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Registration number: 05395094

Whitstable Oyster Company Limited

Annual Report and Financial Statements

for the Year Ended 31 May 2024

 

Whitstable Oyster Company Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 27

 

Whitstable Oyster Company Limited

Company Information

Directors

Mr GB Green

Mr RW Green

Mr JDW Green

Company secretary

Mr RW Green

Registered office

Harbour Office
Whitstable Harbour
Whitstable
Kent
CT5 1AB

Auditors

Beresfords
Chartered Certified Accountants1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

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 Board on 19 February 2025 and signed on its behalf by:
 

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

 

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:

Mr GB Green

Mr RW Green - Company secretary and director

Mr JDW Green


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 Board on 19 February 2025 and signed on its behalf by:
 

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

 

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.

......................................
Mr Phillip Hindle (Senior Statutory Auditor)
For and on behalf of Beresfords, Statutory Auditor
 1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

25 February 2025

 

Whitstable Oyster Company Limited

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Revenue

3

9,664,828

9,368,195

Cost of sales

 

(7,053,993)

(6,935,199)

Gross profit

 

2,610,835

2,432,996

Administrative expenses

 

(1,681,073)

(1,664,264)

Operating profit

5

929,762

768,732

Other interest receivable and similar income

6

341

3,275

Interest payable and similar expenses

7

(258,218)

(268,396)

   

(257,877)

(265,121)

Profit before tax

 

671,885

503,611

Tax on profit

11

(187,476)

(135,870)

Profit for the financial year

 

484,409

367,741

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

484,409

367,741

Total comprehensive income for the year

484,409

367,741

 

Whitstable Oyster Company Limited

(Registration number: 05395094)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

3,980,652

4,033,012

Current assets

 

Stocks

13

147,348

149,389

Debtors

14

4,283,961

4,107,498

Cash at bank and in hand

 

1,343,553

590,154

 

5,774,862

4,847,041

Creditors: Amounts falling due within one year

16

(2,142,290)

(2,586,688)

Net current assets

 

3,632,572

2,260,353

Total assets less current liabilities

 

7,613,224

6,293,365

Creditors: Amounts falling due after more than one year

16

(3,262,036)

(2,416,228)

Provisions for liabilities

17

(162,809)

(173,167)

Net assets

 

4,188,379

3,703,970

Capital and reserves

 

Called up share capital

100

100

Retained earnings

20

4,188,279

3,703,870

Shareholders' funds

 

4,188,379

3,703,970

Approved and authorised by the Board on 19 February 2025 and signed on its behalf by:
 

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

 

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

100

3,703,870

3,703,970

Profit for the year

-

484,409

484,409

Total comprehensive income

-

484,409

484,409

At 31 May 2024

100

4,188,279

4,188,379

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

100

3,336,129

3,336,229

Profit for the year

-

367,741

367,741

Total comprehensive income

-

367,741

367,741

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)
2023
£

Cash flows from operating activities

Profit for the year

 

484,409

367,741

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

153,720

159,986

Loss on disposal of tangible assets

4

4,434

-

Finance income

6

(341)

(3,275)

Finance costs

7

258,218

268,396

Income tax expense

11

187,476

135,870

 

1,087,916

928,718

Working capital adjustments

 

Decrease/(increase) in stocks

13

2,041

(12,525)

(Increase)/decrease in trade and other debtors

14

(14,382)

54,799

Increase in trade and other creditors

16

37,419

48,073

Increase/(decrease) in deferred income

 

30,641

(230,637)

Cash generated from operations

 

1,143,635

788,428

Income taxes paid

11

(365,325)

(216,119)

Net cash flow from operating activities

 

778,310

572,309

Cash flows from investing activities

 

Interest received

6

341

3,275

Acquisitions of tangible assets

(113,805)

(134,450)

Proceeds from sale of tangible assets

 

8,010

-

Cash receipts from repayment of loans to related parties

 

193,975

545,070

Advances of loans to related parties

 

(392,256)

(567,557)

Net cash flows from investing activities

 

(303,735)

(153,662)

Cash flows from financing activities

 

Interest paid

7

(222,018)

(156,396)

Proceeds from bank borrowing draw downs

 

3,216,418

-

Repayment of bank borrowing

 

(2,677,053)

(438,974)

Proceeds from related party borrowing draw downs

 

42,708

57,641

Repayment of related party borrowing

 

(81,231)

(97,229)

Net cash flows from financing activities

 

278,824

(634,958)

Net increase/(decrease) in cash and cash equivalents

 

753,399

(216,311)

Cash and cash equivalents at 1 June

 

590,154

806,465

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

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

These financial statements were authorised for issue by the Board on 19 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 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.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

7,743,319

7,670,868

Rendering of services

1,921,509

1,697,327

9,664,828

9,368,195

4

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

(4,434)

-

 

Whitstable Oyster Company Limited

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

153,720

159,986

Loss on disposal of property, plant and equipment

4,434

-

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

341

3,275

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

212,863

146,836

Interest expense on other finance liabilities

9,155

9,560

Loan written off - The Whitstable Brewery Company Limited

36,000

112,000

Loan written off - Wynn Road Investments Limited

200

-

258,218

268,396

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,169,494

3,044,825

Social security costs

224,368

215,916

Pension costs, defined contribution scheme

47,777

48,353

Other employee expense

1,601

755

3,443,240

3,309,849

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Operational staff

213

207

Directors

3

3

216

210

 

