Symons Retail Limited 07493391 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is multiple restaurant trading partnerships and bed and breakfast trade. Digita Accounts Production Advanced 6.30.9574.0 true 07493391 2023-02-01 2024-01-31 07493391 2024-01-31 07493391 bus:Director1 1 2024-01-31 07493391 bus:OrdinaryShareClass1 2024-01-31 07493391 core:CurrentFinancialInstruments 2024-01-31 07493391 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07493391 core:Goodwill 2024-01-31 07493391 core:FurnitureFittingsToolsEquipment 2024-01-31 07493391 core:LandBuildings 2024-01-31 07493391 core:MotorVehicles 2024-01-31 07493391 bus:SmallEntities 2023-02-01 2024-01-31 07493391 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07493391 bus:FullAccounts 2023-02-01 2024-01-31 07493391 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07493391 bus:RegisteredOffice 2023-02-01 2024-01-31 07493391 bus:Director1 2023-02-01 2024-01-31 07493391 bus:Director1 1 2023-02-01 2024-01-31 07493391 bus:Director2 2023-02-01 2024-01-31 07493391 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07493391 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07493391 core:Associate1 2023-02-01 2024-01-31 07493391 core:Associate10 2023-02-01 2024-01-31 07493391 core:Associate11 2023-02-01 2024-01-31 07493391 core:Associate12 2023-02-01 2024-01-31 07493391 core:Associate13 2023-02-01 2024-01-31 07493391 core:Associate14 2023-02-01 2024-01-31 07493391 core:Associate2 2023-02-01 2024-01-31 07493391 core:Associate3 2023-02-01 2024-01-31 07493391 core:Associate4 2023-02-01 2024-01-31 07493391 core:Associate5 2023-02-01 2024-01-31 07493391 core:Associate6 2023-02-01 2024-01-31 07493391 core:Associate7 2023-02-01 2024-01-31 07493391 core:Associate8 2023-02-01 2024-01-31 07493391 core:Associate9 2023-02-01 2024-01-31 07493391 core:Goodwill 2023-02-01 2024-01-31 07493391 core:FurnitureFittings 2023-02-01 2024-01-31 07493391 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07493391 core:LandBuildings 2023-02-01 2024-01-31 07493391 core:MotorCars 2023-02-01 2024-01-31 07493391 core:MotorVehicles 2023-02-01 2024-01-31 07493391 core:OfficeEquipment 2023-02-01 2024-01-31 07493391 countries:England 2023-02-01 2024-01-31 07493391 2023-01-31 07493391 bus:Director1 1 2023-01-31 07493391 core:Goodwill 2023-01-31 07493391 core:CostValuation 2023-01-31 07493391 core:FurnitureFittingsToolsEquipment 2023-01-31 07493391 core:LandBuildings 2023-01-31 07493391 core:MotorVehicles 2023-01-31 07493391 2022-02-01 2023-01-31 07493391 2023-01-31 07493391 bus:Director1 1 2023-01-31 07493391 bus:OrdinaryShareClass1 2023-01-31 07493391 core:CurrentFinancialInstruments 2023-01-31 07493391 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07493391 core:FurnitureFittingsToolsEquipment 2023-01-31 07493391 core:LandBuildings 2023-01-31 07493391 core:MotorVehicles 2023-01-31 07493391 bus:Director1 1 2022-02-01 2023-01-31 07493391 core:Associate1 2022-02-01 2023-01-31 07493391 core:Associate10 2022-02-01 2023-01-31 07493391 core:Associate11 2022-02-01 2023-01-31 07493391 core:Associate12 2022-02-01 2023-01-31 07493391 core:Associate13 2022-02-01 2023-01-31 07493391 core:Associate14 2022-02-01 2023-01-31 07493391 core:Associate2 2022-02-01 2023-01-31 07493391 core:Associate3 2022-02-01 2023-01-31 07493391 core:Associate4 2022-02-01 2023-01-31 07493391 core:Associate5 2022-02-01 2023-01-31 07493391 core:Associate6 2022-02-01 2023-01-31 07493391 core:Associate7 2022-02-01 2023-01-31 07493391 core:Associate8 2022-02-01 2023-01-31 07493391 core:Associate9 2022-02-01 2023-01-31 07493391 bus:Director1 1 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07493391

Symons Retail Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Symons Retail Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Symons Retail Limited

Company Information

Directors

Mr T J Symons

Mr C H Symons

Registered office

Red Willows
Dynas-Ia Road
St Ives
Cornwall
TR26 2BU

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Symons Retail Limited

(Registration number: 07493391)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,804,489

1,810,900

Investment property

6

2,386,554

1,816,661

Investments

7

961,780

961,780

 

5,152,823

4,589,341

Current assets

 

Stocks

8

1,000

1,000

Debtors

9

1,623,799

887,536

Cash at bank and in hand

 

1,530,477

2,371,673

 

3,155,276

3,260,209

Creditors: Amounts falling due within one year

10

(211,467)

(172,471)

Net current assets

 

2,943,809

3,087,738

Total assets less current liabilities

 

8,096,632

7,677,079

Provisions for liabilities

(5,717)

(5,759)

Net assets

 

8,090,915

7,671,320

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

8,090,815

7,671,220

Shareholders' funds

 

8,090,915

7,671,320

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.

