Ann's Cottage Surf Shop (Wadebridge) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04768926

Ann's Cottage Surf Shop (Wadebridge) Limited

Filleted Unaudited Financial Statements

31 March 2025

Ann's Cottage Surf Shop (Wadebridge) Limited

Statement of Financial Position

31 March 2025

	31 Mar 25		31 Jan 24
Note	£	£	£

Fixed assets

Tangible assets	5		194,045	205,735

Current assets

Stocks		1,352,244	1,171,526
Debtors	6	598,162	123,938
Cash at bank and in hand		2,267,568	3,084,511
		------------	------------
		4,217,974	4,379,975

Creditors: amounts falling due within one year	7	1,991,423		2,170,349
		------------		------------
Net current assets			2,226,551	2,209,626
			------------	------------
Total assets less current liabilities			2,420,596	2,415,361

Provisions

Taxation including deferred tax	9,512	–
	------------	------------
Net assets	2,411,084	2,415,361
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	2,411,082	2,415,359
	------------	------------
Shareholders funds	2,411,084	2,415,361
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the period ending 31 March 2025 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 period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ann's Cottage Surf Shop (Wadebridge) Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 18 August 2025 , and are signed on behalf of the board by:

Mrs R Cornelius

Director

Company registration number: 04768926

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Ann's Cottage Surf Shop (Wadebridge) Limited

Notes to the Financial Statements

Period from 1 February 2024 to 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 4 Higher Pityme Farm, Pityme Business Centre, St Minver, Wadebridge, Cornwall, PL27 6NU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	Straight line over 10-15 years
Fixtures and fittings	-	20% straight line
Equipment	-	20% straight line

Leased assets are depreciated over the term of the lease except where there is an expectation that the lease will continue.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Weighted average cost is used for stock valuation.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension scheme

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 66 (2024: 106 ).

5. Tangible assets

	Short Leasehold Properties	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 February 2024	845,245	573,691	164,557	1,583,493
Additions	4,554	–	57,817	62,371
	---------	---------	---------	------------
At 31 March 2025	849,799	573,691	222,374	1,645,864
	---------	---------	---------	------------
Depreciation
At 1 February 2024	652,690	573,400	151,668	1,377,758
Charge for the period	55,114	( 207)	19,154	74,061
	---------	---------	---------	------------
At 31 March 2025	707,804	573,193	170,822	1,451,819
	---------	---------	---------	------------
Carrying amount
At 31 March 2025	141,995	498	51,552	194,045
	---------	---------	---------	------------
At 31 January 2024	192,555	291	12,889	205,735
	---------	---------	---------	------------

6. Debtors

	31 Mar 25	31 Jan 24
	£	£
Trade debtors	724	670
Amounts owed by group undertakings and undertakings in which the company has a participating interest	198,166	48,828
Other debtors	399,272	74,440
	---------	---------
	598,162	123,938
	---------	---------

7. Creditors: amounts falling due within one year

	31 Mar 25	31 Jan 24
	£	£
Bank loans and overdrafts	45,160	–
Trade creditors	301,880	73,304
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,446,842	1,571,260
Corporation tax	15,971	23,895
Social security and other taxes	174,833	324,093
Other creditors	6,737	177,797
	------------	------------
	1,991,423	2,170,349
	------------	------------

8. Related party transactions

Transactions with associates Ann's Cottage Surf Shop (Wadebridge) Limited has transactions with associated entities. During the year the company purchased stock of £5,877,397 (2024 - £5,685,588) from an associate. Management charges of £49,742 (2024 - £42,636) were also charged by the associated company during the year. At the balance sheet date, the amount owed to the associated company was £1,446,842 (2024 - £1,571,260). There were further transactions with associated entities during the year of £284,026 (2024 - £52,316). At the balance sheet date the amount owed by these associated entities was £284,026. In addition there was a trade receivable balance owed by an associated company of £670. Transactions with directors There was no net movement in the directors loan account during the year. The balance due to the director at the year end was £599 (2024 £599). The loan is non interest bearing and repayable on demand. Management charges of £0 (2024 - £25,000) were payable to a director in the year. Summary of transactions with other related parties During the year the company entered into the following transactions with related parties. Consultancy services were provided by another related party to the value of £0, (2024 - £10,440) The company is a lessee of one of its sites from a pension scheme owned by R Cornelius and E Doney. During the year rents of £55,417 (2024 - £47,500) were paid to the scheme.