One Little Beach Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

One Little Beach Ltd

(Registration number: 08387958)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	855,528	856,144
Current assets
Debtors	5	245,446	245,446
Cash at bank and in hand		16	378
		245,462	245,824
Creditors: Amounts falling due within one year	6	(180,207)	(154,375)
Net current assets		65,255	91,449
Total assets less current liabilities		920,783	947,593
Creditors: Amounts falling due after more than one year	6	(674,997)	(674,998)
Net assets		245,786	272,595
Capital and reserves
Called up share capital		1	1
Revaluation reserve		-	365,000
Profit and loss account		245,785	(92,406)
Shareholders' funds		245,786	272,595

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 22 December 2025
 

Mr Simon Lea Director

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is letting of property.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Long leasehold property	No depreciation is applied to the investment property
Fixtures and fittings	15% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2024	850,000	7,228	857,228
Additions	-	5,286	5,286
Disposals	-	(5,795)	(5,795)
At 31 March 2025	850,000	6,719	856,719
Depreciation
At 1 April 2024	-	1,084	1,084
Charge for the year	-	976	976
Eliminated on disposal	-	(869)	(869)
At 31 March 2025	-	1,191	1,191
Carrying amount
At 31 March 2025	850,000	5,528	855,528
At 31 March 2024	850,000	6,144	856,144

The above long leasehold land and buildings relates to investment property.

Revaluation

The company's long leasehold property was revalued by the director on 31 March 2025. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £525,000 (2024 - £525,000).

5

Debtors

	Note	2025 £	2024 £
Amounts owed by related parties	9	245,446	245,446
		245,446	245,446

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		-	3,703
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	147,995	147,995
Accruals and deferred income		1,680	1,380
Other creditors		30,532	1,297
		180,207	154,375

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	674,997	674,998

The bank loan of £674,997 (2024: £674,998) is secured by way of a fixed and floating charge over all property or undertakings of the company.

Creditors include bank loans not repayable by instalments of £674,997 (2024 - £674,998) due after more than five years.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Included within the profit and loss account are non-distributable reserves totalling £365,000.

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	674,997	674,998

9	Related party transactions

Summary of transactions with key management

During the year the director entered in the following interest free advances and credits with the company. The loan is repayable on demand.
 

Transactions with the director

2025	At 1 April 2024 £	Advances to director £	Other payments made to company by director £	At 31 March 2025 £
Director	-	48,876	(77,438)	(28,562)

2024	At 1 April 2023 £	Advances to director £	Other payments made to company by director £	At 31 March 2024 £
Director	(3,364)	120,365	(117,001)	-

Other transactions with the director

The property was let to the company's director up until January 2024.

Summary of transactions with other related parties

Connected companies During the year the company entered into the following transactions with related parties:
The loans are interest free and repayable on demand.

One Little Beach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Related party transactions (continued)

Loans to related parties

2025	Other related parties £	Total £
At start of period	245,446	245,446
At end of period	245,446	245,446

2024	Other related parties £	Total £
Advanced	245,446	245,446
At end of period	245,446	245,446

Loans from related parties

2025	Parent £	Total £
At start of period	147,995	147,995
At end of period	147,995	147,995

2024	Parent £	Total £
At start of period	147,995	147,995
At end of period	147,995	147,995

10	Parent and ultimate parent undertaking

The ultimate parent undertaking of the company is Seascope Trading Limited, incorporated in England and Wales. The registered office is 47 Boutport Street, Barnstaple, Devon EX31 1SQ.