Registration number:
Whitstable Oyster Company Limited
for the Year Ended 31 May 2024
Whitstable Oyster Company Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Whitstable Oyster Company Limited
Company Information
Directors |
Mr GB Green Mr RW Green Mr JDW Green |
Company secretary |
Mr RW Green |
Registered office |
|
Auditors |
|
Whitstable Oyster Company Limited
Strategic Report for the Year Ended 31 May 2024
The directors present their strategic report for the year ended 31 May 2024.
Principal activity
The principal activity of the company is that of the Purveyors of Sea Food Products and Brewery products through commercial outlets and Property Estate Managers.
Fair review of the business
The major operating costs relating to the business are staff wages and employer costs, purchases of food and drink and premises costs such as rent, rates, light and heat. These continue to be at high levels but are being monitored and managed by the directors.
There is commitment to investment in the business so that high standards of quality can be maintained and this is evidenced through fixed assets additions totalling £113,805 (2023 - £134,449).
The key financial and operational performance indicators monitored by management include staff costs to turnover, stock purchases to turnover and operating cash flow ratio.
The staff costs as a percentage of turnover for the Company have been 33.6% (2023 - 33.4%).
The stock purchases costs as a percentage of turnover for the Company have been 37.9% (2023 - 39.0%).
The current ratio (current assets/current liabilities) for the Company was 2.70 (2023 - 1.87).
Principal risks and uncertainties
The principal risks to the company are:
1. The state of the economy and the national and sector specific challenges resulting from the ongoing cost of living crisis.
2. That cash flow is appropriately maintained during the quieter months of the business and the business does not have to rely on higher cost loans rather than its own reserves. To meet this cash flow is reviewed monthly and then planned appropriately.
3. That the company continues to maintain the food and hygiene standards required by the Food Standards Agency. To meet these the company continues to invest in staff training and maintaining the equipment to a high standard.
Approved and authorised by the
......................................... |
Whitstable Oyster Company Limited
Directors' Report for the Year Ended 31 May 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The trading results for the year, and the company's financial position at the end of the year are shown in the attached financial statements.
During the year the directors did not pay an interim dividend, nor has a final dividend for the year been recommended. This is the same decision made in the previous year.
Financial instruments
Objectives and policies
The company's activities and seasonality of business expose it to a number of financial risks including credit risks, cash flow and liquidity. It carefully manages its bank facilities and cash flows to minimize these risks.
Price risk, credit risk, liquidity risk and cash flow risk
The company's main financial instruments comprise cash, bank overdraft facilities, bank loans and other loans.
The main financial risks related to these facilities are credit risk and liquidity risk. The company mitigates its credit risk by carrying out credit checks and status enquiries on individual customers and suppliers, and by regularly reviewing its debtors. Exposure to liquidity risk is mitigated by ensuring that the company has sufficient funds available for day-to-day operations through the management of its borrowing facilities.
Future developments
The directors believe that the impact of the cost of living crisis is being managed as carefully as possible by the company. Since the year end the company has benefitted from the reduction in the Bank of England base rate making the loan repayments marginally lower. This has positively impacted the cash flow of the company.
2024/25 & 2025/26 forecasts have been prepared at higher than 2024 levels with sales increasing due to inflationary cost increases being passed on where possible. The summer of 2024 was particularly poor in weather which had an adverse impact on revenue. Although unpredictable, the directors expect a normal British summer for 2025. The forecasts assume higher costs for staffing due to the increased living wage and employers national insurance contributions.
Since the year end, the company enjoyed a strong start to the financial year. The directors expect this to continue when the weather improves in the Spring and thus the business will be running at capacity again. Currently the business remains profitable on a year-to-date basis.
Based on these assumptions, the directors believe that there is no material uncertainty due to the ongoing external factors and the company will continue in operational existence for the foreseeable future.
