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Registration number: 06996833

Oceanic Seafoods Limited

Annual Report and Financial Statements

for the Year Ended 28 February 2023

 

Oceanic Seafoods Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 20

 

Oceanic Seafoods Limited

Company Information

Directors

J M A Welsh

B Renwick

Company secretary

J M A Welsh

Registered office

201 Riverway House
Morecambe Road
Lancaster
LA1 2RX

Auditors

Forrester Boyd
Chartered Accountants
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

 

Oceanic Seafoods Limited

Strategic Report for the Year Ended 28 February 2023

The Directors present their strategic report for the year ended 28 February 2023.

Principal activity

The principal activity of the Company is the import and export of frozen fish and seafood products.

Fair review of the business

The financial year ended 28 February 2023 saw further disruption within the sector, whilst the UK economy unravelled itself off the back of Covid-19. In China, where the company purchases and imports the majority of its seafood, the country was still operating under a strict government ‘zero Covid policy’. This resulted in many local provincial lockdowns, meaning production capacity was reduced to around 50% for most primary processors who supplied the business. Inflation was seen across all raw material product species we deal with, due to the reduced production capacity of our Chinese processing sites and record demand making it a seller's market. The Ukraine / Russian war also impacted the buying strategy of the company, as we had to react quickly to sourcing non-Russian origin seafood products, to ethically support our retail and some food service contracts. Another by-product of the war was that fuel and energy costs increased putting more inflation into the business.

Revenue on previous year was up almost 57%, whilst some of this reflected the market increase in fish costs, the business still showed a real growth in volumes on the previous year in excess of 10%. Inflation caused inevitable overhead increases, freight which was seen to hit record high levels in H1 2023, then started to decrease in H2 2023 and become priced realistically for the markets, contributing to the increased gross profit margin. Net profit before tax doubled on previous year as overheads were kept under control.

A strong balance sheet again for 2023, building year on year reserves. The stock increase at the year end mainly represented the goods in transit, for March 23 sales. The increase in debtors is consistent with turnover and expected levels, with close monitoring of payment terms.

The board remain confident in the growth and sustainability of the business for both long term prospects and new opportunities.

The Company's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£

51,770,205.00

33,016,480.00

Turnover growth

%

56.80

12.91

Gross profit

£

1,971,001.00

1,215,974.00

Gross profit margin

%

3.81

3.68

Profit before tax

£

1,321,727.00

645,428.00

Net profit margin

%

2.55

1.95

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company remain the availability of raw material fish supplies, freight costs, maintaining margins and the recovery of markets following both Brexit and Covid-19.

The Directors continue to use their capability, knowledge and expertise to maintain well placed long term supply lines to provide our respected partner customers with assured products.

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................
J M A Welsh
Company secretary and director

 

Oceanic Seafoods Limited

Directors' Report for the Year Ended 28 February 2023

The Directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the Company

The Directors who held office during the year were as follows:

J M A Welsh - Company secretary and director

B Renwick

Financial instruments

Objectives and policies

The objectives of the directors are to ensure that the company has adequate cash flow to meet trading requirements and purchase significant quantities of raw material.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances and import facility loans. The main purpose of these instruments is to fund raw material that is required to reduce the associated business risk, as noted above.

Trade debtors are offered credit terms based on the risk profile of the customer. The timings of the receipts are managed along with the trade creditor payments and the available bank funds.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Forrester Boyd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................
J M A Welsh
Company secretary and director

 

Oceanic Seafoods Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Oceanic Seafoods Limited

Independent Auditor's Report to the Members of Oceanic Seafoods Limited

Opinion

We have audited the financial statements of Oceanic Seafoods Limited (the 'Company') for the year ended 28 February 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Oceanic Seafoods Limited

Independent Auditor's Report to the Members of Oceanic Seafoods Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Discussions with management, including consideration of known or suspected instances of non-compliance.
- Challenging assumptions and judgements made within significant accounting estimates and judgements such as stock valuation.
- Identification of key laws and regulations central to the Company's operations and review of compliance with such laws including a review of the MSC accreditation and correspondence with solicitors to identify any disciplinary action or ongoing issues.
- Testing of journal entries and potential override of systems.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Oceanic Seafoods Limited

Independent Auditor's Report to the Members of Oceanic Seafoods Limited

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Kevin Hopper BFP FCA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd, Statutory Auditor

26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

6 September 2023

 

