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Registration number: 06212507

Oyster Estates UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Oyster Estates UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Oyster Estates UK Limited

Company Information

Directors

Mr P J Redford

Ms S L Le Surf

Company secretary

Ms S L Le Surf

Registered office

Unit 3 Flansham Business Centre
Hoe Lane
Flansham
Bognor Regis
West Sussex
PO22 8NJ

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Oyster Estates UK Limited

(Registration number: 06212507)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,388

27,588

Tangible assets

5

3,171

3,733

 

23,559

31,321

Current assets

 

Debtors

6

49,695

61,035

Cash at bank and in hand

 

1,859,833

1,726,378

 

1,909,528

1,787,413

Creditors: Amounts falling due within one year

7

(1,789,195)

(1,701,250)

Net current assets

 

120,333

86,163

Net assets

 

143,892

117,484

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

143,792

117,384

Shareholders' funds

 

143,892

117,484

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

Directors' responsibilities:

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

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

.........................................
Mr P J Redford
Director

 

Oyster Estates UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Unit 3 Flansham Business Centre
Hoe Lane
Flansham
Bognor Regis
West Sussex
PO22 8NJ
England

The principal place of business is:
Unit 3 Flansham Business Centre
Hoe Lane
Flansham
Bognor Regis
West Sussex
PO22 8NJ
England

These financial statements were authorised for issue by the Board on 6 May 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 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. Turnover 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.

 

Oyster Estates UK Limited

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

Tax

The tax expense for the period comprises current 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.

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 Equipment

Between 15% and 30% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

 

Oyster Estates UK Limited

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

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

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

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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

Oyster Estates UK Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

99,483

99,483

At 31 August 2024

99,483

99,483

Amortisation

At 1 September 2023

71,895

71,895

Amortisation charge

7,200

7,200

At 31 August 2024

79,095

79,095

Carrying amount

At 31 August 2024

20,388

20,388

At 31 August 2023

27,588

27,588

5

Tangible assets

Furniture, fittings and equipment
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 September 2023

37,165

10,787

47,952

At 31 August 2024

37,165

10,787

47,952

Depreciation

At 1 September 2023

33,741

10,478

44,219

Charge for the year

515

47

562

At 31 August 2024

34,256

10,525

44,781

Carrying amount

At 31 August 2024

2,909

262

3,171

At 31 August 2023

3,424

309

3,733

6

Debtors

 

Oyster Estates UK Limited

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

Current

2024
£

2023
£

Trade debtors

43,491

37,277

Prepayments

6,204

4,387

Other debtors

-

19,371

 

49,695

61,035

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

654

(2,429)

Taxation and social security

25,608

23,053

Accruals and deferred income

2,900

3,550

Other creditors

1,760,033

1,677,076

1,789,195

1,701,250

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 1p of £0.01 each

10,000

100

10,000

100

       

9

Dividends

2024

2023

£

£

Interim dividend of £46.48 (2023 - £87.76) per ordinary share

4,648

8,776

 

 

10

Related party transactions

 

Oyster Estates UK Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

43,800

44,000