Registration number:
Prepared for the registrar
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
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
|
Deferred tax liabilities |
(21,301) |
- |
|
|
Net assets |
|
|
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
|
Revaluation reserve |
188,707 |
156,518 |
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|
Retained earnings |
(113,751) |
(146,454) |
|
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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:
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• |
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• |
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
New Wave Brasserie, Bar and Fish Market Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
10 Burford Street
Lechdale
GL7 3AP
|
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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
nil |
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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
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
New Wave Brasserie, Bar and Fish Market Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Revaluations |
|
- |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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Charge for the period |
- |
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At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Included within the net book value of land and buildings above is £846,372 (2023: £750,000) in respect of freehold land and buildings.
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Debtors |
|
2024 |
2023 |
|
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Receivables from related parties |
1,665 |
- |
|
Prepayments |
|
- |
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Other debtors |
|
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Creditors |
|
2024 |
2023 |
|
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
764,790 |
716,128 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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New Wave Brasserie, Bar and Fish Market Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Deferred tax |
Deferred tax assets and liabilities
|
2024 |
Liability |
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Fixed asset timing differences |
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|
Short term timing differences |
( |
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Losses and other deductions |
( |
|
Capital gains/(losses) |
|
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
Losses and other deductions |
( |
|
Capital gains/(losses) |
|
|
- |
|
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.