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Company No: 05372121 (England and Wales)

WATERGATE BAY SURF CO LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

WATERGATE BAY SURF CO LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

WATERGATE BAY SURF CO LIMITED

BALANCE SHEET

As at 30 November 2024
WATERGATE BAY SURF CO LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,467 0
Tangible assets 4 11,396 21,150
12,863 21,150
Current assets
Stocks 5 165,046 172,971
Debtors 6 9,235 23,302
Cash at bank and in hand 46,603 68,932
220,884 265,205
Creditors: amounts falling due within one year 7 ( 51,075) ( 73,202)
Net current assets 169,809 192,003
Total assets less current liabilities 182,672 213,153
Creditors: amounts falling due after more than one year 8 ( 6,000) ( 18,000)
Provision for liabilities ( 3,216) ( 4,018)
Net assets 173,456 191,135
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 173,356 191,035
Total shareholders' funds 173,456 191,135

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Watergate Bay Surf Co Limited (registered number: 05372121) were approved and authorised for issue by the Board of Directors on 11 July 2025. They were signed on its behalf by:

R D Burnham
Director
WATERGATE BAY SURF CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
WATERGATE BAY SURF CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Watergate Bay Surf Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities and is recognised on fulfilment of the underlying sale transaction, usually being at point of sale. Turnover is shown net of value added tax, returns, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 15 years straight line
Website costs 5 years straight line
Trademarks, patents and licences

Separately acquired licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 December 2023 76,000 0 76,000
Additions 0 1,485 1,485
At 30 November 2024 76,000 1,485 77,485
Accumulated amortisation
At 01 December 2023 76,000 0 76,000
Charge for the financial year 0 18 18
At 30 November 2024 76,000 18 76,018
Net book value
At 30 November 2024 0 1,467 1,467
At 30 November 2023 0 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 December 2023 8,440 28,834 15,819 53,093
At 30 November 2024 8,440 28,834 15,819 53,093
Accumulated depreciation
At 01 December 2023 8,440 16,219 7,284 31,943
Charge for the financial year 0 7,209 2,545 9,754
At 30 November 2024 8,440 23,428 9,829 41,697
Net book value
At 30 November 2024 0 5,406 5,990 11,396
At 30 November 2023 0 12,615 8,535 21,150

5. Stocks

2024 2023
£ £
Stocks 165,046 172,971

6. Debtors

2024 2023
£ £
Amounts owed by directors 402 14,844
Prepayments 8,833 8,458
9,235 23,302

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 12,000 12,000
Trade creditors 11,016 20,670
Accruals 4,132 4,450
Corporation tax 16,598 26,479
Other taxation and social security 7,109 8,469
Other creditors 220 1,134
51,075 73,202

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,000 18,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £620,000 (2023 - £680,000). This represents the minimum value of future operating lease payments due.

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
C L Burnham 201 7,422
R D Burnham 201 7,422

The directors operate interest free loans with the company. At the balance sheet date the amounts due from the directors were as shown above.