Company No: 12608824 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	23,811		36,677
		23,811		36,677
Current assets
Debtors	4	138,901		124,275
Cash at bank and in hand		5,092		16,501
		143,993		140,776
Creditors: amounts falling due within one year	5	( 142,948)		( 128,844)
Net current assets		1,045		11,932
Total assets less current liabilities		24,856		48,609
Provision for liabilities		( 4,486)		( 7,373)
Net assets		20,370		41,236
Capital and reserves
Called-up share capital		200		200
Profit and loss account		20,170		41,036
Total shareholder's funds		20,370		41,236

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 Mumbles Road Limited (registered number: 12608824) 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

Mumbles Road 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, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 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.

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	10 years straight line
Plant and machinery	4 years straight line
Vehicles	5 years straight line
Computer equipment	3 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.

The land and buildings are now depreciated over 10 years instead of 20 years as the directors have reviewed the accounting estimate and believe this reflects the anticipated useful economic life of the assets more accurately. Under the previous accounting estimate the land and buildings depreciation in the year ended 31 December 2024 would have totalled £2,638 compared to the actual current depreciation of land and buildings of £1,319.

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	4		4

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	13,189		24,787		31,236		820		70,032
Additions	0		650		0		0		650
At 31 December 2024	13,189		25,437		31,236		820		70,682
Accumulated depreciation
At 01 January 2024	6,002		14,953		11,580		820		33,355
Charge for the financial year	1,319		5,950		6,247		0		13,516
At 31 December 2024	7,321		20,903		17,827		820		46,871
Net book value
At 31 December 2024	5,868		4,534		13,409		0		23,811
At 31 December 2023	7,187		9,834		19,656		0		36,677

4. Debtors

	2024		2023
	£		£
Trade debtors	3,098		687
Amounts owed by Group undertakings	135,110		123,387
Other debtors	693		201
	138,901		124,275

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	1,842		2,123
Amounts owed to Group undertakings	68,422		67,000
Taxation and social security	36,485		23,644
Other creditors	36,199		36,077
	142,948		128,844

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

6. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
A company director	34,000		34,000

This amount is provided on terms that are interest free and repayable on demand.

Other related party transactions

	2024		2023
	£		£
The Secret Beach Bar and Kitchen Limited - Group Company Debtor	17,270		5,547
RGJL Ltd - Group Company Debtor	51,000		51,000
The Secret Hospitality Group Ltd - Group Company Debtor	66,840		66,840
LAH Companies Limited - Group Company Creditor	(32,346)		(32,346)
RDH Companies Limited - Group Company Creditor	(34,654)		(34,654)
Verdi's Limited- Group Company Creditor	(1,422)		0

These amounts are repayable on demand and interest free.