Registered number
08746155
BUBBA SHRIMP LTD
Filleted Accounts
31 October 2024
BUBBA SHRIMP LTD
Registered number: 08746155
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 359,597 336,402
Current assets
Debtors 4 3,582 5,341
Cash at bank and in hand 34,094 46,483
37,676 51,824
Creditors: amounts falling due within one year 5 (103,282) (121,442)
Net current liabilities (65,606) (69,618)
Total assets less current liabilities 293,991 266,784
Creditors: amounts falling due after more than one year 6 (169,562) (188,599)
Net assets 124,429 78,185
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 302,730 302,730
Profit and loss account (178,401) (224,645)
Shareholders' funds 124,429 78,185
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Shaun Hayter
Director
Approved by the board on 29 November 2024
BUBBA SHRIMP LTD
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Boats 15% at cost
Equipment 20% at cost
Motor vehicles 20% written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Boats Equip Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 743,500 2,188 10,238 755,926
Additions 135,210 - - 135,210
At 31 October 2024 878,710 2,188 10,238 891,136
Depreciation
At 1 November 2023 412,261 876 6,387 419,524
Charge for the year 110,807 438 770 112,015
At 31 October 2024 523,068 1,314 7,157 531,539
Net book value
At 31 October 2024 355,642 874 3,081 359,597
At 31 October 2023 331,239 1,312 3,851 336,402
4 Debtors 2024 2023
£ £
Trade debtors 777 -
Other debtors 2,805 5,341
3,582 5,341
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,422 5,422
Trade creditors 2,366 1,491
Directors' loan accounts 92,694 112,879
Other creditors 2,800 1,650
103,282 121,442
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,562 28,599
Other creditors 145,000 160,000
169,562 188,599
7 Revaluation reserve 2024 2023
£ £
At 1 November 2023 302,730 302,730
At 31 October 2024 302,730 302,730
8 Other information
BUBBA SHRIMP LTD is a private company limited by shares and incorporated in England. Its registered office is:
Lydmore House
St Ann's Fort
Kings Lynn
Norfolk
PE30 2EU
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