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REGISTERED NUMBER: 03986154 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

M W Smith Shellfish Limited

M W Smith Shellfish Limited (Registered number: 03986154)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


M W Smith Shellfish Limited (Registered number: 03986154)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £ £
Fixed assets
Intangible assets 5 81 5,505
Tangible assets 6 24,305 21,307
24,386 26,812

Current assets
Debtors 7 354,427 325,292

Creditors
Amounts falling due within one year 8 (185,892 ) (183,161 )
Net current assets 168,535 142,131
Total assets less current liabilities 192,921 168,943

Provisions for liabilities 9 (453 ) -
Net assets 192,468 168,943

Capital and reserves
Called up share capital 10 1,000 1,000
Retained earnings 11 191,468 167,943
Shareholders' funds 192,468 168,943

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by:





Mr S J Williamson - Director


M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

M W Smith Shellfish Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03986154

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for amortisation and depreciation, as described below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts, rebates and Value Added Tax. Revenue is recognised upon delivery.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on cost

Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

5. Intangible fixed assets
Patents and
licences
£
Cost
At 1 April 2022
and 31 March 2023 108,600
Amortisation
At 1 April 2022 103,095
Amortisation for year 5,424
At 31 March 2023 108,519
Net book value
At 31 March 2023 81
At 31 March 2022 5,505

The amortisation charge is included within administrative expenses in the Statement of Income and Retained Earnings.

M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 April 2022 411,307
Additions 7,257
At 31 March 2023 418,564
Depreciation
At 1 April 2022 390,000
Charge for year 4,259
At 31 March 2023 394,259
Net book value
At 31 March 2023 24,305
At 31 March 2022 21,307

7. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Amounts owed by group undertakings 354,427 325,292

8. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Amounts owed to group undertakings 181,649 178,918
Tax 2,143 2,143
Accrued expenses 2,100 2,100
185,892 183,161

9. Provisions for liabilities
31.3.23 31.3.22
£ £
Deferred tax
Accelerated capital allowances 453 -

M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. Provisions for liabilities - continued

Deferred tax
£
Provided during year 453
Balance at 31 March 2023 453

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £ £
1,000 Ordinary 1,000 1,000 1,000

11. Reserves
Retained
earnings
£

At 1 April 2022 167,943
Profit for the year 83,525
Dividends (60,000 )
At 31 March 2023 191,468

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Mr Christopher Goad BFP FCA (Senior Statutory Auditor)
for and on behalf of Stephenson Smart (East Anglia) Limited

13. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

M W Smith Shellfish Limited (Registered number: 03986154)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


14. Ultimate controlling party

The company's immediate parent undertaking is Lynn Shellfish Limited. Lynn Shellfish Limited does not prepare consolidated financial statements.

The smallest group preparing consolidated accounts is headed by Holland Shellfish International UK Limited, a company incorporated in England and Wales. Its Registered Office is 68 Argyle Street, Birkenhead, Wirral, United Kingdom, CH41 6AF.

The company's ultimate parent undertaking is The Lenger Seafoods Group B.V., a company incorporated in The Netherlands. It has included the results of the company in its consolidated group accounts, copies of which are available from P.O. Box 55, 4400 AB Yerseke, The Netherlands.

The company's ultimate controlling party is Mr S A Lenger, as majority shareholder in the ultimate parent company of the group, during both the current and previous year.