Registered number
05933443
Great Grimsby Seafood Village Limited
Unaudited Filleted Accounts
30 September 2023
Great Grimsby Seafood Village Limited
Registered number: 05933443
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 326 -
Investments 4 2,800,000 2,800,000
2,800,326 2,800,000
Current assets
Debtors 5 (2,262) (13,466)
Cash at bank and in hand 109,039 77,399
106,777 63,933
Creditors: amounts falling due within one year 6 (172,214) (168,668)
Net current liabilities (65,437) (104,735)
Total assets less current liabilities 2,734,889 2,695,265
Creditors: amounts falling due after more than one year 7 (1,649,116) (1,751,370)
Net assets 1,085,773 943,895
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,085,673 943,795
Shareholders' funds 1,085,773 943,895
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Dalton
Director
Approved by the board on 15 December 2023
Great Grimsby Seafood Village Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments and investment properties are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
Directors of the company are not employed under contracts of service and are thus excluded from the above.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 1,750
Additions 435
At 30 September 2023 2,185
Depreciation
At 1 October 2022 1,750
Charge for the year 109
At 30 September 2023 1,859
Net book value
At 30 September 2023 326
4 Investments
Other
investments
£
Cost
At 1 October 2022 2,800,000
At 30 September 2023 2,800,000
Historical cost
At 1 October 2022 3,191,803
At 30 September 2023 3,191,803
As permitted by FRS102, the company's commercial property asset is accounted for as an investment property, as it is being used to generate rentals pending sale. The property is valued at the lower of its market value and the present value of future minimum lease payments under the property head lease. The market value used in the accounts at 30 September 2023 was established by way of a professional valuation undertaken on 4 December 2019 by a valuer with relevant professional qualifications. The valuation was determined on an open market value basis using a rental yield, net of head lease rental and management costs, grossed up for a required yield having regard to the terms of the head lease market conditions and occupancy profile. Given prevailing uncertainties around the UK economy inflation and interest rate trends at the time of writing, the directors consider the valuation to have remained relevant at 30 September 2023 and have therefore continued to reflect such in these accounts.
5 Debtors 2023 2022
£ £
Trade debtors (net of deposits received) (7,907) (16,852)
Other debtors 5,645 3,386
(2,262) (13,466)
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 47,527 45,721
Trade creditors 4,536 1,201
Taxation and social security costs 47,452 41,526
Other creditors 72,699 80,220
172,214 168,668
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 680,767 758,189
Other creditors 968,349 993,181
1,649,116 1,751,370
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 484,125 559,825
Secured bank loans 728,294 803,910
Bank loans are secured by a fixed and floating charge over the undertaking of the company, all property and assets (present and future) including goodwill, book debts, uncalled capital, buildings (including investment property), fixed plant and machinery.
9 Share capital 2023 2022
£ £
Ordinary Shares of £1 each:
Authorised capital 100 100
Issued and fully paid 100 100
10 Other financial commitments 2023 2022
£ £
Total present value of future minimum payments under non-cancellable operating leases:
not later than one year 88,780 88,780
later than one year and not later than five years 355,120 355,120
later than five years 9,499,460 9,588,240
9,943,360 10,032,140
Lease obligations comprise the aggregate rental payable under the company's head lease for its property assets. The commitment above is based on rental levels at the balance sheet date, which are adjusted for RPI inflation on a triennial basis.
11 Controlling party
The company is controlled by the directors as a body. There is no single controlling party.
12 Other information
Great Grimsby Seafood Village Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16
Great Grimsby Seafood Village
Grimsby
N E Lincolnshire
DN31 3SX
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