Oyster House Limited - Period Ending 2020-10-31

Oyster House Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Oyster House Limited

Balance Sheet

31 October 2020

	Note	31 October 2020 £	31 October 2019 £
Fixed assets
Investments	4	2,841,256	2,841,256
Current assets
Cash at bank and in hand		2,001	3,156
Creditors: Amounts falling due within one year	5	(756,177)	(782,077)
Net current liabilities		(754,176)	(778,921)
Total assets less current liabilities		2,087,080	2,062,335
Creditors: Amounts falling due after more than one year	5	(610,500)	(819,000)
Net assets		1,476,580	1,243,335
Capital and reserves
Called up share capital	7	10	10
Profit and loss account		1,476,570	1,243,325
Shareholders' funds		1,476,580	1,243,335

Oyster House Limited

Balance Sheet

31 October 2020

For the financial year ending 31 October 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 July 2021 and signed on its behalf by:
 

......................................... Mr S Burgin Director

Company Registration Number: 09037473

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

1	General information

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

The address of its registered office is:
Membland Villa
Membland
Newton Ferrers
Plymouth
Devon
PL8 1HT

The principal place of business is:
1 Kemmings Close
Paignton
Devon
TQ4 7TW

These financial statements were authorised for issue by the Board on 14 July 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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 functional and presentational currency is pounds sterling.

Group accounts not prepared

The company is exempt from the requirement to prepare group accounts.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

2	Accounting policies (continued)

Investments

Investments in equity shares which are not publicly traded, and where fair value cannot be measured reliably, are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and creditors;
• Loan notes; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

4	Investments

	31 October 2020 £	31 October 2019 £
Investments in subsidiaries	2,841,256	2,841,256

Subsidiaries	£
Cost or valuation
At 1 November 2019 and at 31 October 2020	2,841,256
Carrying amount
At 31 October 2020	2,841,256
At 31 October 2019	2,841,256

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
BFP Holdings Limited	1 Kemmings Close, TQ4 7TW	ordinary	100%	100%

Subsidiary undertakings

BFP Holdings Limited The principal activity of BFP Holdings Limited is that of a holding company. The company acquired all of the issued share capital of BFP Holdings Limited on 30 September 2016.

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

5

Creditors

Creditors: amounts falling due within one year

	Note	31 October 2020 £	2019  £
Due within one year
Loans and borrowings	6	240,000	240,000
Amounts due to group undertakings	8	281,200	310,900
Other creditors		229,010	225,210
Accrued expenses		5,967	5,967
		756,177	782,077

Creditors: amounts falling due after more than one year

	Note	31 October 2020 £	31 October 2019 £
Due after one year
Loans and borrowings	6	610,500	819,000

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

6	Loans and borrowings

	31 October 2020 £	31 October 2019 £
Loans and borrowings due after one year
Other borrowings	610,500	819,000

	31 October 2020 £	31 October 2019 £
Current loans and borrowings
Other borrowings	240,000	240,000

Other borrowings

£500,000 fixed rate guaranteed unsecured B loan notes 2022 is denominated in £ with a nominal interest rate of 10%, and the final instalment is due on 1 December 2022. The carrying amount at year end is £260,000 (2019 - £380,000).

£500,000 fixed rate guaranteed unsecured C loan notes 2022 is denominated in £ with a nominal interest rate of 10%, and the final instalment is due on 1 December 2022. The carrying amount at year end is £260,000 (2019 - £380,000). Interest on the A and C loan notes is being rolled up and will be payable at £10,000 per month commencing 1 November 2021.

An excess working capital sum is to be repaid in monthly instalments of £10,000 from 1 January 2023, is denominated in £ with a nominal interest rate of 10%, and the final instalment is due on 1 November 2023. The carrying amount at year end is £108,000 (2019 - £108,000).

7	Share capital

Allotted, called up and fully paid shares

	31 October 2020		31 October 2019
	No.	£	No.	£
Ordinary shares of £1 each	8	8	8	8
"B" Ordinary shares of £1 each	2	2	2	2
	10	10	10	10

Oyster House Limited

Notes to the Financial Statements

Year Ended 31 October 2020

8	Related party transactions

Summary of transactions with all subsidiaries

Foremost Packaging Limited
 
Interest free loans were provided by Foremost Packaging Limited. At the balance sheet date the amount due to that company was £281,200 (31 October 2019: £310,900).