REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Lynn Shellfish Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Lynn Shellfish Limited |
Lynn Shellfish Limited (Registered number: 01171535) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Lynn Shellfish Limited (Registered number: 01171535) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
Current assets |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Lynn Shellfish Limited (Registered number: 01171535) |
Balance Sheet - continued |
31 March 2023 |
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 |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
Lynn Shellfish Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Lynn Shellfish Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 useful lives of fixed assets, as described below. |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year, exclusive of rebates, discounts and Value Added Tax. Revenue is recognised upon shipment, when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. 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 asset. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
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. |
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. |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
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. |
Going concern |
As described in Note 24, a contingent liability exists in respect of the exceptional costs and fixed asset write downs which may arise in the event that the company is required to re-locate its business premises after 1 December 2025. While it is not practicable at this time to quantify the potential extent of such costs, or the likelihood that they may be incurred, the Directors consider that the going concern basis for the preparation of the financial statements continues to be appropriate. |
The company incurred a net loss of £796,410 during the year ended 31 March 2023 and, as of at that date, the company's current liabilities exceeded its current assets by £273,695. The company is wholly dependent upon the continued support of other group companies in order to meet its obligations as they fall due. |
4. | Employees and directors |
The average number of employees during the year was |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | Intangible fixed assets |
Patents and | Development |
licences | costs | Totals |
£ | £ | £ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Amortisation |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The amortisation charge for intangible fixed assets is included within administrative expenses in the Statement of Income and Retained Earnings. The remaining amortisation period of the boat licences is one year. |
6. | Tangible fixed assets |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Impairments |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
8. | Debtors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
9. | Creditors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
10. | Creditors: amounts falling due after more than one year |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | Secured debts |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank overdrafts |
Bank overdrafts are secured by a cross-guarantee with other group companies with a charge over the company's assets. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | Contingent liabilities |
Under the terms of a break clause, the company's lease of its business premises terminated on 1 December 2023. A short-term replacement lease has been negotiated to run for three years from that date, with a break option after 1 December 2025. If the company is required to move business premises after 1 December 2025, it will incur exceptional costs involved in such a move, with the re-establishment of operations elsewhere, and non-moveable fixed assets may require writing down. |
An immediate provision of £60,000 for the impairment of leasehold improvements has been included in these financial statements. |
It is not practicable at this time to quantify the additional expenditure that may be required, arising from a possible move of business premises. The company is actively engaged in mitigating potential costs and obtaining certainty over the company's future location. |
14. | 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. |
Lynn Shellfish Limited (Registered number: 01171535) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | Ultimate controlling party |
The company was a 100% subsidiary of Holland Shellfish International UK Limited, a company incorporated in England and Wales, throughout the current and previous years. This is the intermediate holding company and parent company of the smallest group preparing consolidated financial statements. Its registered office is 68 Argyle Street, Birkenhead, Wirral, United Kingdom, CH41 6AF. |
The company's ultimate parent undetaking is The Lenger Seafoods Group B.V., a company incorporated in The Netherlands. It has included the company in its group financial statements, copies of which are available at P.O. Box 55, 4400 AB Yerseke, The Netherlands. |
In the directors' opinion, the company's ultimate controlling party is Mr S A Lenger, as majority shareholder in the holding company of the group, during both the current and previous year. |