Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr S J Karkeek 13/06/2012 Mr R J Karkeek 01/01/2016 Ms A L Wray 20/06/2017 18 February 2026 The principal activity of the company is that of restaurant operations. 08103403 2024-12-31 08103403 bus:Director1 2024-12-31 08103403 bus:Director2 2024-12-31 08103403 bus:Director3 2024-12-31 08103403 2023-12-31 08103403 core:CurrentFinancialInstruments 2024-12-31 08103403 core:CurrentFinancialInstruments 2023-12-31 08103403 core:Non-currentFinancialInstruments 2024-12-31 08103403 core:Non-currentFinancialInstruments 2023-12-31 08103403 core:ShareCapital 2024-12-31 08103403 core:ShareCapital 2023-12-31 08103403 core:RetainedEarningsAccumulatedLosses 2024-12-31 08103403 core:RetainedEarningsAccumulatedLosses 2023-12-31 08103403 core:LandBuildings 2023-12-31 08103403 core:FurnitureFittings 2023-12-31 08103403 core:OfficeEquipment 2023-12-31 08103403 core:LandBuildings 2024-12-31 08103403 core:FurnitureFittings 2024-12-31 08103403 core:OfficeEquipment 2024-12-31 08103403 bus:OrdinaryShareClass1 2024-12-31 08103403 bus:OrdinaryShareClass2 2024-12-31 08103403 bus:PreferenceShareClass1 2024-12-31 08103403 core:WithinOneYear 2024-12-31 08103403 core:WithinOneYear 2023-12-31 08103403 core:BetweenOneFiveYears 2024-12-31 08103403 core:BetweenOneFiveYears 2023-12-31 08103403 2024-01-01 2024-12-31 08103403 bus:FilletedAccounts 2024-01-01 2024-12-31 08103403 bus:SmallEntities 2024-01-01 2024-12-31 08103403 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 08103403 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08103403 bus:Director1 2024-01-01 2024-12-31 08103403 bus:Director2 2024-01-01 2024-12-31 08103403 bus:Director3 2024-01-01 2024-12-31 08103403 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 08103403 core:FurnitureFittings 2024-01-01 2024-12-31 08103403 core:OfficeEquipment 2024-01-01 2024-12-31 08103403 2023-01-01 2023-12-31 08103403 core:LandBuildings 2024-01-01 2024-12-31 08103403 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 08103403 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 08103403 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 08103403 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08103403 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 08103403 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 08103403 bus:PreferenceShareClass1 2024-01-01 2024-12-31 08103403 bus:PreferenceShareClass1 2023-01-01 2023-12-31 08103403 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08103403 (England and Wales)

# S J K SURF LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

S J K SURF LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

S J K SURF LIMITED

## BALANCE SHEET

As at 31 December 2024
S J K SURF LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 177,470 |  | 331,533
|  | 177,470 |  | 331,533
Current assets |  |  |  |
Stocks | 4 | 5,192 |  | 3,683
Debtors |  |  |  |
- due within one year | 5 | 86,788 |  | 65,218
- due after more than one year | 5 | 7,305 |  | 6,311
Cash at bank and in hand |  | 10,029 |  | 3,350
|  | 109,314 |  | 78,562
Creditors: amounts falling due within one year | 6 | ( 735,220) |  | ( 489,853)
Net current liabilities |  | (625,906) |  | (411,291)
Total assets less current liabilities |  | (448,436) |  | (79,758)
Creditors: amounts falling due after more than one year | 7 | ( 229,960) |  | ( 304,043)
Net liabilities |  | ( 678,396) |  | ( 383,801)
Capital and reserves |  |  |  |
Called-up share capital | 8 | 100,106 |  | 100,106
Profit and loss account |  | ( 778,502 ) |  | ( 483,907 )
Total shareholders' deficit |  | ( 678,396) |  | ( 383,801)

For the financial year 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 members have not required the Company to obtain an audit of its financial statements for the financial year 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 Profit and Loss Account has not been delivered.

