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Registration number: 04791004

Meridian Sea Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Meridian Sea Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Meridian Sea Limited

(Registration number: 04791004)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

13,977

1,760

Current assets

 

Stocks

6

42,250

22,700

Debtors

7

83,312

93,224

Cash at bank and in hand

 

5,018

34,124

 

130,580

150,048

Creditors: Amounts falling due within one year

8

(114,265)

(103,959)

Net current assets

 

16,315

46,089

Total assets less current liabilities

 

30,292

47,849

Creditors: Amounts falling due after more than one year

8

(22,492)

(21,954)

Provisions for liabilities

-

(155)

Net assets

 

7,800

25,740

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

7,700

25,640

Shareholders' funds

 

7,800

25,740

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

 

Meridian Sea Limited

(Registration number: 04791004)
Statement of Financial Position as at 30 September 2023 (continued)


Mr N K Vogwill
Director

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is the buying and selling of fish and fish products.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost basis.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

5 year straight line

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fittings, fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Impairment

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. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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 performance model.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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. When a provision is measured at the present value of the
amount expected to be required to settle the obligation, the unwinding of the discount is recognised in
finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

30,000

30,000

At 30 September 2023

30,000

30,000

Amortisation

At 1 October 2022

30,000

30,000

At 30 September 2023

30,000

30,000

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

6,238

1,620

6,000

13,858

Additions

97

-

17,798

17,895

Disposals

-

-

(6,000)

(6,000)

At 30 September 2023

6,335

1,620

17,798

25,753

Depreciation

At 1 October 2022

5,093

1,405

5,600

12,098

Charge for the year

613

215

4,450

5,278

Eliminated on disposal

-

-

(5,600)

(5,600)

At 30 September 2023

5,706

1,620

4,450

11,776

Carrying amount

At 30 September 2023

629

-

13,348

13,977

At 30 September 2022

1,145

215

400

1,760

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

42,250

22,700

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

77,252

55,638

Other debtors

5,182

36,680

Prepayments

878

906

83,312

93,224

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

14,931

7,863

Trade creditors

 

93,269

87,519

Taxation and social security

 

3,651

6,482

Accruals and deferred income

 

1,975

2,095

Other creditors

 

439

-

 

114,265

103,959

The bank loan is repayable over 6 years with interest at 2.5% per annum with the first twelve months interest and repayment free.

The bounce back loan benefits from a government guarantee.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

22,492

21,954

The bank loan is repayable over 6 years with interest at 2.5% per annum with the first twelve months interest and repayment free.

The bounce back loan benefits from a government guarantee.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Meridian Sea Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Owed from directors

27,249

12,636

(40,325)

(440)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Owed from directors

30,813

36,984

(40,548)

27,249