Registration number: 14674145

Reef n Beef Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Reef n Beef Ltd

Company Information

Director

Mr Mitchell Jay Williams

Registered office

4 Victory Close Madron Penzance Cornwall TR20 8FF

Accountants

D.J. Reynolds & Co. 15 Alverton Street Penzance Cornwall TR18 2QP

Reef n Beef Ltd

(Registration number: 14674145)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	400	450
Tangible assets	5	22,668	30,336
		23,068	30,786
Current assets
Cash at bank and in hand		39	1,692
Creditors: Amounts falling due within one year	6	(17,251)	(17,151)
Net current liabilities		(17,212)	(15,459)
Total assets less current liabilities		5,856	15,327
Creditors: Amounts falling due after more than one year	6	(3,419)	(5,082)
Net assets		2,437	10,245
Capital and reserves
Called up share capital	7	1	1
Retained earnings		2,436	10,244
Shareholders' funds		2,437	10,245

For the financial year ending 28 February 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 member has 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 Profit and Loss Account.

Approved and authorised by the director on 16 May 2026
 

......................................... Mr Mitchell Jay Williams Director

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

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

The address of its registered office is:
4 Victory Close
Madron
Penzance
Cornwall
TR20 8FF

These financial statements were authorised for issue by the director on 16 May 2026.

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 presentational currency in these financial statements is GB pounds sterling.

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 sales/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 balance sheet 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.

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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
Plant and machinery	25% reducing balance basis
Office equipment	33% straight line basis
Motor vehicles	25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

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 profit and loss account 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.

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 1).

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 March 2024	498	2	500
At 28 February 2025	498	2	500
Amortisation
At 1 March 2024	50	-	50
Amortisation charge	50	-	50
At 28 February 2025	100	-	100
Carrying amount
At 28 February 2025	398	2	400
At 29 February 2024	448	2	450

5	Tangible assets

	Office equipment £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 March 2024	500	10,615	29,390	40,505
At 28 February 2025	500	10,615	29,390	40,505
Depreciation
At 1 March 2024	167	2,654	7,348	10,169
Charge for the year	167	1,990	5,511	7,668
At 28 February 2025	334	4,644	12,859	17,837
Carrying amount
At 28 February 2025	166	5,971	16,531	22,668
At 29 February 2024	333	7,961	22,042	30,336

Reef n Beef Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	2,092	1,825
Accruals and deferred income		3,594	2,520
Other creditors		11,565	12,806
		17,251	17,151