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Registration number: 08164075

Sea Shanty Restaurants Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 September 2024

 

Sea Shanty Restaurants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sea Shanty Restaurants Limited

Company Information

Directors

PL Brown

N Gitton

Registered office

Lon St. Ffriad
Trearddur Bay
Holyhead
LL65 2YR

 

Accountants

Pennington Williams Limited
Chartered Certified Accountants
Stanhope House
Mark Rake
Wirral
Merseyside
CH62 2DN

 

Sea Shanty Restaurants Limited

(Registration number: 08164075)
Balance Sheet as at 28 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,597,800

1,600,869

Current assets

 

Stocks

5

27,746

27,769

Debtors

6

6,299

39,650

Cash at bank and in hand

 

696,411

547,251

 

730,456

614,670

Creditors: Amounts falling due within one year

7

(1,353,362)

(1,299,272)

Net current liabilities

 

(622,906)

(684,602)

Total assets less current liabilities

 

974,894

916,267

Creditors: Amounts falling due after more than one year

7

(50,000)

(95,366)

Provisions for liabilities

(26,250)

(30,697)

Net assets

 

898,644

790,204

Capital and reserves

 

Called up share capital

8

310,010

310,010

Retained earnings

588,634

480,194

Shareholders' funds

 

898,644

790,204

For the financial year ending 28 September 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sea Shanty Restaurants Limited

(Registration number: 08164075)
Balance Sheet as at 28 September 2024

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................

PL Brown
Director

.........................................

N Gitton
Director

 

Sea Shanty Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 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:
Lon St. Ffriad
Trearddur Bay
Holyhead
LL65 2YR
Wales

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 Section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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.

The presentation currency of the financial statements is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in relation to expenditure are credited to the profit and loss account when the expenditure is charged to the profit and loss.

Tax

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.

 

Sea Shanty Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

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.

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

25% on reducing balance

Fixtures and fittings

10% on cost

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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

Short-term employee benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

The company operates a defined benefits contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.

 

Sea Shanty Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

Financial instruments

Classification
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and other creditors.
 Recognition and measurement
Trade debtors, trade creditors and other creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
 Impairment
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 98 (2023 - 98).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 29 September 2023

1,340,274

710,610

2,050,884

Additions

29,540

49,704

79,244

At 28 September 2024

1,369,814

760,314

2,130,128

Depreciation

At 29 September 2023

-

450,015

450,015

Charge for the year

-

82,313

82,313

At 28 September 2024

-

532,328

532,328

Carrying amount

At 28 September 2024

1,369,814

227,986

1,597,800

At 28 September 2023

1,340,274

260,595

1,600,869

Included within the net book value of land and buildings above is £1,369,814 (2023 - £1,340,274) in respect of freehold land and buildings.
 

 

Sea Shanty Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

5

Stocks

2024
£

2023
£

Stock

27,746

27,769

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,267

24,489

Other debtors

5,032

15,161

 

6,299

39,650

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,000

37,279

Trade creditors

 

133,283

124,486

Taxation and social security

 

374,427

233,832

Accruals and deferred income

 

25,751

63,089

Other creditors

 

779,901

840,586

 

1,353,362

1,299,272

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

50,000

95,366

 

Sea Shanty Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

310,000

310,000

310,000

310,000

Ordinary A of £1 each

7

7

7

7

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

 

310,010

310,010

310,010

310,010

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

50,000

95,366

2024
£

2023
£

Current loans and borrowings

Bank borrowings

40,000

37,279

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 30 April 2027. The carrying amount at year end is £90,000 (2023 - £132,645).

Bank loan is secured on all assets of the company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £999 (2023 - £2,712).