 

Symons Retail Limited

(Registration number: 07493391)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr T J Symons
Director

 

Symons Retail Limited

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.

The address of its registered office is:
Red Willows
Dynas-Ia Road
St Ives
Cornwall
TR26 2BU

These financial statements were authorised for issue by the Board on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the share of net profit attributed to the company in the annual accounts of each partnership together with the accrued profit share for the current accounting period, where the accounting date of the partnership is not coterminous with that of the company.

Revenue related to the Bed and Breakfast trade is recognised at the date the amount becomes due.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

 

Symons Retail Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Freehold property is held at market value and is maintained to a level where there is no reduction in the value of the asset.

Asset class

Depreciation method and rate

Office equipment

33.3% straight line

Motor vehicles

20% straight line

Furniture and fittings

15% reducing balance

Freehold property

Held at market value

Investments in associates

Investments in associates are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate cost on acquisition.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

5 years straight line

 

Symons Retail Limited

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

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Symons Retail Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

1,000

1,000

At 31 January 2024

1,000

1,000

Amortisation

At 1 February 2023

1,000

1,000

At 31 January 2024

1,000

1,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,714,534

122,179

43,811

1,880,524

Additions

-

15,147

-

15,147

At 31 January 2024

1,714,534

137,326

43,811

1,895,671

Depreciation

At 1 February 2023

-

52,100

17,524

69,624

Charge for the year

-

12,796

8,762

21,558

At 31 January 2024

-

64,896

26,286

91,182

Carrying amount

At 31 January 2024

1,714,534

72,430

17,525

1,804,489

At 31 January 2023

1,714,534

70,079

26,287

1,810,900

Included within the net book value of land and buildings above is £1,714,534 (2023 - £1,714,534) in respect of freehold land and buildings.
 

 

Symons Retail Limited

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

6

Investment properties

2024
£

At 1 February

1,816,661

Additions

569,893

At 31 January

2,386,554

There was no valuation of investment property by an independent valuer.

7

Investments

2024
£

2023
£

Investments in associates

961,780

961,780

Associates

£

Cost

At 1 February 2023

961,780

Provision

Carrying amount

At 31 January 2024

961,780

At 31 January 2023

961,780

 

Symons Retail Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Associates

Cintra Seafood Bar

 

Partnership share

30.4%

30.4%

         

Harbour Fish & Chips

 

Partnership share

25%

25%

         

Porthgwidden Beach Services

 

Partnership share

20%

20%

         

Porthminster Beach Services

 

Partnership share

20%

20%

         

Ardor/(The Seafood Cafe)

 

Partnership share

39%

39%

         

The Balcony

 

Partnership share

25%

25%

         

Trepolpen Properties

 

Partnership share

50%

50%

         

Talay Thai Kitchen

 

Partnership share

25%

25%

         

St Ives Coffee and Ice Cream

 

Partnership share

25%

25%

         

Niche Restaurants Limited

 

Ordinary shares

20%

20%

         

St. Ives Food Company Limited

 

Ordinary shares

24%

24%

         

Mor Bakehouse Limited

 

Ordinary shares

25%

25%

         

Symons Retail Ltd & St Ives Restaurants Ltd Property Lettings

 

Partnership share

50%

50%

         

Onzo (St Ives) Limited

 

Ordinary shares

30%

0%

         

The Trepolpen Properties partnership represents joint income between the company and one of the Directors, Mr T J Symons. Its principal activity is that of letting furnished holiday properties.

The Symons Retail Ltd & St Ives Restaurants Ltd Property Lettings represents joint income between the company and another corporate partner. Its principal activity is that of residential lettings.
 

Associates

Niche Restaurants Limited

The principal activity of Niche Restaurants Limited is a licensed restaurant.

St. Ives Food Company Limited

The principal activity of St. Ives Food Company Limited is wholesale of food and beverages.

Mor Bakehouse Limited

The principal activity of Mor Bakehouse Limited is a bakery and deli.

Onzo (St Ives) Limited

The principal activity of Onzo (St Ives) Limited is Licenced restaurant.

 

Symons Retail Limited

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

8

Stocks

2024
£

2023
£

Other inventories

1,000

1,000

9

Debtors

Current

2024
£

2023
£

Trade debtors

1,875

5,559

Prepayments

3,165

1,774

Other debtors

1,618,759

880,203

 

1,623,799

887,536

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,317

11,921

Taxation and social security

112,007

135,680

Accruals and deferred income

7,533

3,771

Other creditors

83,610

21,099

211,467

172,471

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Symons Retail Limited

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

12

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr T J Symons

Interest-free loan, repayable on demand

19,271

(894,188)

101,758

(773,159)

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr T J Symons

Interest-free loan, repayable on demand

24,987

(8,781)

3,065

19,271