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Filleted

Registration number: 04722974

Pirates on the Beach Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Pirates on the Beach Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

Related party transactions

11

 

Pirates on the Beach Limited

Company Information

Director

Mr E W Davies

Company secretary

Mrs N Parsells

Registered office

The Pirate
Amroth
Narberth
Pembrokeshire
SA67 8NF

 

Pirates on the Beach Limited

(Registration number: 04722974)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

37,627

27,163

Current assets

 

Stocks

6

6,043

7,378

Debtors

7

9,368

3,148

Cash at bank and in hand

 

207,137

202,277

 

222,548

212,803

Creditors: Amounts falling due within one year

8

(22,469)

(19,960)

Net current assets

 

200,079

192,843

Total assets less current liabilities

 

237,706

220,006

Provisions for liabilities

(8,472)

(5,651)

Net assets

 

229,234

214,355

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

229,232

214,353

Total equity

 

229,234

214,355

For the financial year ending 30 November 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 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 and the option not to file the Profit and Loss Account has been taken.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Pirates on the Beach Limited

(Registration number: 04722974)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 11 February 2025
 

.........................................
Mr E W Davies
Director

   
     
 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 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:
The Pirate
Amroth
Narberth
Pembrokeshire
SA67 8NF

These financial statements were authorised for issue by the director on 11 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.

Going concern

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.

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

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

Freehold

10% Straight line

Plant and machinery

15-33% Reducing balance

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

Amortised evenly over 10 years

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.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

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.

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.

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.

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 12).

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

10,000

10,000

At 30 November 2024

10,000

10,000

Amortisation

At 1 December 2023

10,000

10,000

At 30 November 2024

10,000

10,000

Carrying amount

At 30 November 2024

-

-

Revalued assets for the year ended 30 November 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2023

6,767

156,107

1,370

-

Additions

-

927

-

17,441

At 30 November 2024

6,767

157,034

1,370

17,441

Depreciation

At 1 December 2023

5,416

130,534

1,131

-

Charge for the year

676

3,879

79

3,270

At 30 November 2024

6,092

134,413

1,210

3,270

Carrying amount

At 30 November 2024

675

22,621

160

14,171

At 30 November 2023

1,351

25,573

239

-

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

Total
£

Cost or valuation

At 1 December 2023

164,244

Additions

18,368

At 30 November 2024

182,612

Depreciation

At 1 December 2023

137,081

Charge for the year

7,904

At 30 November 2024

144,985

Carrying amount

At 30 November 2024

37,627

At 30 November 2023

27,163

Included within the net book value of land and buildings above is £675 (2023 - £1,351) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

6,043

7,378

7

Debtors

2024
£

2023
£

Trade debtors

634

1,204

Prepayments

1,856

1,878

Other debtors

6,878

66

9,368

3,148

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

50

-

Taxation and social security

 

7,653

6,313

Other related parties

 

-

8,670

Outstanding defined contribution pension costs

 

54

-

Corporation tax liability

 

5,570

-

Other creditors

 

9,142

4,977

 

22,469

19,960

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

50

-

 

Pirates on the Beach Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

11

Related party transactions

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

The loan to the directors is interest free and repayable on demand

8,670

(31,456)

16,724

(6,061)

         
       

 

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

The loan to the directors is interest free and repayable on demand

20,136

(20,556)

9,090

8,670