Whitstable Oyster Company Limited

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

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

168,333

157,500

Contributions paid to money purchase schemes

4,042

5,042

172,375

162,542

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,495

10,450


 

 

Whitstable Oyster Company Limited

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

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

197,834

136,032

Deferred taxation

Arising from origination and reversal of timing differences

(10,358)

(162)

Tax expense in the income statement

187,476

135,870

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 25% (2023 - 20%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

671,885

503,611

Corporation tax at standard rate

167,971

100,736

Tax increase from effect of capital allowances and depreciation

10,068

10,106

Effect of expense not deductible in determining taxable profit (tax loss)

9,437

25,028

Total tax charge

187,476

135,870

 

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

-

162,809

-

162,809

2023

Asset
£

Liability
£

Capital allowances in excess of depreciation

-

173,167

-

173,167

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

3,758,410

1,433,293

29,970

5,221,673

Additions

68,343

45,462

-

113,805

Disposals

(5,174)

(11,573)

-

(16,747)

At 31 May 2024

3,821,579

1,467,182

29,970

5,318,731

Depreciation

At 1 June 2023

438,350

729,259

21,052

1,188,661

Charge for the year

66,033

85,458

2,230

153,721

Eliminated on disposal

(1,759)

(2,544)

-

(4,303)

At 31 May 2024

502,624

812,173

23,282

1,338,079

Carrying amount

At 31 May 2024

3,318,955

655,009

6,688

3,980,652

At 31 May 2023

3,320,060

704,034

8,918

4,033,012

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)

13

Stocks

2024
£

2023
£

Food, drink and consumables

147,348

149,389

14

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

98,711

58,488

Amounts owed by related parties

24

4,052,669

3,890,588

Other debtors

 

-

9,761

Prepayments

 

132,581

148,661

   

4,283,961

4,107,498

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.

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

400

400

Cash at bank

1,343,153

589,754

1,343,553

590,154

 

Whitstable Oyster Company Limited

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

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

108,271

453,237

Trade creditors

 

801,385

811,079

Social security and other taxes

 

435,949

362,387

Outstanding defined contribution pension costs

 

11,052

8,887

Other payables

 

88,354

81,614

Accruals

 

235,751

271,105

Corporation tax liability

11

118,867

286,358

Deferred income

 

342,661

312,021

 

2,142,290

2,586,688

Due after one year

 

Loans and borrowings

21

3,057,652

2,182,551

Other non-current financial liabilities

 

204,384

233,677

 

3,262,036

2,416,228

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 June 2023

173,167

173,167

Increase (decrease) in existing provisions

(10,358)

(10,358)

At 31 May 2024

162,809

162,809

18

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 £47,777 (2023 - £48,353).

Contributions totalling £11,052 (2023 - £8,887) were payable to the scheme at the end of the year and are included in creditors.

 

Whitstable Oyster Company Limited

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

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

20

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.

21

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,057,652

2,182,551

Current loans and borrowings

2024
£

2023
£

Bank borrowings

85,385

421,121

Directors current account

22,886

32,116

108,271

453,237

Bank borrowings

NatWest bank loan is denominated in GBP with a nominal interest rate of 2.5% pa over base rate%, and the final instalment is due on 21 April 2040. The carrying amount at year end is £1,467,610 (2023 - £Nil).

NatWest bank loan is denominated in GBP with a nominal interest rate of 2.45% pa over base rate%, and the final instalment is due on 11 January 2044. The carrying amount at year end is £1,675,427 (2023 - £Nil).

NatWest bank loan is denominated in GBP with a nominal interest rate of 2.5% above the Bank of England base rate %, and the final instalment is due on 21 April 2040. The carrying amount at year end is £Nil (2023 - £1,516,922).

 

Whitstable Oyster Company Limited

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

21

Loans and borrowings (continued)

CBILS loan is denominated in GBP with a nominal interest rate of 2.62% above the Bank of England base rate %, and the final instalment is due on 22 March 2026. The carrying amount at year end is £Nil (2023 - £1,086,750).

There is a debenture held against Whitstable Oyster Company Limited.
There is a fixed charge for £10,000 Cash Deposit held on Whitstable Oyster Company Limited.
There is a fixed charge over the freehold of Penny Lodge, Tower Hill, Whitstable, Kent and its associated assets.
There is a fixed charge over the freehold of The Boat House, Sea Wall, Whitstable, Kent and its associated assets.

G B Green Limited has guaranteed the value of the NatWest bank loan supported by a charge over the Hotel Continental, Beach Walk, Whitstable, Kent and it's associated assets, along with a Debenture held against G B Green 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

2,640,456

1,245,582

-

-

22

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

355,919

358,701

Later than one year and not later than five years

1,423,676

1,423,676

Later than five years

4,353,334

4,659,253

6,132,929

6,441,630

The amount of non-cancellable operating lease payments recognised as an expense during the year was £398,751 (2023 - £417,146).

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)

23

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)

 

(2,279,311)

252,557

-

(2,026,754)

24

Related party transactions

Summary of transactions with key management

At the financial year-end the loan balance owed by the directors was £915 (2023 - £Nil). The loans to directors are charged HMRC's official rate for beneficial loan interest and are repayable on demand. During the year advances were made of £43,415 (2023 - £306,054) and repayments made of £42,500 (2023 - £419,777).

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.

25

Parent and ultimate parent undertaking

The ultimate controlling party are the directors, by virtue of their controlling shareholding in the company.