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COMPANY REGISTRATION NUMBER: 12429225
Pysgod Y Mor Ltd
Filleted Unaudited Financial Statements
31 January 2024
Pysgod Y Mor Ltd
Financial Statements
Year ended 31 January 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Pysgod Y Mor Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
23,774
26,721
Current assets
Debtors
5
702
531
Cash at bank and in hand
5
2
----
----
707
533
Creditors: amounts falling due within one year
6
( 41,611)
( 30,581)
--------
--------
Net current liabilities
( 40,904)
( 30,048)
--------
--------
Total assets less current liabilities
( 17,130)
( 3,327)
Creditors: amounts falling due after more than one year
7
( 15,542)
( 17,254)
--------
--------
Net liabilities
( 32,672)
( 20,581)
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 32,673)
( 20,582)
--------
--------
Shareholders deficit
( 32,672)
( 20,581)
--------
--------
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 January 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr M Devonald
Director
Company registration number: 12429225
Pysgod Y Mor Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Brynteg, St Davids, Haverfordwest, Pembrokeshire, SA62 6SQ, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
10% reducing balance
Motor vehicles
-
25% reducing balance
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
4. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
33,974
4,350
38,324
--------
-------
--------
Depreciation
At 1 February 2023
9,088
2,515
11,603
Charge for the year
2,488
459
2,947
--------
-------
--------
At 31 January 2024
11,576
2,974
14,550
--------
-------
--------
Carrying amount
At 31 January 2024
22,398
1,376
23,774
--------
-------
--------
At 31 January 2023
24,886
1,835
26,721
--------
-------
--------
5. Debtors
2024
2023
£
£
Trade debtors
325
Other debtors
702
206
----
----
702
531
----
----
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan (secured)
5,041
5,027
Trade creditors
450
842
Other creditors
36,120
24,712
--------
--------
41,611
30,581
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan (secured)
15,542
17,254
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
The company was under the control of Mr M Devonald , the managing director, throughout the current and previous year by virtue of his majority shareholding. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.