and reserves

 

Called up share capital

90

90

Retained earnings

(304,497)

(286,030)

Shareholders' deficit

 

(304,407)

(285,940)

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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

(Registration number: 07334857)
Balance Sheet as at 31 January 2024

.........................................
S A Wickens
Director

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The principal place of business is:
Jamie Wickens Butcher and Store
Sea Road
Winchelsea Beach
East Sussex
TN36 4LH

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, which assumes the directors will continue to provide the necessary finance to the company. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 property

2% straight line on buildings

Plant and equipment

10% straight line

Motor vehicles

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

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.

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.
 Recognition and measurement
Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market or fair value. Equity instruments which are treated as financial assets and accounting for at cost are also assessed for impairment.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 12).

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

106

22,692

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

867,735

14,975

171,774

1,054,484

Additions

-

-

1,500

1,500

Disposals

-

(1,275)

-

(1,275)

At 31 January 2024

867,735

13,700

173,274

1,054,709

Depreciation

At 1 February 2023

159,942

14,274

142,286

316,502

Charge for the year

13,355

-

4,217

17,572

Eliminated on disposal

-

(574)

-

(574)

At 31 January 2024

173,297

13,700

146,503

333,500

Carrying amount

At 31 January 2024

694,438

-

26,771

721,209

At 31 January 2023

707,793

701

29,488

737,982

Included within the net book value of land and buildings above is £694,439 (2023 - £707,793) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

57,000

29,800

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

2024
£

2023
£

Trade debtors

22,427

77,392

Taxation and social security

1,204

1,737

Other debtors

48,848

48,848

72,479

127,977

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

5,540

4,494

Trade creditors

 

28,595

42,055

Taxation and social security

 

8,268

2,152

Accruals and deferred income

 

2,958

3,165

Other creditors

 

178,586

178,604

Director loan account

 

18,116

18,116

 

242,063

248,586

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

916,611

941,963

 

Sea Life Styles Limited

trading as Jamie Wickens Butcher and Store

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

5,860

11,932

Other borrowings

910,751

930,031

916,611

941,963

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,540

4,494