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REGISTERED NUMBER: 01171535 (England and Wales)















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 11,971 20,233
Tangible assets 6 2,551,809 2,542,978
Investments 7 555,398 555,398
3,119,178 3,118,609

Current assets
Stocks 339,213 432,978
Debtors 8 1,781,156 2,397,681
Cash at bank and in hand 3,478 148,515
2,123,847 2,979,174
Creditors
Amounts falling due within one year 9 (2,397,542 ) (2,159,690 )
Net current (liabilities)/assets (273,695 ) 819,484
Total assets less current liabilities 2,845,483 3,938,093

Creditors
Amounts falling due after more than one year 10 (164,157 ) (186,357 )

Provisions for liabilities - (274,000 )
Net assets 2,681,326 3,477,736

Capital and reserves
Called up share capital 2,004,800 2,004,800
Retained earnings 676,526 1,472,936
Shareholders' funds 2,681,326 3,477,736

Lynn Shellfish Limited (Registered number: 01171535)

Balance Sheet - continued
31 March 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 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


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01171535

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.

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.

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

Development costs are being amortised evenly over their estimated useful life of ten years.

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.
Short leasehold - straight line basis over term of lease
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

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 35 (2022 - 36 ) .

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 148,990 8,122 157,112
Amortisation
At 1 April 2022 134,094 2,785 136,879
Amortisation for year 7,449 813 8,262
At 31 March 2023 141,543 3,598 145,141
Net book value
At 31 March 2023 7,447 4,524 11,971
At 31 March 2022 14,896 5,337 20,233

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 921,633 7,036,915 27,548 191,289 8,177,385
Additions - 593,055 1,593 41,268 635,916
Disposals (4,000 ) - (1,902 ) (25,019 ) (30,921 )
At 31 March 2023 917,633 7,629,970 27,239 207,538 8,782,380
Depreciation
At 1 April 2022 523,852 4,902,891 22,381 185,283 5,634,407
Charge for year 33,870 512,336 3,961 13,318 563,485
Eliminated on disposal (400 ) - (1,902 ) (25,019 ) (27,321 )
Impairments 60,000 - - - 60,000
At 31 March 2023 617,322 5,415,227 24,440 173,582 6,230,571
Net book value
At 31 March 2023 300,311 2,214,743 2,799 33,956 2,551,809
At 31 March 2022 397,781 2,134,024 5,167 6,006 2,542,978

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 555,398
Net book value
At 31 March 2023 555,398
At 31 March 2022 555,398

8. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Trade debtors 470,251 352,211
Amounts owed by group undertakings 1,237,114 1,832,737
Other debtors 73,791 212,733
1,781,156 2,397,681

9. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans and overdrafts 288,518 262,202
Trade creditors 495,621 388,129
Amounts owed to group undertakings 1,471,857 1,390,399
Other creditors 141,546 118,960
2,397,542 2,159,690

10. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Other creditors 164,157 186,357

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 288,518 262,202

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.

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

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.