|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 205 South Coast Road, Peacehaven, East Sussex, England, BN10 8LA. |
|
|
|
(2) Statement of compliance
|
| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
|
(3) Significant Accounting Policies
|
Going concern policy:
The going concern basis has been used. Of the company’s liabilities £34,638 is owed to the directors and it has been agreed that repayment will not be demanded while such action would adversely affect the company’s operations.
This basis has been applied on the continuing support of the creditors. If going concern basis were not appropriate, adjustments would have to be made to restate fixed assets as current assets, reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise. |
|
Basis of Preparation
|
|
| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
|
Revenue recognition
|
|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
|
Sale of goods
|
|
| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
|
|
Rendering of Services
|
|
| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
|
|
Rental income
|
|
| Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
|
|
Interest income
|
|
| Interest income is recognised using the effective interest method. |
|
|
Borrowing costs
|
|
| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
|
|
Intangible fixed assets
|
|
| Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
|
|
|
Goodwill
|
|
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life, which is estimated to be 10 years. Goodwill amortisation is included within administration expenses. |
|
|
Property, plant and equipment
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | 20% straight line | | Commercial Vehicles | | | Fixtures and Fittings | 25% reducing balance | | Equipment | 33% reducing balance | | Motor Cars | |
|
|
Inventories
|
|
| Inventories are measured at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs necessary to make the sale. |
|
|
Employee benefits
|
|
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
|
|
|
(4) Employees
|
| During the year, the average number of employees including director was 29 (2024 : 28). |
|
|
|
|
(5) Related party transactions
|
Transactions with companies, which are under the common control or influence, were as follows:
S and S Insurance services Limited:
At the reporting date £46,001 (2024: £46,001) was owed to S and S Insurance services Limited in respect of a short - term interest free loan repayable on demand.
The Greenwich Rooms Limited:
At the reporting date £33,690 (2024: £12,270) was owed to The Greenwich Rooms Limited in respect of a short - term interest free loan repayable on demand. |
|
|
|
(6) Fixed assets
|
| Intangible
£ | Tangible
£ | Totals
£ | | Cost | | | | | As at 01 March 2024 | 12,291 | 112,266 | 124,557 | | Additions | - | 4,229 | 4,229 | | As at 28 February 2025 | 12,291 | 116,495 | 128,786 | | Depreciation/Amortisation | | | | | As at 01 March 2024 | 6,555 | 64,239 | 70,794 | | For the year | 1,229 | 17,282 | 18,511 | | As at 28 February 2025 | 7,784 | 81,521 | 89,305 | | Net book value | | | | | As at 28 February 2025 | 4,507 | 34,974 | 39,481 | | As at 29 February 2024 | 5,736 | 48,027 | 53,763 |
|
|