Registered number
10878072
Seafish Processing Limited
Filleted Accounts
31 March 2023
Rivermoor Accounting Limited
Accountants
Orchards End
Kelsey Road
Moortown
Lincolnshire
LN7 6JB
Seafish Processing Limited
Registered number: 10878072
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 192,380 199,675
Current assets
Debtors 4 516,601 557,205
Cash at bank and in hand 1,103,397 715,032
1,619,998 1,272,237
Creditors: amounts falling due within one year 5 (558,009) (520,006)
Net current assets 1,061,989 752,231
Total assets less current liabilities 1,254,369 951,906
Provisions for liabilities (34,485) (35,412)
Net assets 1,219,884 916,494
Capital and reserves
Called up share capital 6 3
Profit and loss account 1,219,878 916,491
Shareholders' funds 1,219,884 916,494
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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.
Mr M J Taylor
Director
Approved by the board on 14 November 2023
Seafish Processing Limited
Notes to the Accounts
for the year ended 31 March 2023
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
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, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and office over 5 years
Plant and machinery over 5 years
Motor vehicles over 5 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). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 42 40
3 Tangible fixed assets
Fixtures and office Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 5,422 392,814 45,690 443,926
Additions 4,392 90,050 - 94,442
At 31 March 2023 9,814 482,864 45,690 538,368
Depreciation
At 1 April 2022 3,912 220,124 20,215 244,251
Charge for the year 1,687 90,912 9,138 101,737
At 31 March 2023 5,599 311,036 29,353 345,988
Net book value
At 31 March 2023 4,215 171,828 16,337 192,380
At 31 March 2022 1,510 172,690 25,475 199,675
4 Debtors 2023 2022
£ £
Trade debtors 512,387 552,991
Other debtors 4,214 4,214
516,601 557,205
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 442,150 432,004
Taxation and social security costs 102,927 81,575
Other creditors 12,932 6,427
558,009 520,006
6 Other information
Seafish Processing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Woodholme
Lock Road, North Cotes
Grimsby
Lincolnshire
DN36 5UP
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