Silverfin false false 31/12/2024 01/11/2023 31/12/2024 Gregory David Hole 08/03/2023 Janet Elizabeth Hole 08/03/2023 Lucy Alexandra Hole 08/03/2023 Ryan David Hole 08/03/2023 15 September 2025 The principal activity of the company in the period under review was that of a licensed restaurant. 02604475 2024-12-31 02604475 bus:Director1 2024-12-31 02604475 bus:Director2 2024-12-31 02604475 bus:Director3 2024-12-31 02604475 bus:Director4 2024-12-31 02604475 2023-10-31 02604475 core:CurrentFinancialInstruments 2024-12-31 02604475 core:CurrentFinancialInstruments 2023-10-31 02604475 core:ShareCapital 2024-12-31 02604475 core:ShareCapital 2023-10-31 02604475 core:RetainedEarningsAccumulatedLosses 2024-12-31 02604475 core:RetainedEarningsAccumulatedLosses 2023-10-31 02604475 core:LeaseholdImprovements 2023-10-31 02604475 core:PlantMachinery 2023-10-31 02604475 core:Vehicles 2023-10-31 02604475 core:OfficeEquipment 2023-10-31 02604475 core:LeaseholdImprovements 2024-12-31 02604475 core:PlantMachinery 2024-12-31 02604475 core:Vehicles 2024-12-31 02604475 core:OfficeEquipment 2024-12-31 02604475 core:CostValuation 2023-10-31 02604475 core:CostValuation 2024-12-31 02604475 2023-11-01 2024-12-31 02604475 bus:FilletedAccounts 2023-11-01 2024-12-31 02604475 bus:SmallEntities 2023-11-01 2024-12-31 02604475 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-12-31 02604475 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-12-31 02604475 bus:Director1 2023-11-01 2024-12-31 02604475 bus:Director2 2023-11-01 2024-12-31 02604475 bus:Director3 2023-11-01 2024-12-31 02604475 bus:Director4 2023-11-01 2024-12-31 02604475 core:LeaseholdImprovements core:TopRangeValue 2023-11-01 2024-12-31 02604475 core:PlantMachinery 2023-11-01 2024-12-31 02604475 core:Vehicles 2023-11-01 2024-12-31 02604475 core:OfficeEquipment 2023-11-01 2024-12-31 02604475 2022-05-01 2023-10-31 02604475 core:LeaseholdImprovements 2023-11-01 2024-12-31 02604475 core:CurrentFinancialInstruments 2023-11-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 02604475 (England and Wales)

# VERDI'S LTD.

### Unaudited Financial Statements
For the financial period from 01 November 2023 to 31 December 2024
Pages for filing with the registrar

VERDI'S LTD.

## Unaudited Financial Statements

For the financial period from 01 November 2023 to 31 December 2024

Contents

VERDI'S LTD.

## BALANCE SHEET

As at 31 December 2024
VERDI'S LTD.

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 31.12.2024 |  | 31.10.2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 467,748 |  | 501,194
Investments | 4 | 100 |  | 100
|  | 467,848 |  | 501,294
Current assets |  |  |  |
Stocks |  | 54,834 |  | 72,704
Debtors | 5 | 917,767 |  | 495,547
Cash at bank and in hand |  | 93,056 |  | 222,098
|  | 1,065,657 |  | 790,349
Creditors: amounts falling due within one year | 6 | ( 762,075) |  | ( 625,998)
Net current assets |  | 303,582 |  | 164,351
Total assets less current liabilities |  | 771,430 |  | 665,645
Provision for liabilities |  | ( 29,468) |  | ( 33,652)
Net assets |  | 741,962 |  | 631,993
Capital and reserves |  |  |  |
Called-up share capital |  | 50,000 |  | 50,000
Profit and loss account |  | 691,962 |  | 581,993
Total shareholder's funds |  | 741,962 |  | 631,993

For the financial period 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 member has not required the Company to obtain an audit of its financial statements for the financial period 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Verdi's Ltd. (registered number: 02604475) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

Ryan David Hole Director |

VERDI'S LTD.