The financial statements of S J K Surf Limited (registered number: 08103403) were approved and authorised for issue by the Board of Directors on 18 February 2026. They were signed on its behalf by:

Mr S J Karkeek Director |

S J K SURF LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
S J K SURF LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

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

##### General information and basis of accounting

S J K Surf Limited (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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Watergate Bay, Newquay, Cornwall, TR8 4AB.
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 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 £.

##### Going concern

The company entered into a Company Voluntary Arrangement (CVA) on 19th March 2019. In the opinion of the directors, following this CVA, the company is a going concern. The financial statements have been prepared on this basis. The CVA was completed post year end, on 4 February 2025.

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £678,396. The Company is supported through loans from connected companies. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the connected companies will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

##### Employee benefits

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

##### 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings | 10 years straight line
Fixtures and fittings | 20 % reducing balance
Office equipment | 20 % 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.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.

##### 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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

##### 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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

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

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 20 |  | 42

#### 3. Tangible assets

| Land and buildings |  | Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 January 2024 | 590,694 |  | 326,521 |  | 25,594 |  | 942,809
Disposals | ( 314,549) |  | 0 |  | 0 |  | ( 314,549)
At 31 December 2024 | 276,145 |  | 326,521 |  | 25,594 |  | 628,260
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2024 | 386,436 |  | 208,915 |  | 15,925 |  | 611,276
Charge for the financial year | 27,613 |  | 23,500 |  | 1,931 |  | 53,044
Disposals | ( 213,530) |  | 0 |  | 0 |  | ( 213,530)
At 31 December 2024 | 200,519 |  | 232,415 |  | 17,856 |  | 450,790
Net book value |  |  |  |  |  |  |
At 31 December 2024 | 75,626 |  | 94,106 |  | 7,738 |  | 177,470
At 31 December 2023 | 204,258 |  | 117,606 |  | 9,669 |  | 331,533

#### 4. Stocks

| 2024 |  | 2023
| £ |  | £
Stocks | 5,192 |  | 3,683

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 10,793 |  | 14,496
Amounts owed by directors | 63,517 |  | 38,499
Prepayments | 12,478 |  | 12,223
| 86,788 |  | 65,218
Debtors: amounts falling due after more than one year |  |  |
Other debtors | 7,305 |  | 6,311

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

| 2024 |  | 2023
| £ |  | £
Trade creditors | 41,868 |  | 32,785
Taxation and social security | 145,154 |  | 153,544
Other creditors | 548,198 |  | 303,524
| 735,220 |  | 489,853

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

#### 7. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Other creditors | 229,960 |  | 304,043

There are no amounts included above in respect of which any security has been given by the small entity.
The above liability of £229,960 (2023: £291,960) relates to the company voluntary arrangement. Following completion of the company voluntary arrangement on 4 February 2025, this liability will be credited to the profit and loss account.

#### 8. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100
6 Ordinary B shares of £ 1.00 each | 6 |  | 6
| 106 |  | 106
100,000 Preference shares shares of £ 1.00 each | 100,000 |  | 100,000
| 100,106 |  | 100,106

#### 9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2024 |  | 2023
| £ |  | £
within one year | 66,444 |  | 76,944
between one and five years | 99,000 |  | 165,000
Total future minimum lease payments under non-cancellable operating leases | 165,444 |  | 241,944

The above commitments relate to lease rentals for premises used by the company and equipment lease commitments.

#### 10. Related party transactions

Transactions with the entity's directors

| 2024 |  | 2023
| £ |  | £
Balance outstanding brought forward | 38,499 |  | 0
Amounts advanced | 131,359 |  | 152,371
Amounts repaid | (106,341) |  | (113,872)
Balance outstanding at year end | 63,517 |  | 38,499

Interest is charged on this loan at a rate of 2.25% and it is repayable on demand.

#### 11. Events after the Balance Sheet date

On 4 February 2025, the company voluntary arrangement, that the company entered into on 19 March 2019, was completed. The company shows a liability due over one year on it's balance sheet, worth £229,960 (2023: £291,960) which will be credited to the profit and loss account on completion of the company voluntary arrangement.