Company No: 00693120 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	38,731		45,987
		38,731		45,987
Current assets
Stocks	4	59,097		44,719
Debtors	5	27,344		24,683
Cash at bank and in hand	6	250,193		312,614
		336,634		382,016
Creditors: amounts falling due within one year	7	( 167,886)		( 176,061)
Net current assets		168,748		205,955
Total assets less current liabilities		207,479		251,942
Creditors: amounts falling due after more than one year	8	( 7,575)		( 25,757)
Provision for liabilities		( 7,907)		( 8,822)
Net assets		191,997		217,363
Capital and reserves
Called-up share capital		3,000		3,000
Profit and loss account		188,997		214,363
Total shareholders' funds		191,997		217,363

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 members have 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 Profit and Loss Account has not been delivered.

The financial statements of Lobster Pot (Portland Bill) Limited (registered number: 00693120) were approved and authorised for issue by the Board of Directors on 19 September 2025. They were signed on its behalf by:

Mrs H C Kearns 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

Lobster Pot (Portland Bill) 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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised 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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Leasehold improvements	15 % reducing balance
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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	32		30

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	199,268		150,541		23,917		17,525		391,251
Additions	0		1,130		0		6,294		7,424
Disposals	0		0		( 4,000)		0		( 4,000)
At 31 December 2024	199,268		151,671		19,917		23,819		394,675
Accumulated depreciation
At 01 January 2024	193,924		124,937		15,950		10,453		345,264
Charge for the financial year	802		6,577		1,992		4,953		14,324
Disposals	0		0		( 3,644)		0		( 3,644)
At 31 December 2024	194,726		131,514		14,298		15,406		355,944
Net book value
At 31 December 2024	4,542		20,157		5,619		8,413		38,731
At 31 December 2023	5,344		25,604		7,967		7,072		45,987

4. Stocks

	2024		2023
	£		£
Stocks	59,097		44,719

5. Debtors

	2024		2023
	£		£
Other debtors	27,344		24,683

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	250,193		312,614

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	18,182		18,182
Trade creditors	17,295		26,507
Taxation and social security	82,377		83,093
Other creditors	50,032		48,279
	167,886		176,061

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

	2024		2023
	£		£
Bank loans	7,575		25,757

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

9. Related party transactions

Transactions with the entity's directors

The directors loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

Mrs H C Kearns

At 1st January 2024 the balance owed from the director was £nil. During the year, the company made advances to director amounting to £9,129 and received repayments of £9,129, leaving a balance due from the directors of £nil.

At 1st January 2023 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £71,745 and received repayments of £71,745, leaving a balance due from the director of £nil.

Mr M D & Mrs H A Brain

At 1st January 2024 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £61,654 and received repayments of £61,654, leaving a balance due from the directors of £nil.

At 1st January 2023 the balance owed from the directors was £64,596. During the year, the company made advances to directors amounting to £149,073 and received repayments of £213,669 leaving, a balance due from the directors of £nil.