Whitstable Oyster Company Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Beresfords as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Whitstable Oyster Company Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Whitstable Oyster Company Limited
Independent Auditor's Report to the Members of Whitstable Oyster Company Limited
Opinion
We have audited the financial statements of Whitstable Oyster Company Limited (the 'company') for the year ended 31 May 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Whitstable Oyster Company Limited
Independent Auditor's Report to the Members of Whitstable Oyster Company Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
• |
Enquiry of company employees in accounts and compliance functions to identify any instances of non-compliance with laws and regulations; |
Whitstable Oyster Company Limited
Independent Auditor's Report to the Members of Whitstable Oyster Company Limited (continued)
• |
Enquiry of management around potential litigation and claims; |
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
Whitstable Oyster Company Limited
Profit and Loss Account for the Year Ended 31 May 2024
Note |
2024 |
2023 |
|
Revenue |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
929,762 |
768,732 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(257,877) |
(265,121) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Whitstable Oyster Company Limited
Statement of Comprehensive Income for the Year Ended 31 May 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Whitstable Oyster Company Limited
(Registration number: 05395094)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
4,188,279 |
3,703,870 |
|
Shareholders' funds |
4,188,379 |
3,703,970 |
Approved and authorised by the
......................................... |
Whitstable Oyster Company Limited
Statement of Changes in Equity for the Year Ended 31 May 2024
Share capital |
Retained earnings |
Total |
|
At 1 June 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 May 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 June 2022 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 May 2023 |
100 |
3,703,870 |
3,703,970 |
Whitstable Oyster Company Limited
Statement of Cash Flows for the Year Ended 31 May 2024
Note |
2024 |
(As restated) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
(Increase)/decrease in trade and other debtors |
( |
|
|
Increase in trade and other creditors |
|
|
|
Increase/(decrease) in deferred income |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Cash receipts from repayment of loans to related parties |
|
|
|
Advances of loans to related parties |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
( |
( |
|
Proceeds from related party borrowing draw downs |
|
|
|
Repayment of related party borrowing |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 June |
|
|
|
Cash and cash equivalents at 31 May |
1,343,553 |
590,154 |
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements have been prepared in £ sterling and are rounding to the nearest whole £.
Going concern
Following the review of the company's current management accounts and forecasts, the directors consider that there are no material uncertainties about the company's ability to continue in operational existence for the foreseeable future. The directors acknowledge the risks associated with the cost of living crisis and increased Bank of England base rates but feel the company is being managed effectively through these difficult times.
As a result the financial statements have been prepared on a going concern basis.
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Prior period errors
Upon preparation of the financial statements it was noted that the loan written off in the prior year had incorrectly been included in cash flows from financing activities within the statement of cash flows. It was also noted that cash flows from loans to related parties were included in operating activities.
As a result of the prior year adjustment cash flows from operating activities has reduced by £89,513, reduced cash flows from investing activities by £22,487 and cash flows from financing activities increased by £112,000 in the statment of cash flows. This adjustment has not affected the profit and loss account, statement of comprehensive income, balance sheet or the statement of changes in equity.
Key sources of estimation uncertainty
The directors are of the opinion that there were no significant judgements made in applying the below accounting policies and there were no areas of estimation uncertainty.
Revenue recognition
Revenue 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. Revenue 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
Grants are recognised in accordance with the accruals model.
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.
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
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 |
Land |
No depreciation charge |
Buildings |
2% straight line |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
10% reducing balance |
Office equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
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.
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.
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 at the transaction price.
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
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.
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.
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.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Loss on disposal of property, plant and equipment |
( |
- |
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Loss on disposal of property, plant and equipment |
|
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
|
Loan written off - The Whitstable Brewery Company Limited |
36,000 |
112,000 |
Loan written off - Wynn Road Investments Limited |
200 |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Operational staff |
|
|
Directors |
|
|
|
|
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
172,375 |
162,542 |
During the year the number of directors who were receiving benefits was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
11 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Capital allowances in excess of depreciation |
- |
|
- |
|
2023 |
Asset |
Liability |
Capital allowances in excess of depreciation |
- |
|
- |
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 June 2023 |
|
|
|
|
Additions |
|
|
- |
|
Disposals |
( |
( |
- |
( |
At 31 May 2024 |
|
|
|
|
Depreciation |
||||
At 1 June 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
At 31 May 2024 |
|
|
|
|
Carrying amount |
||||
At 31 May 2024 |
|
|
|
|
At 31 May 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £3,318,955 (2023 - £3,320,060) in respect of freehold land and buildings.
There were no contractual commitments at the year-end.
