General Information
The Terrace Isle Of Wight Limited is a private company, limited by shares, registered in England and Wales, registration number 11787237, registration address Merlin House Brunel Road, Theale, Reading, Berkshire, England, RG7 4AB.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised at the point of sale, when bar and food products are served to customers.
Government grants
Grants received towards revenue expenditure are released to the profit and loss accounts as the related expenditure is incurred.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to property - Over the period of the 14 year lease
Plant & Machinery - 25% on cost
Fixtures & Fittings - 15% on cost
Computer Equipment - 33% on cost
Motor Vehicles - 25% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
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| 2. |
Average number of employees
Average number of employees during the year was 21 (2024 : 25).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
8,079 |
|
8,079 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
8,079 |
|
8,079 |
| Amortisation |
| At 01 April 2024 |
5,359 |
|
5,359 |
| Charge for year |
932 |
|
932 |
| On disposals |
- |
|
- |
| At 31 March 2025 |
6,291 |
|
6,291 |
| Net book values |
| At 31 March 2025 |
1,788 |
|
1,788 |
| At 31 March 2024 |
2,720 |
|
2,720 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
584,985 |
|
584,985 |
| Additions |
6,666 |
|
6,666 |
| Disposals |
- |
|
- |
| At 31 March 2025 |
591,651 |
|
591,651 |
| Depreciation |
| At 01 April 2024 |
240,508 |
|
240,508 |
| Charge for year |
67,325 |
|
67,325 |
| On disposals |
- |
|
- |
| At 31 March 2025 |
307,833 |
|
307,833 |
| Net book values |
| Closing balance as at 31 March 2025 |
283,818 |
|
283,818 |
| Opening balance as at 01 April 2024 |
344,477 |
|
344,477 |
|
|
Director's Advances, Credits And Guarantees
At the year end, the following balances existed on a loan account with the director.
P R Keen - £318,623 in credit (2024: £390,521 in credit)
The above loan is interest free with no fixed date of repayment.
|
| 6. |
Debtors: amounts falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Debtors |
|
- |
|
12,000 |
| Other Debtors |
|
5,816 |
|
4,454 |
|
|
5,816 |
|
16,454 |
|
| 7. |
Creditors: amount falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Creditors |
|
18,608 |
|
27,523 |
| Bank Loans & Overdrafts |
|
10,116 |
|
9,864 |
| taxation and Social Security |
|
31,480 |
|
19,093 |
| Other Creditors |
|
334,170 |
|
401,955 |
|
|
394,374 |
|
458,435 |
|
| 8. |
Creditors: amounts falling due after more than one year
| . |
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
|
15,746 |
|
25,974 |
|
|
15,746 |
|
25,974 |
|
| 9. |
Leasing agreements
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
|
2025
£ |
|
2024
£ |
| Within one year |
|
27,965 |
|
27,965 |
| Between one and five years |
|
111,860 |
|
111,860 |
| In more than five years |
|
256,862 |
|
314,606 |
|
|
396,687 |
|
454,431 |
|
| 10. |
Related Party Disclosure
During the year the company had use of a property owned by the director P R Keen, on a rent free basis.
|
| 11. |
Ultimate Controlling Party
The company is under the control of its director P R Keen.
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