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COMPANY REGISTRATION NUMBER: 7954423
The Old Point House Ltd (Previously The Pembrokeshire Beach Food Company Limited)
Filleted Unaudited Financial Statements
28 February 2025
The Old Point House Ltd (Previously The Pembrokeshire Beach Food Company Limited)
Financial Statements
Year ended 28 February 2025
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
The Old Point House Ltd (Previously The Pembrokeshire Beach Food Company Limited)
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
6
155,725
42,282
Current assets
Stocks
25,565
44,346
Debtors
7
8,169
26,123
Cash at bank and in hand
20,205
26,963
--------
--------
53,939
97,432
Creditors: amounts falling due within one year
8
( 127,144)
( 67,624)
---------
--------
Net current (liabilities)/assets
( 73,205)
29,808
---------
--------
Total assets less current liabilities
82,520
72,090
Creditors: amounts falling due after more than one year
9
( 58,505)
( 54,763)
Provisions
Taxation including deferred tax
10
( 6,374)
( 5,080)
--------
--------
Net assets
17,641
12,247
--------
--------
Capital and reserves
Called up share capital
12
100
100
Share premium account
11,980
11,980
Profit and loss account
5,561
167
--------
--------
Shareholders funds
17,641
12,247
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Old Point House Ltd (Previously The Pembrokeshire Beach Food Company Limited)
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 8 April 2025 , and are signed on behalf of the board by:
Mr J V A Williams
Director
Company registration number: 7954423
The Old Point House Ltd (Previously The Pembrokeshire Beach Food Company Limited)
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Point House Angle Village, Angle, Pembroke, Pembrokeshire, SA71 5AS, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
There is no depreciation charged on Freehold Property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2024: 15 ).
5. Tax on profit
Major components of tax expense/(income)
2025
2024
£
£
Current tax:
Corporation tax charge S455
(5,013)
Deferred tax:
Origination and reversal of timing differences
1,294
1,520
-------
-------
Tax on profit
1,294
( 3,493)
-------
-------
6. Tangible assets
Freehold Property
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2024
109,147
16,962
32,526
9,057
167,692
Additions
121,419
4,058
125,477
Disposals
( 15,300)
( 15,300)
---------
---------
--------
--------
-------
---------
At 28 Feb 2025
121,419
97,905
16,962
32,526
9,057
277,869
---------
---------
--------
--------
-------
---------
Depreciation
At 1 Mar 2024
83,803
10,921
24,999
5,687
125,410
Charge for the year
7,201
1,510
1,882
842
11,435
Disposals
( 14,701)
( 14,701)
---------
---------
--------
--------
-------
---------
At 28 Feb 2025
76,303
12,431
26,881
6,529
122,144
---------
---------
--------
--------
-------
---------
Carrying amount
At 28 Feb 2025
121,419
21,602
4,531
5,645
2,528
155,725
---------
---------
--------
--------
-------
---------
At 29 Feb 2024
25,344
6,041
7,527
3,370
42,282
---------
---------
--------
--------
-------
---------
7. Debtors
2025
2024
£
£
Trade debtors
1,656
2,949
Other debtors
6,513
23,174
-------
--------
8,169
26,123
-------
--------
Other debtors include an amount of £Nil (2024 - £Nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts (secured)
19,305
7,008
Trade creditors
7,515
Social security and other taxes
5,682
15,258
Other creditors
102,157
37,843
---------
--------
127,144
67,624
---------
--------
Dbw Investments (3) Limited hold a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts (secured)
58,505
54,763
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 March 2024
5,080
Additions
1,294
-------
At 28 February 2025
6,374
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025
2024
£
£
Included in provisions (note 10)
6,374
5,080
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2025
2024
£
£
Accelerated capital allowances
6,518
8,034
Unused tax losses
( 144)
( 2,954)
-------
-------
6,374
5,080
-------
-------
12. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Related party transactions
The company was under the control of Mr J V A Williams , the managing director, throughout the current and previous year by virtue of his majority shareholding. During the year dividends of £nil (2024 - £7,000) were paid to Mr J V A Williams , the managing director. As at the year end date the company was owed £nil (2024 - £1,019) from Mr J V A Williams , the managing director.