Company No: 11081346 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	117,000		175,500
Tangible assets	4	845,609		861,282
		962,609		1,036,782
Current assets
Stocks		24,384		20,207
Debtors	5	1,738		847
Cash at bank and in hand		30,542		42,656
		56,664		63,710
Creditors: amounts falling due within one year	6	( 431,137)		( 429,194)
Net current liabilities		(374,473)		(365,484)
Total assets less current liabilities		588,136		671,298
Creditors: amounts falling due after more than one year	7	( 782,019)		( 834,080)
Provision for liabilities		( 23,884)		( 30,214)
Net liabilities		( 217,767)		( 192,996)
Capital and reserves
Called-up share capital		120		120
Profit and loss account		( 217,887 )		( 193,116 )
Total shareholders' deficit		( 217,767)		( 192,996)

For the financial year ending 31 December 2025 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 Port and Starboard (Cornwall) Limited (registered number: 11081346) were approved and authorised for issue by the Board of Directors on 06 June 2026. They were signed on its behalf by:

Mrs M C Brewer Director

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

Port and Starboard (Cornwall) 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 Ennis Barton, Fraddon, St Columb, TR9 6EY, United Kingdom.

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 directors have prepared the financial statements on a going concern basis. In making this assessment, the directors have considered the company's current financial position, cash flow forecasts, and future prospects. Based on this assessment, the directors have a reasonable expectation that the restaurant has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the total amount receivable by the restaurant for goods supplied and services provided, excluding Value Added Tax (VAT) and trade discounts.

The company recognises revenue when:
Revenue from the sale of food and beverages is recognized at the point of sale, which is when the customer takes possession of the goods and the risks and rewards of ownership have been transferred.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

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

Land and buildings	not depreciated
Plant and machinery	15 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	15 % reducing balance

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		22

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2025	585,000		585,000
At 31 December 2025	585,000		585,000
Accumulated amortisation
At 01 January 2025	409,500		409,500
Charge for the financial year	58,500		58,500
At 31 December 2025	468,000		468,000
Net book value
At 31 December 2025	117,000		117,000
At 31 December 2024	175,500		175,500

4. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2025	740,426		222,731		14,525		2,492		980,174
Additions	0		2,657		0		0		2,657
At 31 December 2025	740,426		225,388		14,525		2,492		982,831
Accumulated depreciation
At 01 January 2025	0		111,124		6,075		1,693		118,892
Charge for the financial year	0		16,942		1,268		120		18,330
At 31 December 2025	0		128,066		7,343		1,813		137,222
Net book value
At 31 December 2025	740,426		97,322		7,182		679		845,609
At 31 December 2024	740,426		111,607		8,450		799		861,282

5. Debtors

	2025		2024
	£		£
Other debtors	1,738		847

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	5,834		10,888
Trade creditors	25,929		22,637
Amounts owed to directors	304,769		307,123
Other loans	60,000		52,420
Accruals	4,752		3,164
Taxation and social security	29,597		32,962
Other creditors	256		0
	431,137		429,194

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

	2025		2024
	£		£
Bank loans	0		4,945
Other creditors	782,019		829,135
	782,019		834,080

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