Rockfish (Torquay) Limited - Filleted accounts

Rockfish (Torquay) Limited - Filleted accounts

ROCKFISH (TORQUAY) LIMITED - Company Information

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Registered number
08238970
Rockfish (Torquay) Limited
Filleted Accounts
30 April 2020
Rockfish (Torquay) Limited
Company Information
Directors
M H Tonks
M D Prowse
N S Sandhu
L L Cowan
Auditors
PKF Francis Clark
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
Accountants
Farquhar Partnership Limited
151 Whiteladies Road
Clifton
Bristol
BS8 2RA
Registered office
5 South Embankment
Dartmouth
Devon
TQ6 9BH
Registered number
08238970
Rockfish (Torquay) Limited
Registered number: 08238970
Balance Sheet
as at 30 April 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 4 226,788 272,496
Current assets
Stocks 8,018 9,973
Debtors 5 615,372 404,445
Cash at bank and in hand 47,459 63,270
670,849 477,688
Creditors: amounts falling due within one year 6 (224,062) (183,352)
Net current assets 446,787 294,336
Net assets 673,575 566,832
Capital and reserves
Called up share capital 1 1
Profit and loss account 673,574 566,831
Shareholder's funds 673,575 566,832
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N S Sandhu
Director
Approved by the board on 28 April 2021
Rockfish (Torquay) Limited
Notes to the Accounts
for the year ended 30 April 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue is recognised when food and drink products are served to customers, net of VAT and any discounts applicable. The company operates a gift card scheme, and revenue from sales of cards is deferred until they are redeemed in the restaurant.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings straight line over the term of the lease
Plant and machinery over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Government grants in relation to covid assistance are credited to profit and loss using the accruals model and are recognised in Other operating income.
Going concern
The group, of which the company is a subsidiary made an Operating Loss of £404k in the year to 30th April 2020. Trading in 2020 has been severely impacted by the impact of the Covid 19 pandemic declared in March 2020, which had its biggest impact on the business in March - June 2020, when trading levels dropped significantly.

The business was able to keep operating costs down to minimise any cash burn and took advantage of the Coronavirus Job Retention Scheme which prevented any redundancies being necessary and protected all our employees’ jobs. In May 2020 the company secured a significant Coronavirus Business Interruption Loan which has further mitigated financial risk.

The directors believe that the business is in a good position to take full advantage of the lifting of Covid 19 restrictions and forecast a material uplift in performance in the remaining months of 2021.

The directors have prepared trading forecasts and cashflows for the following 12 months following the approval of these financial statements through to the end of April 2022, taking what they believe to be reasonable assumptions on the level of trading, acknowledging the inherent uncertainties caused by the impact of the pandemic. Based on these projections, the company will have sufficient funding to finance its operations throughout this period. In the event that trading falls below expectations, the directors believe that there is sufficient headroom that will not impact the future of the business, and that other cost cutting measures could be taken to ensure that adequate cashflows are maintained. Accordingly, the financial statements have been prepared on a going concern basis.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Christopher Hicks BA FCA
Firm: PKF Francis Clark
Date of audit report: 28 April 2021
3 Employees 2020 2019
Number Number
Average number of persons employed by the company 21 26
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2019 204,009 249,608 453,617
Additions - 3,036 3,036
At 30 April 2020 204,009 252,644 456,653
Depreciation
At 1 May 2019 65,125 115,996 181,121
Charge for the year 23,758 24,986 48,744
At 30 April 2020 88,883 140,982 229,865
Net book value
At 30 April 2020 115,126 111,662 226,788
At 30 April 2019 138,884 133,612 272,496
5 Debtors 2020 2019
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 608,236 385,377
Other debtors 7,136 19,068
615,372 404,445
6 Creditors: amounts falling due within one year 2020 2019
£ £
Obligations under finance lease and hire purchase contracts - 2,496
Trade creditors 33,066 43,449
Amounts owed to group undertakings and undertakings in which the company has a participating interest 132,066 63,072
Taxation and social security costs 31,596 35,223
Other creditors 27,334 39,112
224,062 183,352
7 Capital commitments 2020 2019
£ £
Amounts contracted for but not provided in the accounts - 2,347
8 Other financial commitments 2020 2019
£ £
Total future minimum payments under non-cancellable operating leases 143,275 161,460
9 Parent undertaking
The immediate and ultimate parent undertaking, and the parent of the only group to include the results of the company in its consolidated accounts is Rockfish Group Limited. The registered office of this company is 5 South Embankment, Dartmouth, Devon, TQ6 9BH.
10 Other information
Rockfish (Torquay) Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 South Embankment
Dartmouth
Devon
TQ6 9BH
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