Registration number: 06678201

Above the Bay Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

Above the Bay Ltd

Company Information

Director

Mr Ian Lancaster

Registered office

8 Whittle Court Knowhill Milton Keynes MK5 8FT

Accountants

Harland Accountants Ground Floor, Unit 3 Southview House St Austell Enterprise Park Carclaze Down St Austell Cornwall PL25 4EJ

Above the Bay Ltd

(Registration number: 06678201)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	10,190	13,586
Tangible assets	5	560,277	145,793
Investments	6	1,734,000	1,734,000
		2,304,467	1,893,379
Current assets
Stocks		27,765	21,555
Debtors		1,797,577	1,821,138
Cash at bank and in hand		5,414	27,068
		1,830,756	1,869,761
Creditors: Amounts falling due within one year		(2,398,680)	(1,508,256)
Net current (liabilities)/assets		(567,924)	361,505
Total assets less current liabilities		1,736,543	2,254,884
Creditors: Amounts falling due after more than one year		(324,956)	(760,470)
Net assets		1,411,587	1,494,414
Capital and reserves
Called up share capital	7	21,053	21,053
Revaluation reserve		(71,385)	(71,385)
Other reserves		114,207	-
Retained earnings		1,347,712	1,544,746
Shareholders' funds		1,411,587	1,494,414

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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Above the Bay Ltd

(Registration number: 06678201)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025
 

......................................... Mr Ian Lancaster Director

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Whittle Court
Knowhill
Milton Keynes
MK5 8FT

These financial statements were authorised for issue by the director on 30 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Above The Bay Limited as an individual company and do not contain consolidated financial information as a parent of a group. The company has taken the option under s398 of the Companies Act 2006 not to prepare group financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Course machinery and equipment	at varying rates on cost
Fixtures, fittings and equipment	20% on cost
Office equipment	at varying rates on cost
Buildings	2% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 33 (2023 - 33).

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	15,225	15,225
At 31 December 2024	15,225	15,225
Amortisation
At 1 January 2024	1,639	1,639
Amortisation charge	3,396	3,396
At 31 December 2024	5,035	5,035
Carrying amount
At 31 December 2024	10,190	10,190
At 31 December 2023	13,586	13,586

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	-	158,519	393,278	551,797
Additions	288,268	80,506	135,610	504,384
Disposals	-	(1,749)	(71,604)	(73,353)
At 31 December 2024	288,268	237,276	457,284	982,828
Depreciation
At 1 January 2024	-	50,799	355,205	406,004
Charge for the year	5,765	37,023	47,112	89,900
Eliminated on disposal	-	(1,749)	(71,604)	(73,353)
At 31 December 2024	5,765	86,073	330,713	422,551
Carrying amount
At 31 December 2024	282,503	151,203	126,571	560,277
At 31 December 2023	-	107,720	38,073	145,793

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £282,503 (2023 - £Nil) in respect of long leasehold land and buildings.
 

6	Investments

	2024 £	2023 £
Investments in subsidiaries	1,734,000	1,734,000