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Registration number: 14093327

Prepared for the registrar

New Wave Brasserie, Bar and Fish Market Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

New Wave Brasserie, Bar and Fish Market Ltd

(Registration number: 14093327)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

866,534

775,954

Current assets

 

Stocks

7,502

7,502

Debtors

5

7,198

100

Cash at bank and in hand

 

14,680

5,863

 

29,380

13,465

Creditors: Amounts falling due within one year

6

(799,557)

(779,255)

Net current liabilities

 

(770,177)

(765,790)

Total assets less current liabilities

 

96,357

10,164

Deferred tax liabilities

7

(21,301)

-

Net assets

 

75,056

10,164

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

188,707

156,518

Retained earnings

(113,751)

(146,454)

Shareholders' funds

 

75,056

10,164

For the financial year ending 30 September 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 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 director acknowledges 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 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 25 June 2025
 


T A M Boyd
Director

 

New Wave Brasserie, Bar and Fish Market Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

The principal place of business is:
10 Burford Street
Lechdale
GL7 3AP

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises deferred tax only. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

New Wave Brasserie, Bar and Fish Market Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost or market value, 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 and buildings

nil

Fixtures, fittings and equipment

25% 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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

New Wave Brasserie, Bar and Fish Market Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023: 10).

 

New Wave Brasserie, Bar and Fish Market Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

750,000

33,051

783,051

Revaluations

95,091

-

95,091

Additions

1,281

2,824

4,105

At 30 September 2024

846,372

35,875

882,247

Depreciation

At 1 October 2023

-

7,097

7,097

Charge for the period

-

8,616

8,616

At 30 September 2024

-

15,713

15,713

Carrying amount

At 30 September 2024

846,372

20,162

866,534

At 30 September 2023

750,000

25,954

775,954

Included within the net book value of land and buildings above is £846,372 (2023: £750,000) in respect of freehold land and buildings.

 

5

Debtors

2024
£

2023
£

Receivables from related parties

1,665

-

Prepayments

5,433

-

Other debtors

100

100

7,198

100

 

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

7,639

32,242

Amounts due to related parties

764,790

716,128

Taxation and social security

24,616

25,044

Accruals and deferred income

1,950

5,000

Other creditors

562

841

799,557

779,255

 

New Wave Brasserie, Bar and Fish Market Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

10,544

Short term timing differences

(80)

Losses and other deductions

(52,065)

Capital gains/(losses)

62,902

21,301

2023

Liability
£

Fixed asset timing differences

11,992

Short term timing differences

(66)

Losses and other deductions

(51,055)

Capital gains/(losses)

39,129

-

 

8

Related party transactions

Summary of transactions with other related parties

At 30 September 2024, the company was owed £1,665 (2023: £nil) from the director in the form of a director's loan account. No interest has been charged on the loan and it is repayable on demand.

At 30 September 2024, the company owed £764,790 (2023: £716,128) to New Wave Seafood Limited in the form of an intercompany loan. The companies are related by virtue of common control. No interest has been charged on the loan and it is repayable on demand.