The picture was taken at highish tide; I think at low tide I could have walked past at least one of the fishermen to get a closer picture from the waterside.
The lighthouse was one of a pair, as its name implies - the West Lighthouse (sometimes called High Light Lighthouse) is still in operation, but the East Lighthouse (sometimes called Low Light Lighthouse) has been out of operation for more than 170 years. This would appear to be due to it being positioned too much in line with its sister lighthouse (I know they're not officially at sea, but assume like boats, lighthouses are all female!) It may be the case that both lighthouses were originally the same height, as the West Lighthouse was extended in height after its original construction - rather unhelpfully this extension is only ever said to have taken place 'in the 19th Century'.
It may not have just been its orientation with respect to the West Lighthouse that led to this lighthouse being let go, as it were. Once decommissioned it was replaced by the Pile Lighthouse, or Tayport Pile, which is basically a wooden lighthouse on stilts sticking out of the estuary. This can be seen towards the right of the water horizon. One of the reasons it was positioned where it is, was to warn sailors that there were dangerously shallow waters on its landward side.
The Gable End Artwork seems to have changed since 2015, but a current (2020) Website indicates that the tavern has now closed its doors due to the Covid Pandemic. Under new ownership it is planning to reopen to customers in June 2020.