15 15 The Whitstable Oyster Trading Company Limited 06960921 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of seafood purveyors Digita Accounts Production Advanced 6.30.9574.0 true 06960921 2023-06-01 2024-05-31 06960921 2024-05-31 06960921 core:RetainedEarningsAccumulatedLosses 2024-05-31 06960921 core:ShareCapital 2024-05-31 06960921 core:CurrentFinancialInstruments 2024-05-31 06960921 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 06960921 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 06960921 core:FurnitureFittings 2024-05-31 06960921 core:MotorVehicles 2024-05-31 06960921 core:OfficeEquipment 2024-05-31 06960921 core:PlantMachinery 2024-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 06960921 bus:SmallEntities 2023-06-01 2024-05-31 06960921 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06960921 bus:FilletedAccounts 2023-06-01 2024-05-31 06960921 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06960921 bus:RegisteredOffice 2023-06-01 2024-05-31 06960921 bus:Director1 2023-06-01 2024-05-31 06960921 bus:Director2 2023-06-01 2024-05-31 06960921 bus:Director5 2023-06-01 2024-05-31 06960921 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06960921 core:FurnitureFittings 2023-06-01 2024-05-31 06960921 core:MotorVehicles 2023-06-01 2024-05-31 06960921 core:OfficeEquipment 2023-06-01 2024-05-31 06960921 core:PlantMachinery 2023-06-01 2024-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-01 2024-05-31 06960921 core:KeyManagementPersonnel 2023-06-01 2024-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 06960921 countries:EnglandWales 2023-06-01 2024-05-31 06960921 2023-05-31 06960921 core:FurnitureFittings 2023-05-31 06960921 core:MotorVehicles 2023-05-31 06960921 core:OfficeEquipment 2023-05-31 06960921 core:PlantMachinery 2023-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 06960921 2022-06-01 2023-05-31 06960921 2023-05-31 06960921 core:RetainedEarningsAccumulatedLosses 2023-05-31 06960921 core:ShareCapital 2023-05-31 06960921 core:CurrentFinancialInstruments 2023-05-31 06960921 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06960921 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 06960921 core:FurnitureFittings 2023-05-31 06960921 core:MotorVehicles 2023-05-31 06960921 core:OfficeEquipment 2023-05-31 06960921 core:PlantMachinery 2023-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-01 2023-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 06960921 2022-05-31 06960921 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-31 06960921 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 xbrli:pure iso4217:GBP

Registration number: 06960921

The Whitstable Oyster Trading Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

The Whitstable Oyster Trading Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Whitstable Oyster Trading Company Limited

Company Information

Directors

Mr RW Green

Mr GB Green

Mr JDW Green

Registered office

Harbour Office
Whitstable Harbour
Whitstable
Kent
CT5 1AB

 

The Whitstable Oyster Trading Company Limited

(Registration number: 06960921)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,306,530

1,400,933

Current assets

 

Stocks

5

778,772

580,449

Debtors

6

44,313

52,275

Cash at bank and in hand

 

5,936

25,820

 

829,021

658,544

Creditors: Amounts falling due within one year

7

(106,827)

(127,880)

Net current assets

 

722,194

530,664

Total assets less current liabilities

 

2,028,724

1,931,597

Creditors: Amounts falling due after more than one year

7

(2,427,233)

(2,336,970)

Provisions for liabilities

(184,859)

(259,420)

Net liabilities

 

(583,368)

(664,793)

Capital and reserves

 

Called up share capital

80

80

Retained earnings

(583,448)

(664,873)

Shareholders' deficit

 

(583,368)

(664,793)

 

The Whitstable Oyster Trading Company Limited

(Registration number: 06960921)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 

.........................................
Mr JDW Green
Director

   
     
 

The Whitstable Oyster Trading Company Limited

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

1

General information

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

The address of its registered office is:
Harbour Office
Whitstable Harbour
Whitstable
Kent
CT5 1AB

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.

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.

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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

Plant and machinery

10% reducing balance, 4 years straight line and 2 years straight line

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

5 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 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.

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

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.

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.

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

127,016

1,863,786

6,143

114,554

2,111,499

Additions

4,235

50,768

-

4,506

59,509

Disposals

-

-

-

(6,300)

(6,300)

At 31 May 2024

131,251

1,914,554

6,143

112,760

2,164,708

Depreciation

At 1 June 2023

26,405

609,429

5,325

69,407

710,566

Charge for the year

10,183

129,015

253

12,080

151,531

Eliminated on disposal

-

-

-

(3,919)

(3,919)

At 31 May 2024

36,588

738,444

5,578

77,568

858,178

Carrying amount

At 31 May 2024

94,663

1,176,110

565

35,192

1,306,530

At 31 May 2023

100,611

1,254,357

818

45,147

1,400,933

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Stocks

2024
£

2023
£

Raw materials and consumables

778,772

580,449

6

Debtors

Current

2024
£

2023
£

Trade debtors

25,541

29,836

Prepayments

10,830

12,663

Other debtors

7,942

9,776

 

44,313

52,275

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

19,852

19,852

Trade creditors

 

65,268

78,014

Taxation and social security

 

3,500

4,448

Accruals and deferred income

 

9,834

15,732

Other creditors

 

8,373

9,834

 

106,827

127,880

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

2,427,233

2,336,970

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

19,852

19,852

9

Related party transactions

Summary of transactions with all entities with joint control or significant interest

Whitstable Oyster Company Limited
There are five companies with directors in common, for whom loans have been made/received. These are The Whitstable Oyster Fishery Company, Whitstable Oyster Company Limited, GB Green Ltd, Sea Street Developments Limited and The Faversham Real Ale Trading Company Ltd.

 

The Whitstable Oyster Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Related party transactions (continued)

Loans from related parties

2024

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

2,336,970

19,852

2,356,822

Advanced

644,581

-

644,581

Repaid

(554,318)

-

(554,318)

At end of period

2,427,233

19,852

2,447,085

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

2,242,922

19,852

2,262,774

Advanced

216,048

-

216,048

Repaid

(122,000)

-

(122,000)

At end of period

2,336,970

19,852

2,356,822

Terms of loans from related parties

One of these loans attracts interest at 2%
 
There are no fixed terms and no interest charged on the loans with Key Management