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Registration number: 03780906

R and J Seafoods Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2022

 

R and J Seafoods Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

R and J Seafoods Ltd.

Company Information

Director

Mr J W F Woods

Registered office

Units 19-20
Estate Road Number 8
South Humberside Industrial Estate
Grimsby
DN31 2TG

 

R and J Seafoods Ltd.

(Registration number: 03780906)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

890,961

985,920

Current assets

 

Stocks

5

574,472

756,904

Debtors

6

485,635

1,313,909

Cash at bank and in hand

 

2,082

1,194

 

1,062,189

2,072,007

Creditors: Amounts falling due within one year

7

(906,348)

(1,976,147)

Net current assets

 

155,841

95,860

Total assets less current liabilities

 

1,046,802

1,081,780

Creditors: Amounts falling due after more than one year

7

(647,522)

(482,582)

Provisions for liabilities

(27,248)

(58,512)

Net assets

 

372,032

540,686

Capital and reserves

 

Called up share capital

100

100

Retained earnings

371,932

540,586

Shareholders' funds

 

372,032

540,686

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2023
 

.........................................
Mr J W F Woods
Director

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 03780906.

The address of its registered office is:
Units 19-20
Estate Road Number 8
South Humberside Industrial Estate
Grimsby
DN31 2TG

These financial statements were authorised for issue by the director on 23 October 2023.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared for the individual entity and are presented in sterling and, rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the assets. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the assets.

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2-20% straight line

Plant and machinery

10% straight line

Fixtures and fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 20 (2021 - 25).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

742,967

624,177

1,367,144

At 31 October 2022

742,967

624,177

1,367,144

Depreciation

At 1 November 2021

121,895

259,329

381,224

Charge for the year

33,500

61,459

94,959

At 31 October 2022

155,395

320,788

476,183

Carrying amount

At 31 October 2022

587,572

303,389

890,961

At 31 October 2021

621,072

364,848

985,920

Included within the net book value of land and buildings above is £587,572 (2021 - £621,072) in respect of freehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

574,472

756,904

6

Debtors

Current

2022
£

2021
£

Trade debtors

459,389

1,203,879

Other debtors

26,246

110,030

 

485,635

1,313,909

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

157,413

1,136,923

Trade creditors

 

551,389

657,379

Taxation and social security

 

143,039

62,381

Other creditors

 

20,057

54,704

Accruals and deferred income

 

34,450

64,760

 

906,348

1,976,147

Creditors include bank loans and overdrafts and net obligations under hire purchase contracts which are secured on the assets of the company totalling £102,346 (2021 - £1,030,295).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

404,458

482,582

Other non-current financial liabilities

 

243,064

-

 

647,522

482,582

Creditors include bank loans and overdrafts and net obligations under purchase contracts which are secured on the assets of the company totalling £404,458 (2020 - £481,002).

Creditors include bank loans repayable by instalments of £174,761 (2021 - £145,737) due after more than five years.

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

404,458

456,421

HP and finance lease liabilities

-

24,580

Other borrowings

-

1,581

404,458

482,582

 

R and J Seafoods Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

70,966

80,796

Invoice finance and Bank overdrafts

-

944,692

HP and finance leases

31,381

44,037

Other borrowings

55,066

67,398

157,413

1,136,923

9

Related party transactions

Transactions with the Director

2022

At 1 November 2021
£

Repayments by Director
£

At 31 October 2022
£

Mr J W F Woods

Directors Current Account

2,241

(2,241)

-

       
     

 

2021

At 1 November 2020
£

Advances to Director
£

At 31 October 2021
£

Mr J W F Woods

Directors Current Account

-

2,241

2,241