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Registration number: 14674145

Reef n Beef Ltd

Annual Report and Unaudited Financial Statements

for the Period from 18 February 2023 to 29 February 2024

 

Reef n Beef Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Reef n Beef Ltd

Company Information

Director

Mr Mitchell Jay Williams

Registered office

4 Victory Close
Madron
Penzance
Cornwall
TR20 8FF

Accountants

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

 

Reef n Beef Ltd

(Registration number: 14674145)
Balance Sheet as at 29 February 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

450

Tangible assets

5

30,336

 

30,786

Current assets

 

Cash at bank and in hand

 

1,692

Creditors: Amounts falling due within one year

6

(17,151)

Net current liabilities

 

(15,459)

Total assets less current liabilities

 

15,327

Creditors: Amounts falling due after more than one year

6

(5,082)

Net assets

 

10,245

Capital and reserves

 

Called up share capital

7

1

Retained earnings

10,244

Shareholders' funds

 

10,245

For the financial period ending 29 February 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 member has not required the company to obtain an audit of its accounts for the period 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 February 2025
 

.........................................
Mr Mitchell Jay Williams
Director

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

1

General information

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

The address of its registered office is:
4 Victory Close
Madron
Penzance
Cornwall
TR20 8FF

These financial statements were authorised for issue by the director on 14 February 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.

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.

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

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

Plant and machinery

25% reducing balance basis

Office equipment

33% straight line basis

Motor vehicles

25% reducing balance basis

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

10 years straight line

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.

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.

Borrowings

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.

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

-

500

500

At 29 February 2024

-

500

500

Amortisation

Amortisation charge

50

-

50

At 29 February 2024

50

-

50

Carrying amount

At 29 February 2024

(50)

500

450

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

Additions

500

10,615

29,390

40,505

At 29 February 2024

500

10,615

29,390

40,505

Depreciation

Charge for the period

167

2,654

7,348

10,169

At 29 February 2024

167

2,654

7,348

10,169

Carrying amount

At 29 February 2024

333

7,961

22,042

30,336

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

8

1,825

Accruals and deferred income

 

2,520

Other creditors

 

12,806

 

17,151

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

8

5,082

7

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary Shares of £1 each

1

1

     

8

Loans and borrowings

2024
£

Non-current loans and borrowings

Hire purchase contracts

5,082

2024
£

Current loans and borrowings

Hire purchase contracts

1,825

 

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Period from 18 February 2023 to 29 February 2024

9

Related party transactions

Transactions with the director

2024

At 18 February 2023
£

Advances to director
£

Funds introduced by director
£

At 29 February 2024
£

Mr Mitchell Jay Williams

-

(27,432)

40,238

12,806