Company Registration No. 02901272 (England and Wales)
OYSTERFLEET PLC
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
OYSTERFLEET PLC
COMPANY INFORMATION
Directors
Mr B G White
Mr C Fenwick
Mrs H Phillips
Mr S Mathews
Secretary
Mrs S Robinson
Company number
02901272
Registered office
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
Auditor
Maynard Heady LLP
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
Solicitors
Harvey Copping
Lakeside House
9 Knightswick Road
Canvey Island
Essex
SS8 9PA
OYSTERFLEET PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
OYSTERFLEET PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

20 25 represented a successful trading year for the company.

The directors manage the company in order to maximize its potential within the prevailing economic conditions.

Principal risks and uncertainties

The company has a strong balance sheet and seeks to preserve its financial position through prudent working capital management and securing access to cash facilities.

Key performance indicators

As noted on page 7, the company's profit before tax for the year was £620,469, giving a margin of 20.19% (2024 - £286,170 / 8.99%), and the net profit after tax amounted to £488,045 (2024 - £196,192).

All of the company’s key performance indicators remain satisfactory and the balance sheet shows the group to be in a strong financial position.

On behalf of the board

Mr B G White
Director
22 October 2025
OYSTERFLEET PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of hoteliers and bar owners.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £296,907. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B G White
Mr C Fenwick
Mrs H Phillips
Mr S Mathews
Future developments
The directors are continuing the development of the Oysterfleet Hotel and anticipate that this will result in enhanced profitability during the forthcoming years.
Auditor

In accordance with the Company's Articles, a resolution proposing that Maynard Heady LLP be reappointed as auditors of the company will be put to the Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr B G White
Director
22 October 2025
OYSTERFLEET PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OYSTERFLEET PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OYSTERFLEET PLC
- 4 -
Opinion

We have audited the financial statements of Oysterfleet PLC (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

OYSTERFLEET PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OYSTERFLEET PLC (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with laws and regulations. This risk increases the more that compliance with a law and regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

OYSTERFLEET PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OYSTERFLEET PLC (CONTINUED)
- 6 -
Stephanie Caten FCA CTA (Senior Statutory Auditor)
For and on behalf of Maynard Heady LLP, Statutory Auditor
Chartered Accountants
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
22 October 2025
OYSTERFLEET PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
3,072,641
3,183,971
Cost of sales
(1,845,362)
(2,116,022)
Gross profit
1,227,279
1,067,949
Administrative expenses
(662,399)
(774,913)
Other operating income
39,340
25,900
Operating profit
4
604,220
318,936
Interest payable and similar expenses
5
(25,814)
(32,766)
Amounts written off investments
6
42,063
-
Profit before taxation
620,469
286,170
Tax on profit
9
(163,531)
(89,978)
Profit for the financial year
456,938
196,192

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OYSTERFLEET PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
£
£
Profit for the year
456,938
196,192
Other comprehensive income
Revaluation of tangible fixed assets
(295,832)
-
0
Total comprehensive income for the year
161,106
196,192
OYSTERFLEET PLC
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,440,877
2,923,334
Investment property
13
182,902
-
0
2,623,779
2,923,334
Current assets
Stocks
14
37,271
51,671
Debtors
15
59,067
59,244
Cash at bank and in hand
316,458
117,796
412,796
228,711
Creditors: amounts falling due within one year
16
(588,365)
(470,810)
Net current liabilities
(175,569)
(242,099)
Total assets less current liabilities
2,448,210
2,681,235
Creditors: amounts falling due after more than one year
17
(213,115)
(303,894)
Provisions for liabilities
Deferred tax liability
19
59,001
65,446
(59,001)
(65,446)
Net assets
2,176,094
2,311,895
Capital and reserves
Called up share capital
21
618,957
618,957
Share premium account
56,443
56,443
Revaluation reserve
-
0
895,979
Profit and loss reserves
1,500,694
740,516
Total equity
2,176,094
2,311,895
The financial statements were approved by the board of directors and authorised for issue on 22 October 2025 and are signed on its behalf by:
Mr B G White
Director
Company registration number 02901272 (England and Wales)
OYSTERFLEET PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2023
618,957
56,443
895,979
841,231
2,412,610
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
196,192
196,192
Dividends
11
-
-
-
(296,907)
(296,907)
Balance at 30 April 2024
618,957
56,443
895,979
740,516
2,311,895
Year ended 30 April 2025:
Profit
-
-
-
456,938
456,938
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(295,832)
-
(295,832)
Total comprehensive income
-
-
(295,832)
456,938
161,106
Dividends
11
-
-
-
(296,907)
(296,907)
Transfers
-
-
-
0
600,147
600,147
Other movements
-
-
(600,147)
-
(600,147)
Balance at 30 April 2025
618,957
56,443
-
0
1,500,694
2,176,094
OYSTERFLEET PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
641,070
481,077
Interest paid
(25,814)
(32,766)
Income taxes paid
(86,283)
(81,784)
Net cash inflow from operating activities
528,973
366,527
Investing activities
Purchase of tangible fixed assets
(62,570)
(172,722)
Proceeds on disposal of tangible fixed assets
115,000
37,666
Net cash generated from/(used in) investing activities
52,430
(135,056)
Financing activities
Increase / repayment of bank loans
(85,834)
(82,435)
Dividends paid
(296,907)
(296,907)
Net cash used in financing activities
(382,741)
(379,342)
Net increase/(decrease) in cash and cash equivalents
198,662
(147,871)
Cash and cash equivalents at beginning of year
117,796
265,667
Cash and cash equivalents at end of year
316,458
117,796
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
1
Accounting policies
Company information

