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Registration number: 07723886

St. Ives Restaurants Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

St. Ives Restaurants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

St. Ives Restaurants Limited

Company Information

Director

Mr D A Christophers

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

St. Ives Restaurants Limited

(Registration number: 07723886)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,920

43,998

Investment property

5

1,808,215

1,268,348

Investments

6

268,974

268,974

 

2,114,109

1,581,320

Current assets

 

Debtors

7

875,593

777,740

Cash at bank and in hand

 

483,082

1,312,486

 

1,358,675

2,090,226

Creditors: Amounts falling due within one year

8

(31,866)

(45,010)

Net current assets

 

1,326,809

2,045,216

Total assets less current liabilities

 

3,440,918

3,626,536

Provisions for liabilities

(7,015)

(8,360)

Net assets

 

3,433,903

3,618,176

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,433,803

3,618,076

Shareholders' funds

 

3,433,903

3,618,176

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

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 April 2025
 

.........................................
Mr D A Christophers
Director

 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

These financial statements were authorised for issue by the director on 29 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the share of the net profit attributable to the company in the annual accounts of each partnership together with accrued profit share for the current accounting period, where the accounting date of the partnership is not coterminous with that of the company.

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.

 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Plant and machinery

20% Reducing balance

Motor vehicles

20% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate cost on acquisition.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

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.

Dividends

Dividend distribution to the company’s shareholder is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

57,865

15,450

73,315

Additions

-

2,151

2,151

At 31 July 2024

57,865

17,601

75,466

Depreciation

At 1 August 2023

24,995

4,322

29,317

Charge for the year

6,574

2,655

9,229

At 31 July 2024

31,569

6,977

38,546

Carrying amount

At 31 July 2024

26,296

10,624

36,920

At 31 July 2023

32,870

11,128

43,998

5

Investment properties

2024
£

At 1 August

1,268,348

Additions

629,729

Disposals

(89,862)

At 31 July

1,808,215

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in associates

268,974

268,974

Associates

£

Cost

At 1 August 2023

268,974

Provision

Carrying amount

At 31 July 2024

268,974

At 31 July 2023

268,974

 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

Ardor - (Formerly The Seafood Cafe)

St Ives, Cornwall

Partnership share

16%

22%

 

     

The Balcony

St Ives, Cornwall

Partnership share

25%

25%

 

     

Talay Thai Kitchen

St Ives, Cornwall

Partnership share

25%

25%

 

     

St. Ives Coffee & Ice Cream

St. Ives, Cornwall

Partnership share

25%

25%

 

     

Teylu (St Ives) Limited

Unit 1
Penbeagle Industrial Estate
St. Ives, TR26 2JH

Ordinary

20%

20%

 

     

Onzo (St Ives) Limited

Unit 1
Penbeagle Industrial Estate
St. Ives, TR26 2JH

Ordinary

30%

30%

 

     

Mor Bakehouse Limited

Carncroft, Pitlochry
Perth And Kinross
PH16 5JL

Ordinary

25%

25%

 

Scotland

     
 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Associates

Ardor - (Formerly The Seafood Cafe)

The principal activity of Ardor - (Formerly The Seafood Cafe) is a restaurant.

The Balcony

The principal activity of The Balcony is a restaurant.

Talay Thai Kitchen

The principal activity of Talay Thai Kitchen is a restaurant.

St. Ives Coffee & Ice Cream

The principal activity of St. Ives Coffee & Ice Cream is a cafe.

Teylu (St Ives) Limited

The principal activity of Teylu (St Ives) Limited is takeaway food and beverages.

Onzo (St Ives) Limited

The principal activity of Onzo (St Ives) Limited is a restaurant.

Mor Bakehouse Limited

The principal activity of Mor Bakehouse Limited is sale of baked goods.

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

9,739

41,695

Other debtors

 

865,854

736,045

   

875,593

777,740

 

St. Ives Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

28,266

41,380

Accruals and deferred income

3,600

3,600

Other creditors

-

30

31,866

45,010

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr D A Christophers

Interest-free loan from/(to) Director, repayable on demand

(41,695)

(373,217)

405,173

(9,739)

         
       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr D A Christophers

Interest-free loan from/(to) Director, repayable on demand

2,028

(118,723)

75,000

(41,695)