Oceanic Seafoods Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

3

51,770,205

33,016,480

Cost of sales

 

(49,799,204)

(31,800,506)

Gross profit

 

1,971,001

1,215,974

Administrative expenses

 

(626,743)

(567,714)

Other operating income

-

1,496

Operating profit

4

1,344,258

649,756

Interest payable and similar expenses

5

(22,531)

(4,328)

Profit before tax

 

1,321,727

645,428

Tax on profit

9

(257,432)

(133,707)

Profit for the financial year

 

1,064,295

511,721

 

Oceanic Seafoods Limited

(Registration number: 06996833)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

109,073

56,732

Current assets

 

Stocks

11

2,860,547

1,329,100

Debtors

12

5,906,063

2,780,852

Cash at bank and in hand

 

1,387,175

836,373

 

10,153,785

4,946,325

Creditors: Amounts falling due within one year

14

(9,147,188)

(4,052,675)

Net current assets

 

1,006,597

893,650

Total assets less current liabilities

 

1,115,670

950,382

Provisions for liabilities

15

(27,268)

(14,183)

Net assets

 

1,088,402

936,199

Capital and reserves

 

Called up share capital

90,000

90,000

Capital redemption reserve

18

90,000

90,000

Profit and loss account

18

908,402

756,199

Shareholders' funds

 

1,088,402

936,199

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................
J M A Welsh
Company secretary and director

 

Oceanic Seafoods Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 March 2022

90,000

90,000

756,199

936,199

Profit for the year

-

-

1,064,295

1,064,295

Total comprehensive income

-

-

1,064,295

1,064,295

Dividends

-

-

(912,092)

(912,092)

At 28 February 2023

90,000

90,000

908,402

1,088,402

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 March 2021

180,000

-

1,269,478

1,449,478

Profit for the year

-

-

511,721

511,721

Dividends

-

-

(25,000)

(25,000)

Purchase of own share capital

(90,000)

90,000

(1,000,000)

(1,000,000)

At 28 February 2022

90,000

90,000

756,199

936,199


 

 

Oceanic Seafoods Limited

Statement of Cash Flows for the Year Ended 28 February 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,064,295

511,721

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

14,058

16,899

Finance costs

5

116,906

6,181

Corporation tax expense

9

257,432

133,707

 

1,452,691

668,508

Working capital adjustments

 

(Increase)/decrease in stocks

11

(1,531,447)

715,060

(Increase)/decrease in debtors

12

(3,125,211)

306,918

Increase in creditors

14

1,454,610

486,790

Increase in deferred income, including government grants

 

1,052,919

272,903

Cash generated from operations

 

(696,438)

2,450,179

Corporation tax paid

9

(135,870)

(44,789)

Net cash flow from operating activities

 

(832,308)

2,405,390

Cash flows from investing activities

 

Acquisitions of tangible assets

(66,399)

(1,416)

Cash flows from financing activities

 

Interest paid

5

(116,906)

(6,181)

Payments for purchase of own shares

 

-

(1,000,000)

Proceeds from bank borrowing draw downs

 

2,478,507

-

Repayment of bank borrowing

 

-

(1,100,200)

Dividends paid

(912,092)

(25,000)

Net cash flows from financing activities

 

1,449,509

(2,131,381)

Net increase in cash and cash equivalents

 

550,802

272,593

Cash and cash equivalents at 1 March

 

836,373

563,780

Cash and cash equivalents at 28 February

 

1,387,175

836,373

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and the company registration number is 06996833.

The address of its registered office is:
201 Riverway House
Morecambe Road
Lancaster
LA1 2RX

These financial statements were authorised for issue by the Board on 6 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements cover the individual entity and 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 are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

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.

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 current and deferred tax. Tax is recognised in profit and loss account, 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.

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

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

Furniture, fittings and equipment

33% Straight Line

Motor vehicles

15% 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.

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 the profit and loss account.

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 the profit and loss account on a straight-line basis over the period of the lease.

