Sea Shanty Restaurants Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Sea Shanty Restaurants Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08164075 . The registered office is Lon St Ffraid Lon St. Ffraid, Trearddur Bay, Holyhead, LL65 2YR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

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

2.3. Significant judgements and estimations

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.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable from the sale of food, bevearges and related services in the ordinary course of business, net of discounts, value added taxes, refunds and promotional allowances.

Revenue is recognised at the point when goods are supplied to customers and the significant risks and rewards of ownership have transferred, which is generally when food and beverages are served or provided to the customer. Cash received in advance, including deposits, gift vouchers and advance bookings, is recognised as deferred income until the related goods or services are provided.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on reducing balance
Fixtures & Fittings	10% on cost
Computer Equipment	33% on cost

2.6. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Sea Shanty Restaurants Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 September 2025

2.7. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8. Financial Instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and other creditors.

Trade debtors

Trade debtors are amounts due from customers for merchandise solde or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 and subsequently measured at amortised cost using the effective interest method.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Sea Shanty Restaurants Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 September 2025

2.9. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. 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 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.

2.12. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 98 (2024: 98)

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Sea Shanty Restaurants Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 September 2025

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 29 September 2024	1,369,814	210,428	534,750	15,136	2,130,128
Additions	-	14,098	-	1,958	16,056

As at 28 September 2025	1,369,814	224,526	534,750	17,094	2,146,184

Depreciation
As at 29 September 2024	-	140,127	378,633	13,568	532,328
Provided during the period	-	21,100	53,475	1,604	76,179

As at 28 September 2025	-	161,227	432,108	15,172	608,507

Net Book Value
As at 28 September 2025	1,369,814	63,299	102,642	1,922	1,537,677

As at 29 September 2024	1,369,814	70,301	156,117	1,568	1,597,800

5. Stocks

	2025	2024
	£	£
Stocks	25,614	27,746

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	17,798	1,267
Prepayments and accrued income	8,891	-
Other debtors	901	5,032

	27,590	6,299

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Sea Shanty Restaurants Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 September 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	107,767	133,282
Bank loans and overdrafts	-	40,000
Corporation tax	81,103	70,844
Other taxes and social security	41,245	31,393
VAT	298,481	272,191
Other creditors	186	2,451
Accruals and deferred income	25,694	25,751
Directors' loan accounts	711,074	777,450

	1,265,550	1,353,362

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	50,000

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	310,010	310,010

10. Capital Commitments

	2025	2024
	£	£
At the end of the period	-	999

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,537,677		1,597,800

			1,537,677		1,597,800
CURRENT ASSETS
Stocks	5	25,614		27,746
Debtors	6	27,590		6,299
Cash at bank and in hand		699,155		696,411

		752,359		730,456
Creditors: Amounts Falling Due Within One Year	7	(1,265,550 )		(1,353,362 )

NET CURRENT ASSETS (LIABILITIES)			(513,191 )		(622,906 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,024,486		974,894

Creditors: Amounts Falling Due After More Than One Year	8		-		(50,000 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(11,219 )		(26,250 )

NET ASSETS			1,013,267		898,644

CAPITAL AND RESERVES
Called up share capital	9		310,010		310,010
Profit and Loss Account			703,257		588,634

SHAREHOLDERS' FUNDS			1,013,267		898,644

Mr N Gitton Director	Mr P Brown Director
26/06/2026