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Company No: 01297105 (England and Wales)

PARADISE COACH HOUSE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PARADISE COACH HOUSE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PARADISE COACH HOUSE LIMITED

BALANCE SHEET

As at 30 April 2024
PARADISE COACH HOUSE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 148,776 146,927
148,776 146,927
Current assets
Stocks 4 2,500 2,500
Debtors 5 580 5,478
Cash at bank and in hand 128,081 115,767
131,161 123,745
Creditors: amounts falling due within one year 6 ( 42,761) ( 33,847)
Net current assets 88,400 89,898
Total assets less current liabilities 237,176 236,825
Creditors: amounts falling due after more than one year 7 ( 11,375) ( 21,598)
Provision for liabilities ( 8,371) ( 7,934)
Net assets 217,430 207,293
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 93,354 93,354
Profit and loss account 123,976 113,839
Total shareholders' funds 217,430 207,293

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Paradise Coach House Limited (registered number: 01297105) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

A J Hales
Director
PARADISE COACH HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PARADISE COACH HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paradise Coach House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Paradise Park, Trelissick Road, Hayle, TR27 4HY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue comprises the fair value of the consideration received for the provision of food and drink. Turnover is shown net of value added tax, returns, rebates and discounts.


The company recognises revenue when:
The amount 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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost/Valuation
At 01 May 2023 120,000 1,355 118,851 240,206
Additions 0 5,219 4,611 9,830
At 30 April 2024 120,000 6,574 123,462 250,036
Accumulated depreciation
At 01 May 2023 0 90 93,189 93,279
Charge for the financial year 0 920 7,061 7,981
At 30 April 2024 0 1,010 100,250 101,260
Net book value
At 30 April 2024 120,000 5,564 23,212 148,776
At 30 April 2023 120,000 1,265 25,662 146,927

The land and buildings are being carried at a revalued amount, as the property was purchased in 1979 at a cost of £25,142. The revaluation was calculated based on the market value of the property. Had the property not been revalued, it would have a carrying value in the accounts of £25,142 as it is not depreciated.

4. Stocks

2024 2023
£ £
Stocks 2,500 2,500

5. Debtors

2024 2023
£ £
Other debtors 580 5,478

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,225 9,973
Trade creditors 14,296 15,711
Taxation and social security 11,396 5,489
Other creditors 6,844 2,674
42,761 33,847

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,375 21,598

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100