Oysterfleet PLC is a private company limited by shares incorporated in England and Wales. The registered office is Matrix House, 12-16 Lionel Road, Canvey Island, Essex, SS8 9DE.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value). The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Food and Drink

- Hotel Accommodation

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Food and Drink

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Hotel Accommodation

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
2% straight line
Fixtures, fittings and equipment
25% reducing balance
Computer equipment
33% straight line

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

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 paymen ts 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. A m ounts 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Restaurant Sales
2,379,898
2,537,556
Hotel Sales
692,743
646,415
3,072,641
3,183,971
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
3,072,641
3,183,971
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
70,446
79,337
(Profit)/loss on disposal of tangible fixed assets
(77,090)
48,218
Operating lease charges
23,971
40,001
5
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,931
32,766
Other interest on financial liabilities
(117)
-
0
25,814
32,766
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
6
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
42,063
-
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
7
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
4,500
For other services
All other non-audit services
10,250
9,833
8
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration
4
4
Catering, bar and hotel
57
74
61
78

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
996,422
1,156,017
Social security costs
69,594
71,307
Pension costs
13,743
15,936
1,079,759
1,243,260
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
169,976
86,283
Deferred tax
Origination and reversal of timing differences
(6,445)
3,695
Total tax charge
163,531
89,978
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
9
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
620,469
286,170
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
155,117
71,543
Tax effect of expenses that are not deductible in determining taxable profit
28,809
166
Gains not taxable
(21,047)
-
0
Depreciation on assets not qualifying for tax allowances
7,097
16,701
Other non-reversing timing differences
-
0
(2,127)
Deferred tax adjustments in respect of prior years
(6,445)
3,695
Taxation charge for the year
163,531
89,978
10
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
55,000
51,912
Company pension contributions to defined contribution schemes
1,321
1,321
56,321
56,321
11
Dividends
2025
2024
£
£
Final paid
296,907
296,907
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 May 2024
3,477,715
1,017,328
458
4,495,501
Additions
60,300
2,270
-
0
62,570
Disposals
-
0
(677,443)
-
0
(677,443)
Revaluation
(410,870)
-
0
-
0
(410,870)
Transfer to investment property
(182,902)
-
0
-
0
(182,902)
At 30 April 2025
2,944,243
342,155
458
3,286,856
Depreciation and impairment
At 1 May 2024
720,754
850,956
457
1,572,167
Depreciation charged in the year
37,804
32,641
1
70,446
Eliminated in respect of disposals
-
0
(639,533)
-
0
(639,533)
Revaluation
(115,038)
-
0
-
0
(115,038)
Transfer to investment property
(42,063)
-
0
-
0
(42,063)
At 30 April 2025
601,457
244,064
458
845,979
Carrying amount
At 30 April 2025
2,342,786
98,091
-
0
2,440,877
At 30 April 2024
2,756,961
166,372
1
2,923,334

13
Investment property
2025
£
Fair value
At 1 May 2024
-
0
Transfers from owner-occupied property
140,839
Net gains or losses through fair value adjustments
42,063
At 30 April 2025
182,902

The investment property is valued at fair value, by director assessment as at 30/04/2025.

14
Stocks
2025
2024
£
£
Finished goods and goods for resale
37,271
51,671
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
15,220
19,747
Other debtors
17,500
4,500
Prepayments and accrued income
26,347
34,997
59,067
59,244
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
87,345
82,400
Payments received on account
58,121
45,689
Trade creditors
74,939
78,692
Corporation tax
169,976
86,283
Other taxation and social security
127,368
117,208
Other creditors
36,546
32,881
Accruals and deferred income
34,070
27,657
588,365
470,810
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
213,115
303,894
18
Loans and overdrafts
2025
2024
£
£
Bank loans
300,460
386,294
Payable within one year
87,345
82,400
Payable after one year
213,115
303,894

The aggregate amount of creditors for which security has been given amounted to £300,460 (2024: £386,294).

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
48,485
65,446
Investment property
10,516
-
59,001
65,446
2025
Movements in the year:
£
Liability at 1 May 2024
65,446
Credit to profit or loss
(16,961)
Charge to other comprehensive income
10,516
Liability at 30 April 2025
59,001

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,743
15,936

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
618,557
618,557
618,557
618,557
"B" Ordinary shares of £1 each
400
400
400
400
618,957
618,957
618,957
618,957
OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
5,220
5,220
Between two and five years
-
0
5,220
5,220
10,440
23
Ultimate controlling party

By virtue of its shareholding, Appointway Limited is the ultimate controlling party, a company incorporated in the UK.

The registered address of Appointway Limited is Matrix House, 12-16 Lionel Road, Canvey Island, Essex, SS8 9DE.

24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
55,000
55,000
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Other related parties
260
15,582
Rent
2025
2024
£
£
Other related parties
15,185
25,000

OYSTERFLEET PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
25
Cash generated from operations
2025
2024
£
£
Profit after taxation
456,938
196,192
Adjustments for:
Taxation charged
163,531
89,978
Finance costs
25,814
32,766
(Gain)/loss on disposal of tangible fixed assets
(77,090)
48,218
Fair value gain on investment properties
(42,063)
-
0
Depreciation and impairment of tangible fixed assets
70,446
79,337
Movements in working capital:
Decrease/(increase) in stocks
14,400
(675)
Decrease in debtors
177
37,158
Increase/(decrease) in creditors
28,917
(1,897)
Cash generated from operations
641,070
481,077
26
Analysis of changes in net funds/(debt)
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
117,796
198,662
316,458
Borrowings excluding overdrafts
(386,294)
85,834
(300,460)
(268,498)
284,496
15,998
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