Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr A C Brewer 24/11/2017 Mrs M C Brewer 24/11/2017 Miss R K Brewer 24/11/2017 28 March 2025 The principal activity of the company is the operation of a licenced restaurant 11081346 2024-12-31 11081346 bus:Director1 2024-12-31 11081346 bus:Director2 2024-12-31 11081346 bus:Director3 2024-12-31 11081346 2023-12-31 11081346 core:CurrentFinancialInstruments 2024-12-31 11081346 core:CurrentFinancialInstruments 2023-12-31 11081346 core:Non-currentFinancialInstruments 2024-12-31 11081346 core:Non-currentFinancialInstruments 2023-12-31 11081346 core:ShareCapital 2024-12-31 11081346 core:ShareCapital 2023-12-31 11081346 core:RetainedEarningsAccumulatedLosses 2024-12-31 11081346 core:RetainedEarningsAccumulatedLosses 2023-12-31 11081346 core:Goodwill 2023-12-31 11081346 core:Goodwill 2024-12-31 11081346 core:LandBuildings 2023-12-31 11081346 core:PlantMachinery 2023-12-31 11081346 core:FurnitureFittings 2023-12-31 11081346 core:OfficeEquipment 2023-12-31 11081346 core:LandBuildings 2024-12-31 11081346 core:PlantMachinery 2024-12-31 11081346 core:FurnitureFittings 2024-12-31 11081346 core:OfficeEquipment 2024-12-31 11081346 2024-01-01 2024-12-31 11081346 bus:FilletedAccounts 2024-01-01 2024-12-31 11081346 bus:SmallEntities 2024-01-01 2024-12-31 11081346 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11081346 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11081346 bus:Director1 2024-01-01 2024-12-31 11081346 bus:Director2 2024-01-01 2024-12-31 11081346 bus:Director3 2024-01-01 2024-12-31 11081346 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 11081346 core:PlantMachinery 2024-01-01 2024-12-31 11081346 core:FurnitureFittings 2024-01-01 2024-12-31 11081346 core:OfficeEquipment 2024-01-01 2024-12-31 11081346 2023-01-01 2023-12-31 11081346 core:Goodwill 2024-01-01 2024-12-31 11081346 core:LandBuildings 2024-01-01 2024-12-31 11081346 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 11081346 (England and Wales)

PORT AND STARBOARD (CORNWALL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PORT AND STARBOARD (CORNWALL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PORT AND STARBOARD (CORNWALL) LIMITED

BALANCE SHEET

As at 31 December 2024
PORT AND STARBOARD (CORNWALL) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 175,500 234,000
Tangible assets 4 861,282 879,999
1,036,782 1,113,999
Current assets
Stocks 20,207 19,062
Debtors 5 847 811
Cash at bank and in hand 42,656 23,698
63,710 43,571
Creditors: amounts falling due within one year 6 ( 429,194) ( 394,267)
Net current liabilities (365,484) (350,696)
Total assets less current liabilities 671,298 763,303
Creditors: amounts falling due after more than one year 7 ( 834,080) ( 901,872)
Provision for liabilities ( 30,214) ( 34,893)
Net liabilities ( 192,996) ( 173,462)
Capital and reserves
Called-up share capital 120 120
Profit and loss account ( 193,116 ) ( 173,582 )
Total shareholders' deficit ( 192,996) ( 173,462)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Port and Starboard (Cornwall) Limited (registered number: 11081346) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

Mrs M C Brewer
Director
PORT AND STARBOARD (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PORT AND STARBOARD (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Port and Starboard (Cornwall) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have prepared the financial statements on a going concern basis. In making this assessment, the directors have considered the company's current financial position, cash flow forecasts, and future prospects. Based on this assessment, the directors have a reasonable expectation that the restaurant has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the total amount receivable by the restaurant for goods supplied and services provided, excluding Value Added Tax (VAT) and trade discounts.

The company recognises revenue when:
Revenue from the sale of food and beverages is recognized at the point of sale, which is when the customer takes possession of the goods and the risks and rewards of ownership have been transferred.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 585,000 585,000
At 31 December 2024 585,000 585,000
Accumulated amortisation
At 01 January 2024 351,000 351,000
Charge for the financial year 58,500 58,500
At 31 December 2024 409,500 409,500
Net book value
At 31 December 2024 175,500 175,500
At 31 December 2023 234,000 234,000

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 740,426 220,272 14,525 2,492 977,715
Additions 0 2,459 0 0 2,459
At 31 December 2024 740,426 222,731 14,525 2,492 980,174
Accumulated depreciation
At 01 January 2024 0 91,580 4,584 1,552 97,716
Charge for the financial year 0 19,544 1,491 141 21,176
At 31 December 2024 0 111,124 6,075 1,693 118,892
Net book value
At 31 December 2024 740,426 111,607 8,450 799 861,282
At 31 December 2023 740,426 128,692 9,941 940 879,999

5. Debtors

2024 2023
£ £
Other debtors 847 811

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,888 10,000
Trade creditors 22,637 0
Amounts owed to directors 307,123 300,587
Other loans 52,420 48,940
Accruals 3,164 3,245
Taxation and social security 32,962 31,495
429,194 394,267

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,945 16,836
Other creditors 829,135 885,036
834,080 901,872

There are no amounts included above in respect of which any security has been given by the small entity.