9 18 Cave Newquay Limited 13337548 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Bar in Newquay Digita Accounts Production Advanced 6.30.9574.0 true 13337548 2023-05-01 2024-04-30 13337548 2024-04-30 13337548 bus:Director1 1 2024-04-30 13337548 bus:OrdinaryShareClass1 2024-04-30 13337548 core:CurrentFinancialInstruments 2024-04-30 13337548 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13337548 core:Non-currentFinancialInstruments 2024-04-30 13337548 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 13337548 core:BetweenTwoFiveYears 2024-04-30 13337548 core:MoreThanFiveYears 2024-04-30 13337548 core:WithinOneYear 2024-04-30 13337548 core:FurnitureFittingsToolsEquipment 2024-04-30 13337548 core:MotorVehicles 2024-04-30 13337548 bus:SmallEntities 2023-05-01 2024-04-30 13337548 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13337548 bus:FilletedAccounts 2023-05-01 2024-04-30 13337548 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13337548 bus:RegisteredOffice 2023-05-01 2024-04-30 13337548 bus:Director1 2023-05-01 2024-04-30 13337548 bus:Director1 1 2023-05-01 2024-04-30 13337548 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 13337548 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13337548 bus:Agent1 2023-05-01 2024-04-30 13337548 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 13337548 core:MotorVehicles 2023-05-01 2024-04-30 13337548 core:PlantMachinery 2023-05-01 2024-04-30 13337548 core:VehiclesPlantMachinery 2023-05-01 2024-04-30 13337548 countries:England 2023-05-01 2024-04-30 13337548 2023-04-30 13337548 bus:Director1 1 2023-04-30 13337548 core:FurnitureFittingsToolsEquipment 2023-04-30 13337548 core:MotorVehicles 2023-04-30 13337548 2022-05-01 2023-04-30 13337548 2023-04-30 13337548 bus:Director1 1 2023-04-30 13337548 bus:OrdinaryShareClass1 2023-04-30 13337548 core:CurrentFinancialInstruments 2023-04-30 13337548 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 13337548 core:Non-currentFinancialInstruments 2023-04-30 13337548 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 13337548 core:BetweenTwoFiveYears 2023-04-30 13337548 core:MoreThanFiveYears 2023-04-30 13337548 core:WithinOneYear 2023-04-30 13337548 core:FurnitureFittingsToolsEquipment 2023-04-30 13337548 core:MotorVehicles 2023-04-30 13337548 bus:Director1 1 2022-05-01 2023-04-30 13337548 bus:Director1 1 2022-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 13337548

Cave Newquay Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Cave Newquay Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cave Newquay Limited

Company Information

Director

Mr Luke Martin Holmes

Registered office

56 Edgcumbe Avenue
Newquay
Cornwall
TR7 2NJ

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

 

Cave Newquay Limited

(Registration number: 13337548)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

91,695

46,549

Current assets

 

Stocks

5

10,885

8,422

Debtors

6

221,104

254,607

Cash at bank and in hand

 

17,224

110,307

 

249,213

373,336

Creditors: Amounts falling due within one year

7

(88,520)

(65,623)

Net current assets

 

160,693

307,713

Total assets less current liabilities

 

252,388

354,262

Creditors: Amounts falling due after more than one year

7

(20,494)

(33,879)

Provisions for liabilities

(21,192)

(4,591)

Net assets

 

210,702

315,792

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

210,602

315,692

Shareholders' funds

 

210,702

315,792

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Cave Newquay Limited

(Registration number: 13337548)
Balance Sheet as at 30 April 2024 (continued)

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Luke Martin Holmes
Director

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
56 Edgcumbe Avenue
Newquay
Cornwall
TR7 2NJ

These financial statements were authorised for issue by the director on 30 January 2025.

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 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.

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance method

Motor vehicles

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 inventories 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.

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

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 18).

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

40,106

20,999

61,105

Additions

63,180

-

63,180

At 30 April 2024

103,286

20,999

124,285

Depreciation

At 1 May 2023

9,306

5,250

14,556

Charge for the year

14,097

3,937

18,034

At 30 April 2024

23,403

9,187

32,590

Carrying amount

At 30 April 2024

79,883

11,812

91,695

At 30 April 2023

30,800

15,749

46,549

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

10,885

8,422

6

Debtors

2024
£

2023
£

Prepayments

7,918

8,221

Other debtors

213,186

246,386

221,104

254,607

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,795

13,925

Trade creditors

 

17,600

4,310

Taxation and social security

 

16,369

24,439

Accruals and deferred income

 

3,603

8,827

Other creditors

 

31,153

14,122

 

88,520

65,623

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

20,494

33,879

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,833

20,627

Other borrowings

9,661

13,252

20,494

33,879

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,140

10,206

Other borrowings

3,655

3,719

19,795

13,925

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Cave Newquay Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Obligations under leases and hire purchase contracts (continued)

2024
£

2023
£

Not later than one year

30,000

30,000

Later than one year and not later than five years

120,000

120,000

Later than five years

210,000

270,000

360,000

420,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £30,000 (2023 - £30,000).

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Luke Martin Holmes

(179,056)

(4,287)

29,343

(154,000)

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Luke Martin Holmes

(195,536)

(134,468)

150,948

(179,056)