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REGISTERED NUMBER: 05912015 (England and Wales)











Unaudited Financial Statements

for the Year Ended 28 February 2023

for

MFS Seafoods Limited

MFS Seafoods Limited (Registered number: 05912015)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MFS Seafoods Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr Y Fiaz
Mr M Fiaz
Mr I Fiaz
Mr E Fiaz





SECRETARY:





REGISTERED OFFICE: Unit 39 Regal Drive
Walsall Enterprise Park
Walsall
West Midlands
WS2 9HQ





REGISTERED NUMBER: 05912015 (England and Wales)





ACCOUNTANTS: M.F Khan & Co
375 Coventry Roaf
Smal Heath
Birmingham
West Midlands
B10 0SW

MFS Seafoods Limited (Registered number: 05912015)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,688,304 1,295,344
1,688,304 1,295,344

CURRENT ASSETS
Stocks 825,300 855,116
Debtors 6 355,474 433,542
Cash at bank and in hand 424,248 655,662
1,605,022 1,944,320
CREDITORS
Amounts falling due within one year 7 1,653,178 1,679,230
NET CURRENT (LIABILITIES)/ASSETS (48,156 ) 265,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,640,148

1,560,434

CREDITORS
Amounts falling due after more than one
year

8

(922,292

)

(829,797

)

PROVISIONS FOR LIABILITIES (42,133 ) (38,347 )
NET ASSETS 675,723 692,290

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 675,718 692,285
SHAREHOLDERS' FUNDS 675,723 692,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MFS Seafoods Limited (Registered number: 05912015)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





Mr Y Fiaz - Director


MFS Seafoods Limited (Registered number: 05912015)

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

1. STATUTORY INFORMATION

MFS Seafoods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MFS Seafoods Limited (Registered number: 05912015)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 110,400
AMORTISATION
At 1 March 2022
and 28 February 2023 110,400
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 1,088,153 783,305 1,871,458
Additions 413,590 35,068 448,658
At 28 February 2023 1,501,743 818,373 2,320,116
DEPRECIATION
At 1 March 2022 - 576,114 576,114
Charge for year - 55,698 55,698
At 28 February 2023 - 631,812 631,812
NET BOOK VALUE
At 28 February 2023 1,501,743 186,561 1,688,304
At 28 February 2022 1,088,153 207,191 1,295,344

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 340,994 410,320
Other debtors 14,480 23,222
355,474 433,542

MFS Seafoods Limited (Registered number: 05912015)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 383,449 137,050
Hire purchase contracts 6,641 18,578
Trade creditors 907,283 1,078,773
Taxation and social security 78,112 111,531
Other creditors 277,693 333,298
1,653,178 1,679,230

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 907,181 816,120
Hire purchase contracts 15,111 13,677
922,292 829,797