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(1) General Information
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The company is a private company limited by shares and is registered in England and Wales with registration number 09693926. The address of the registered office is The Bay Hotel North Corner,Coverack, Helston, United Kingdom,TR12 6TF.
The presentation currency of the financial statements is the Pound Sterling (£). |
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(2) Statement of compliance
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| 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. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| 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 sterling (£) unless stated otherwise. |
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Revenue recognition
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| 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. |
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Borrowing costs
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| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Intangible fixed assets
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| Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
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Intangible Fixed Assets and Amortisation - Goodwill
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| Goodwill, being the amount paid in connection with the acquisition of an unincorporated business on 25 September 2015, is being amortised evenly over 10 years. In the opinion of the directors, this represents a prudent estimate of the period over which the company will derive direct economic benefit from acquiring the business. |
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Property, plant and equipment
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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 | | | Commercial Vehicles | | | Fixtures and Fittings | 15% reducing balance | | Equipment | | | Motor Cars | 20% reducing balance |
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Inventories
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| 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. |
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Pensions
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| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
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Leasing and Hire Purchase Contracts
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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Employee benefits
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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.
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Going Concern
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| The financial statements have been prepared on a going concern basis. At the balance sheet date, the company was dependent on financial support from its directors and the cooperation of its principal creditors, who are the children of the directors. It is the intention that the principal creditors will not seek repayment of amounts owed to them, and that the directors will continue to provide such further financial support as may be required to enable the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. On this basis, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
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(4) Employees
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| During the year, the average number of employees including director was 26 (2024 : 22). |
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(5) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | Other debtors | 4,218 | | 5,427 | | | | | | 4,218 | | 5,427 |
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(6) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 12,126 | | 8,178 | | | | | | | | | | Other taxes and social security | 28,125 | | 17,471 | | Other creditors | 867,228 | | 813,511 | | | | | | 907,479 | | 839,160 |
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(7) Creditors: Amounts falling due after more than one year
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | | | | | Other creditors | 1,600,000 | | 1,600,000 | | 1,600,000 | | 1,600,000 |
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(8) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 1 (2024 : 1) Ordinary A Share of £ 1 each | 1 | | 1 | | 1 (2024 : 1) Ordinary B Share of £ 1 each | 1 | | 1 | | 1 (2024 : 1) Ordinary C Share of £ 1 each | 1 | | 1 | | 3 | | 3 | | | | | Retained earnings | | | 2025 | | | | £ | | At 1 January 2025 | | | (812,646) | | Loss of the year | | | (67,897) | | | | | | At 31 December 2025 | | | (880,543) | |
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(9) Fixed assets
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| Intangible
£ | Tangible
£ | Totals
£ | | Cost | | | | | As at 01 January 2025 | 300,000 | 1,725,686 | 2,025,686 | | Additions | - | 24,877 | 24,877 | | Disposals | - | (7,894) | (7,894) | | As at 31 December 2025 | 300,000 | 1,742,669 | 2,042,669 | | Depreciation/Amortisation | | | | | As at 01 January 2025 | 277,500 | 155,400 | 432,900 | | For the year | 22,500 | 18,792 | 41,292 | | Write off on disposals | - | (5,186) | (5,186) | | As at 31 December 2025 | 300,000 | 169,006 | 469,006 | | Net book value | | | | | As at 31 December 2025 | - | 1,573,663 | 1,573,663 | | As at 31 December 2024 | 22,500 | 1,570,286 | 1,592,786 |
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(10) Creditors: Amounts Falling Due Within One Year
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| On 10 July 2020, the directors' loan accounts of Mr. NI B Sanders and Mrs. VE Sanders were assigned to their six children in equal shares. The loans of £591,183 (2024: £639,639) are unsecured, non-interest bearing and are repayable on demand. The loans are included within Other Creditors. |
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(11) Creditors: Amounts Falling Due After More Than One Year
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| On 10 July 2020, the loan of £1,600,000, formerly due to Mr. NI B Sanders and Mrs. VE Sanders, was assigned to their six children in equal shares. The loans are unsecured, and ultimately repayable on 30 September 2040. It has been agreed by the Company and the Noteholders that the interest of £3,000 per month will be rolled- up. Interest of Nil (2024: Nil) has been charged in the year. |
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