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

51,714,261

32,966,480

Commissions received

55,944

50,000

51,770,205

33,016,480

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14,058

16,899

Operating lease expense - property

19,800

19,800

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

116,906

6,181

Foreign exchange losses

(94,375)

(1,853)

22,531

4,328

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

223,109

171,764

Social security costs

16,677

11,412

Pension costs, defined contribution scheme

25,059

1,636

264,845

184,812

The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

7

6

Other departments

1

1

8

7

7

Directors' remuneration and key management compensation

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

75,561

23,222

8

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

7,645

6,950


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

244,347

133,245

Deferred taxation

Arising from origination and reversal of timing differences

13,085

462

Tax expense in the income statement

257,432

133,707

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Profit before tax

1,321,727

645,428

Corporation tax at standard rate

251,128

122,631

Effect of expense not deductible in determining taxable profit (tax loss)

6,948

7,753

Tax (decrease)/increase from effect of capital allowances and depreciation

(644)

3,323

Total tax charge

257,432

133,707

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

27,268

-

27,268

2022

Asset
£

Liability
£

Accelerated capital allowances

-

14,183

-

14,183

On 24 May 2021 the UK Government enacted a bill which will increase the main rate of corporation tax in the UK from 19% to 25% from 1 April 2023. Deferred tax has been calculated at 25% on all relevant timing differences which are expected to reverse after this date.

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

62,134

59,975

122,109

Additions

66,399

-

66,399

At 28 February 2023

128,533

59,975

188,508

Depreciation

At 1 March 2022

56,381

8,996

65,377

Charge for the year

5,062

8,996

14,058

At 28 February 2023

61,443

17,992

79,435

Carrying amount

At 28 February 2023

67,090

41,983

109,073

At 28 February 2022

5,753

50,979

56,732

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

11

Stocks

2023
£

2022
£

Raw materials and consumables

135,601

227,023

Goods in transit

2,724,946

1,102,077

2,860,547

1,329,100

Stock includes goods in transit to customers of £2,724,946 (2022: £1,102,077), where legal title had not officially been transferred at the year end.

12

Debtors

Current

2023
£

2022
£

Trade debtors

5,767,999

2,446,329

Other debtors

21,642

190,983

Prepayments

116,422

143,540

 

5,906,063

2,780,852

13

Cash and cash equivalents

2023
£

2022
£

Cash on hand

1,346

918

Cash at bank

1,385,829

835,455

1,387,175

836,373

14

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

4,790,260

2,311,753

Trade creditors

 

2,511,797

1,007,211

Social security and other taxes

 

5,858

4,687

Outstanding defined contribution pension costs

 

3,763

447

Accruals

 

92,549

147,012

Corporation tax liability

9

241,721

133,244

Deferred income

 

1,501,240

448,321

 

9,147,188

4,052,675

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2022

14,183

14,183

Increase (decrease) in existing provisions

13,085

13,085

At 28 February 2023

27,268

27,268

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,059 (2022 - £1,636). Commitments provided for in the accounts amounted to £3,316 (2022 - £167).
 

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

90,000

90,000

90,000

90,000

         

Rights, preferences and restrictions

Ordinary A have the following rights, preferences and restrictions:
Ordinary A shares hold full voting and participation rights with no restriction on distribution of dividends or repayment of capital.

18

Reserves

Share capital

Called up share capital comprises of the value of issued share capital at par.

Profit and loss account

The profit and loss account consists of profits made by the company attributable to the shareholders of the company.

Capital redemption reserve

This has arisen due to shares being purchased out of distributable profits.

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

19

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,392,784

2,311,753

Other borrowings

397,476

-

4,790,260

2,311,753

Secured creditors

Included within bank borrowings are secured liabilities which are denominated in sterling. The carrying amount at the year end is £4,392,784 (2022 - £2,311,753). These amounts are secured by fixed and floating charges over all of the companys assets.
 

20

Analysis of changes in net debt

At 1 March 2022
£

Financing cash flows
£

At 28 February 2023
£

Cash and cash equivalents

Cash

836,373

550,802

1,387,175

Borrowings

Short term borrowings

(2,311,753)

(2,081,031)

(4,392,784)

 

(1,475,380)

(1,530,229)

(3,005,609)

21

Related party transactions

 

Oceanic Seafoods Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

-

2022

Entities with joint control or significant influence
£

Sale of goods

1,935,065

Transactions with Directors

2023

At 1 March 2022
£

Advances to Director
£

Repayments by Director
£

At 28 February 2023
£

J M A Welsh

(169,420)

(345,196)

912,092

397,476

         

2022

At 1 March 2021
£

Advances to Director
£

At 28 February 2022
£

J M A Welsh

27,531

(196,951)

(169,420)

       
     

 

Dividends paid to Directors

   

2023
£

 

2022
£

       

Dividends paid to directors

 

912,092

 

-