Company No: 03517512 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,065,943		961,785
		1,065,943		961,785
Current assets
Stocks		22,528		20,195
Debtors	4	1,170,896		964,417
Cash at bank and in hand		35,283		39,894
		1,228,707		1,024,506
Creditors: amounts falling due within one year	5	( 866,668)		( 672,361)
Net current assets		362,039		352,145
Total assets less current liabilities		1,427,982		1,313,930
Provision for liabilities		( 63,160)		( 24,319)
Net assets		1,364,822		1,289,611
Capital and reserves
Called-up share capital		300		300
Profit and loss account		1,364,522		1,289,311
Total shareholder's funds		1,364,822		1,289,611

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Vesuvio Leisure Limited (registered number: 03517512) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

Ryan David Hole Director

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

Vesuvio Leisure 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 The Secret Beach Bar And Kitchen, Mumbles Road, Swansea, SA2 0AY, Wales, 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 represents food and drink sales and venue hire, and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. It is shown net of VAT, voluntary gratuities and other sales related taxes.

Turnover is recognised at the point of completion of a transaction with a customer when the significant risks and rewards are considered to have been transferred to the customer. Sales are usually by cash, credit or payment card.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	10 years straight line
Plant and machinery	25 % reducing balance
Computer equipment	2 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	58		45

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	514,642		467,027		729,819		4,169		1,715,657
Additions	0		121,508		92,013		603		214,124
At 31 December 2024	514,642		588,535		821,832		4,772		1,929,781
Accumulated depreciation
At 01 January 2024	43,316		73,844		634,437		2,275		753,872
Charge for the financial year	10,293		49,446		48,032		2,195		109,966
At 31 December 2024	53,609		123,290		682,469		4,470		863,838
Net book value
At 31 December 2024	461,033		465,245		139,363		302		1,065,943
At 31 December 2023	471,326		393,183		95,382		1,894		961,785

4. Debtors

	2024		2023
	£		£
Trade debtors	28,713		16,978
Amounts owed by Group undertakings	1,142,183		947,439
	1,170,896		964,417

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	60,965		42,027
Amounts owed to Group undertakings	691,590		504,252
Accruals	34,848		28,006
Taxation and social security	45,854		97,164
Other creditors	33,411		912
	866,668		672,361

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	40,000		40,000
between one and five years	160,000		160,000
after five years	3,840,000		3,880,000
	4,040,000		4,080,000

The amounts above are representative of the minimum payment commitment of £10,000 per quarter. Per the lease agreement this is grossed up based on a percentage of turnover made.

7. Related party transactions

Other related party transactions

	2024		2023
	£		£
The Secret Hospitality Group Limited - Group Company. balance owed to company at year end (debtor)	1,142,183		947,439
Oystermouth Road Ltd - Group Company, balance owed by company at year end (creditor)	(48,956)		(42,611)
Secret Beach Bar & Kitchen Limited - Group Company Creditor, balance owed by company at year end (creditor)	(412,826)		(389,149)
Verdi's Ltd - Group Company Creditor, balance owed by company at year end (creditor)	(229,808)		(72,492)

These amounts are repayable on demand and interest free.