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COMPANY REGISTRATION NUMBER: 02738816
Island Seafood Limited
Filleted Unaudited Financial Statements
31 July 2023
Island Seafood Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
29,614
42,026
Current assets
Stocks
17,657
10,831
Debtors
6
95,696
120,537
Cash at bank and in hand
39,279
64,975
---------
---------
152,632
196,343
Creditors: amounts falling due within one year
7
94,746
97,576
---------
---------
Net current assets
57,886
98,767
--------
---------
Total assets less current liabilities
87,500
140,793
Creditors: amounts falling due after more than one year
8
18,186
27,391
Provisions
Taxation including deferred tax
5,627
7,985
--------
---------
Net assets
63,687
105,417
--------
---------
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss account
53,687
95,417
--------
---------
Shareholders funds
63,687
105,417
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Island Seafood Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
A D Bussell
Director
Company registration number: 02738816
Island Seafood Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Woodlands Road, Romford, Essex, RM11 4HD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
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 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account. There were no contributions outstanding at the year end date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
25,727
11,962
98,937
136,626
Additions
3,594
3,594
--------
--------
--------
---------
At 31 July 2023
29,321
11,962
98,937
140,220
--------
--------
--------
---------
Depreciation
At 1 August 2022
23,510
10,294
60,796
94,600
Charge for the year
1,536
372
14,098
16,006
--------
--------
--------
---------
At 31 July 2023
25,046
10,666
74,894
110,606
--------
--------
--------
---------
Carrying amount
At 31 July 2023
4,275
1,296
24,043
29,614
--------
--------
--------
---------
At 31 July 2022
2,217
1,668
38,141
42,026
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
92,787
116,255
Prepayments and accrued income
417
Other debtors
2,492
4,282
--------
---------
95,696
120,537
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,500
1,500
Trade creditors
65,507
74,171
Accruals and deferred income
3,775
3,590
Corporation tax
4,144
5,126
Social security and other taxes
1,728
1,701
Obligations under finance leases and hire purchase contracts
7,718
9,852
Director loan accounts
10,049
1,252
Other creditors
325
384
--------
--------
94,746
97,576
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,874
4,360
Obligations under finance leases and hire purchase contracts
15,312
23,031
--------
--------
18,186
27,391
--------
--------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
10. Related party transactions
During the year the company paid rent of £18,000 (2022 - £19,500) to related parties. At the year end the company owed the directors £10,049 (2022 - £1,252) which is shown amongst creditors