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REGISTERED NUMBER: 02168917 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Seafood Products Limited

Seafood Products Limited (Registered number: 02168917)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


Seafood Products Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: B Stolt-Nielson
H J Skaar
Sang-Ik Chung
Y T Ha
Y J Jin





SECRETARY: V Cauchie





REGISTERED OFFICE: The Little House 88a
West Street
Farnham
Surrey
GU9 7EN





REGISTERED NUMBER: 02168917 (England and Wales)





AUDITORS: Branston Adams
Statutory Auditors and
Chartered Certified Accountants
Suite 2, Victoria House
South Street
Farnham
Surrey
GU9 7QU

Seafood Products Limited (Registered number: 02168917)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

B Stolt-Nielson
H J Skaar
Sang-Ik Chung
Y T Ha
Y J Jin

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
In the period to date there exists material uncertainty relating to the collection of amounts due to the company. The Directors are in communication with the shareholders and creditors regarding these uncertainties and have sought independent advice as to the best way to proceed. At the time of signing this directors report the future is uncertain and the Directors are consulting with appropriate professionals.Your attention is drawn to note 11.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Branston Adams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H J Skaar - Director


6 February 2024

Report of the Independent Auditors to the Shareholders of
Seafood Products Limited

Opinion
We have audited the financial statements of Seafood Products Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
On the basis of the information available and acknowledging that the accounts have not been prepared under the going concern basis there is uncertainty regarding the future of the company.

Emphasis of matter - basis of preparation
We draw attention to Note 11 to the financial statements which explains that the directors intend to appoint an insolvency practitioner to propose a Company Voluntary Arrangement; and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 11. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Shareholders of
Seafood Products Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
- results of our enquiries of management, internal audit and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the documentation of their policies and procedures relating to:
> identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
> detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
> the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists, including tax, valuations, pensions and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Shareholders of
Seafood Products Limited


Use of our report
This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Paul Adams (Senior Statutory Auditor)
for and on behalf of Branston Adams
Statutory Auditors and
Chartered Certified Accountants
Suite 2, Victoria House
South Street
Farnham
Surrey
GU9 7QU

6 February 2024

Seafood Products Limited (Registered number: 02168917)

Income Statement
for the Year Ended 31 March 2023

Period
1.1.22
Year Ended to
31.3.23 31.3.22
Notes £    £   

TURNOVER 33,110,828 24,885,471

Cost of sales 32,269,924 24,414,817
GROSS PROFIT 840,904 470,654

Administrative expenses 836,046 857,633
4,858 (386,979 )

Other operating income - 70,041
OPERATING PROFIT/(LOSS) 4 4,858 (316,938 )

Interest receivable and similar income 10,565 1,498
15,423 (315,440 )

Interest payable and similar expenses 7,812 4,933
PROFIT/(LOSS) BEFORE TAXATION 7,611 (320,373 )

Tax on profit/(loss) (14,414 ) (52,828 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 22,025 (267,545 )

Seafood Products Limited (Registered number: 02168917)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 158,417 153,893
Investments 6 126,376 126,376
284,793 280,269

CURRENT ASSETS
Stocks 11,455 169,574
Debtors 7 3,374,732 2,125,949
Cash at bank and in hand 342,805 416,673
3,728,992 2,712,196
CREDITORS
Amounts falling due within one year 8 2,318,134 1,283,349
NET CURRENT ASSETS 1,410,858 1,428,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,695,651

1,709,116

CREDITORS
Amounts falling due after more than one
year

9

-

(19,069

)

PROVISIONS FOR LIABILITIES (2,446 ) (18,867 )
NET ASSETS 1,693,205 1,671,180

CAPITAL AND RESERVES
Called up share capital 750,000 750,000
Other reserves 200,000 200,000
Retained earnings 743,205 721,180
SHAREHOLDERS' FUNDS 1,693,205 1,671,180

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





H J Skaar - Director


Seafood Products Limited (Registered number: 02168917)

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

1. STATUTORY INFORMATION

Seafood Products 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 - 10% on cost and 3-10 years
Fixtures and fittings - 10% on cost and 3-10 years
Motor vehicles - 33% on cost and 3-4 years
Computer equipment - 33% on cost and 3-10 years

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

Seafood Products Limited (Registered number: 02168917)

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

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

Period
1.1.22
Year Ended to
31.3.23 31.3.22
£    £   
Depreciation - owned assets 33,659 47,142

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 212,708 16,462 60,700 71,399 361,269
Additions - 9,143 28,000 1,040 38,183
Disposals - (4,649 ) - (56,698 ) (61,347 )
At 31 March 2023 212,708 20,956 88,700 15,741 338,105
DEPRECIATION
At 1 April 2022 104,870 11,348 23,131 68,027 207,376
Charge for year 21,272 1,450 8,417 2,520 33,659
Eliminated on disposal - (4,649 ) - (56,698 ) (61,347 )
At 31 March 2023 126,142 8,149 31,548 13,849 179,688
NET BOOK VALUE
At 31 March 2023 86,566 12,807 57,152 1,892 158,417
At 31 March 2022 107,838 5,114 37,569 3,372 153,893

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 126,376
NET BOOK VALUE
At 31 March 2023 126,376
At 31 March 2022 126,376

7. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 3,075,480 1,462,797
Other debtors 299,252 307,674
3,374,732 1,770,471

Amounts falling due after more than one year:
Trade debtors - 355,478

Aggregate amounts 3,374,732 2,125,949

Seafood Products Limited (Registered number: 02168917)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 19,069 6,914
Trade creditors 2,018,863 1,109,773
Taxation and social security 21,861 44,371
Other creditors 258,341 122,291
2,318,134 1,283,349

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts - 19,069

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

31.3.23 31.3.22
£    £   
H J Skaar
Balance outstanding at start of year 61,779 -
Amounts advanced - 61,779
Amounts repaid (62,145 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (366 ) 61,779

11. GOING CONCERN - BASIS OF PREPARATION

During the last months of, and subsequent to, the financial year end, two of the supply contracts have yet to be settled and are currently in dispute. This would represent a material and significant amount of the annual sales for the current year and adversely effect the resulting financial results.

After a careful review of' projections, contract enquiries and having obtained professional advice, the directors believe that these circumstances will adversely affect the company and its ability trade into the future, unless its affairs can be restructured. The board has instructed an independent insolvency practitioner with a view to promoting a Company Voluntary Arrangement with creditors, which, if agreed, will enable the company to continue to trade. These contracts have not been written off in these financial statements, hence the accounts have not been prepared under the going concern basis.