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Stocks |
2024 |
2023 |
|
Food, drink and consumables |
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
|
|
Details of non-current trade and other debtors
£Nil (2023 -£9,761) of other debtors is classified as non current. This was comprised of section 455 tax which has now been repaid.
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
118,867 |
286,358 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 June 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 May 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Reserves |
Called up share capital
This reserve comprises all monies paid for shares in the company at nominal value.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Directors current account |
22,886 |
32,116 |
|
|
Bank borrowings
|
|
|
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
21 |
Loans and borrowings (continued) |
There is a debenture held against Whitstable Oyster Company Limited.
|
Included in the loans and borrowings are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
|
|
- |
- |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Substantially all of the operating lease commitments are long contracts in place for the rental of premises from the related parties Whitstable Oyster Fishery Company and G B Green Limited.
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Analysis of changes in net debt |
At 1 June 2023 |
Financing cash flows |
Other non-cash changes |
At 31 May 2024 |
|
Cash and cash equivalents |
||||
Cash |
590,154 |
753,399 |
- |
1,343,553 |
Borrowings |
||||
Long term borrowings |
(2,182,551) |
- |
(875,101) |
(3,057,652) |
Short term borrowings |
(453,237) |
(530,135) |
875,101 |
(108,271) |
Other non-current financial liabilities |
(233,677) |
29,293 |
- |
(204,384) |
(2,869,465) |
(500,842) |
- |
(3,370,307) |
|
( |
|
- |
( |
|
|
Related party transactions |
Summary of transactions with key management
At the financial year-end the balance of the loan account owed to the directors was £22,886 (2023 - £32,116). The loans from directors are interest free and repayable on demand. During the year advances were made of £39,230 (2023 - £16,716) and repayments made of £30,000 (2023 - £13,060).
Whitstable Oyster Company Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
24 |
Related party transactions (continued) |
Summary of transactions with other related parties
All companies listed below have key management and shareholders in common with Whitstable Oyster Company Limited. There are no agreed terms to these loans.
During the year, the company made sales of £110,021 (2023 - £108,606) being wages, legal fees and rent recharges to The Whitstable Oyster Trading Company Limited. The company made purchases of £470,090 (2023 - £513,565) being food items. At 31 May 2024 £1,914,883 was due from The Whitstable Oyster Trading Company Limited (2023 - £1,921,486).
During the year, the company made sales of £(451) (2023 - £(1,490)) being wages and insurance recharges to Whitstable Oyster Fishery Company. The company made purchases of £96,212 (2023 - £95,399) being the rental of premises. At 31 May 2024 £204,384 was due to Whitstable Oyster Fishery Company (2023 - £233,677).
During the year, the company made sales of £3,059 (2023 - £393) being minor recharges to The Whitstable Brewery Company Limited. The company made purchases of £254,173 (2023 - £212,025) being drink items. Since the company year-end the loan to The Whitstable Brewery Company Limited is no longer fully recoverable. The outstanding loan was written down by £36,000 as disclosed in note 9. At 31 May 2024 £22,020 was due to The Whitstable Brewery Company Limited (2023 - £19,014).
During the year, the company made no sales to G B Green Limited (2023 - £Nil). The company made purchases of £48,797 (2023 - £52,644) being the rental of premises. At 31 May 2024 £7,357 was due to G B Green Limited (2023 - £31,225 due from).
During the year, the company made sales of £22,050 (2023 - £36,531) being alcohol, wages and telephone recharges to The Faversham Real Ale Trading Company Ltd. The company made no purchases (2023 - £Nil). At 31 May 2024 £121,973 was due from The Faversham Real Ale Trading Company Ltd (2023 - £2,559).
During the year, the company made sales of £13,133 (2023 - £9,006) being insurance recharges to Sea Street Developments Limited. The company made purchases of £162,447 (2023 - £415,425) being rent and utilities. At 31 May 2024 £1,582,923 was due from Sea Street Developments Limited (2023 - £1,488,187).
Wynn Road Investments Limited was dissolved on 6 June 2023 and as such the balance owed at 31 May 2023 of £200 was written off as disclosed in note 9.
The total cost of employing close family members of the directors was £283,845 (2023 - £267,647) being their gross pay, employers national insurance and employers pension.
Parent and ultimate parent undertaking |
The ultimate controlling party are