Company registration number 10110739 (England and Wales)
THE BEACH HOUSE OXWICH LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE BEACH HOUSE OXWICH LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
THE BEACH HOUSE OXWICH LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
524,638
565,851
Current assets
Stocks
15,392
15,392
Debtors
5
732,357
546,220
Cash at bank and in hand
6,488
57,385
754,237
618,997
Creditors: amounts falling due within one year
6
(317,744)
(400,745)
Net current assets
436,493
218,252
Total assets less current liabilities
961,131
784,103
Provisions for liabilities
(39,584)
(48,524)
Net assets
921,547
735,579
Capital and reserves
Called up share capital
8
30,000
30,000
Profit and loss reserves
891,547
705,579
Total equity
921,547
735,579
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr Neil Kedward
Director
Company registration number 10110739 (England and Wales)
THE BEACH HOUSE OXWICH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
30,000
725,957
755,957
Year ended 31 December 2023:
Profit and total comprehensive income
-
302,431
302,431
Dividends
-
(322,809)
(322,809)
Balance at 31 December 2023
30,000
705,579
735,579
Year ended 31 December 2024:
Profit and total comprehensive income
-
299,926
299,926
Dividends
-
(113,958)
(113,958)
Balance at 31 December 2024
30,000
891,547
921,547
THE BEACH HOUSE OXWICH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
The Beach House Oxwich Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cornstore, The Green, Pembroke, UK, SA71 4NU. . The principal activity of the company continues to be that of a restaurant.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the faculties that are in place at the signing of the report.true
The company meets its day to day working capital requirements from its cash reserves, overdraft faculties and the parent company support of necessary. At the date of singing the repot sales continued to meet budgeted levels. With no indication that at the current time this position will change, the company's forecasts and projections show that the company will be able to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adapt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue represents the amounts received (excluding VAT and similar taxes) for the food and beverage sales and recognised at the point of sale when a customer dines.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% straight line
Plant and equipment
10% straight line
Computers
20% straight line
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
THE BEACH HOUSE OXWICH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,900
4,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
22
THE BEACH HOUSE OXWICH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
567,276
158,853
726,129
Additions
5,877
5,877
At 31 December 2024
567,276
164,730
732,006
Depreciation and impairment
At 1 January 2024
38,774
121,504
160,278
Depreciation charged in the year
37,819
9,271
47,090
At 31 December 2024
76,593
130,775
207,368
Carrying amount
At 31 December 2024
490,683
33,955
524,638
At 31 December 2023
528,502
37,349
565,851
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
713,562
512,549
Other debtors
18,795
33,671
732,357
546,220
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,731
40,728
Taxation and social security
51,798
94,229
Other creditors
251,215
265,788
317,744
400,745
7
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
39,584
48,524
THE BEACH HOUSE OXWICH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Deferred taxation
(Continued)
- 6 -
2024
Movements in the year:
£
Liability at 1 January 2024
48,524
Credit to profit or loss
(8,940)
Liability at 31 December 2024
39,584
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
30,000
30,000
30,000
30,000
150 Ordinary A shares of £0.001 each are in issue, together with 30,000 Ordinary B shares of £1 each.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Mark Howells
Statutory Auditor:
Redwood Wales Limited
Date of audit report:
16 July 2025
10
Operating lease commitments
As lessee
THE BEACH HOUSE OXWICH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Operating lease commitments
(Continued)
- 7 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
326,454
373,090
The operating leases represent leases to third parties. The leases are negotiated over terms of 15 years.leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
11
Parent company
The Beach House Oxwich Ltd is controlled by The Seren Collection Ltd, a company registered in England and Wales.