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 December 2024
VERDI'S LTD.

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

##### General information and basis of accounting

Verdi's Ltd. (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 The Secret Beach Bar And Kitchen, Mumbles Road, Swansea, SA2 0AY, Wales, United Kingdom. The principal place of business is Knab Rock, Mumbles Road, Mumbles, Swansea, SA3 4EE.
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 £.

##### Reporting period length

The financial statements have been prepared for an extended period of 14 months to 31 December 2024, so as to align the company year end with other group companies. The comparatives are for an 18 month period to 31 October 2023. The results of the current year and comparatives are, as a result, not entirely comparable.

##### Turnover

Turnover represents food and drink sales and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. It is shown net of VAT, voluntary gratuities and other sales related taxes.
Turnover is recognised at the point of completion of a transaction with a customer when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### 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.
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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 | 50 years straight line
Plant and machinery | 20 % reducing balance
Vehicles | 25 % reducing balance
Office equipment | 10 % reducing balance

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.

##### Leases

The Company as lessee
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### 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.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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 payments 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. Amounts 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

##### 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

| Period from 01.11.2023 to 31.12.2024 |  | Period from 01.05.2022 to 31.10.2023
| Number |  | Number
Monthly average number of persons employed by the Company during the period, including directors | 90 |  | 118

#### 3. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 November 2023 | 669,785 |  | 553,411 |  | 14,995 |  | 86,818 |  | 1,325,009
Additions | 0 |  | 17,484 |  | 0 |  | 2,028 |  | 19,512
At 31 December 2024 | 669,785 |  | 570,895 |  | 14,995 |  | 88,846 |  | 1,344,521
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 November 2023 | 317,183 |  | 420,909 |  | 13,748 |  | 71,975 |  | 823,815
Charge for the financial period | 15,627 |  | 34,998 |  | 364 |  | 1,969 |  | 52,958
At 31 December 2024 | 332,810 |  | 455,907 |  | 14,112 |  | 73,944 |  | 876,773
Net book value |  |  |  |  |  |  |  |  |
At 31 December 2024 | 336,975 |  | 114,988 |  | 883 |  | 14,902 |  | 467,748
At 31 October 2023 | 352,602 |  | 132,502 |  | 1,247 |  | 14,843 |  | 501,194

#### 4. Fixed asset investments

| Other investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 November 2023 | 100 |  | 100
At 31 December 2024 | 100 |  | 100
Carrying value at 31 December 2024 | 100 |  | 100
Carrying value at 31 October 2023 | 100 |  | 100

#### 5. Debtors

| 31.12.2024 |  | 31.10.2023
| £ |  | £
Trade debtors | 44,695 |  | 16,752
Amounts owed by Group undertakings | 830,238 |  | 430,865
Prepayments | 42,834 |  | 47,930
| 917,767 |  | 495,547

#### 6. Creditors: amounts falling due within one year

| 31.12.2024 |  | 31.10.2023
| £ |  | £
Trade creditors | 44,714 |  | 77,701
Amounts owed to Group undertakings | 556,253 |  | 49,585
Accruals | 35,612 |  | 49,527
Taxation and social security | 120,135 |  | 401,640
Other creditors | 5,361 |  | 47,545
| 762,075 |  | 625,998

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

#### 7. Financial commitments

Commitments

| 31.12.2024 |  | 31.10.2023
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 30,000 |  | 40,000

The operating lease for the land and buildings also includes an uplift of the rent by a percentage of annual turnover. This is not included in the disclosed commitment above due to not being able to be accurately estimated, as it is based on turnover in future periods.

#### 8. Related party transactions

Other related party transactions

| 31.12.2024 |  | 31.10.2023
| £ |  | £
The Secret Beach Bar and Kitchen Limited - Debtor | 518,752 |  | 358,373
Vesuvio Leisure Limited - Debtor | 229,812 |  | 72,495
The Secret Hospitality Group Ltd - Creditor | (542,223) |  | (49,585)
The Secret Distribution Company Limited- Debtor | 81,674 |  | 0
Oystermouth Road Limited- Creditor | (14,030) |  | 0