Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302024-05-21false102022-12-01No description of principal activity10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01661012 2022-12-01 2023-11-30 01661012 2021-12-01 2022-11-30 01661012 2023-11-30 01661012 2022-11-30 01661012 2021-12-01 01661012 c:Director1 2022-12-01 2023-11-30 01661012 d:MotorVehicles 2022-12-01 2023-11-30 01661012 d:MotorVehicles 2023-11-30 01661012 d:MotorVehicles 2022-11-30 01661012 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661012 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01661012 d:FurnitureFittings 2022-12-01 2023-11-30 01661012 d:FurnitureFittings 2023-11-30 01661012 d:FurnitureFittings 2022-11-30 01661012 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661012 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01661012 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01661012 d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 01661012 d:CurrentFinancialInstruments 2023-11-30 01661012 d:CurrentFinancialInstruments 2022-11-30 01661012 d:Non-currentFinancialInstruments 2023-11-30 01661012 d:Non-currentFinancialInstruments 2022-11-30 01661012 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01661012 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01661012 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01661012 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01661012 d:ShareCapital 2023-11-30 01661012 d:ShareCapital 2022-11-30 01661012 d:RetainedEarningsAccumulatedLosses 2023-11-30 01661012 d:RetainedEarningsAccumulatedLosses 2022-11-30 01661012 c:FRS102 2022-12-01 2023-11-30 01661012 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01661012 c:FullAccounts 2022-12-01 2023-11-30 01661012 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01661012 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 01661012 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 01661012 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 01661012 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 01661012 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01661012 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 01661012 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 01661012 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 01661012 d:RetirementBenefitObligationsDeferredTax 2023-11-30 01661012 d:RetirementBenefitObligationsDeferredTax 2022-11-30 01661012 2 2022-12-01 2023-11-30 01661012 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-11-30 01661012 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-30 01661012 d:LeasedAssetsHeldAsLessee 2023-11-30 01661012 d:LeasedAssetsHeldAsLessee 2022-11-30 01661012 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 01661012










B & M SEAFOODS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023


STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
166,218
118,449

  
166,218
118,449

Current assets
  

Stocks
  
77,126
81,427

Debtors: amounts falling due within one year
 5 
196,931
140,177

Cash at bank and in hand
  
84,388
246,765

  
358,445
468,369

Creditors: amounts falling due within one year
 6 
(322,137)
(263,086)

Net current assets
  
 
 
36,308
 
 
205,283

Total assets less current liabilities
  
202,526
323,732

Creditors: amounts falling due after more than one year
 7 
(8,854)
(14,441)

Provisions for liabilities
  

Deferred tax
 9 
-
(14,277)

  
 
 
-
 
 
(14,277)

Net assets
  
193,672
295,014


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
193,670
295,012

  
193,672
295,014



    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S J Appleby
Director

Date: 21 May 2024

The notes on  form part of these financial statements.



1.


General information

B & M Seafoods Limited is a private company limited by shares and incorporated in England and Wales, registration number 01661012. The registered office is Progress Way, Mid Suffolk Business Park, Langton Green, Eye, Suffolk, IP23 7HU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.


 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
161,378
327,302
488,680


Additions
10,500
88,964
99,464


Disposals
(1,000)
-
(1,000)



At 30 November 2023

170,878
416,266
587,144



Depreciation


At 1 December 2022
63,534
306,697
370,231


Charge for the year on owned assets
19,303
26,188
45,491


Charge for the year on financed assets
5,561
-
5,561


Disposals
(357)
-
(357)



At 30 November 2023

88,041
332,885
420,926



Net book value



At 30 November 2023
82,837
83,381
166,218



At 30 November 2022
97,844
20,605
118,449

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
16,682
22,243


           4.Tangible fixed assets (continued)


16,682
22,243



5.


Debtors

2023
2022
£
£


Trade debtors
94,886
126,069

Amounts owed by associates
11,509
3,879

Other debtors
4,447
498

Prepayments and accrued income
68,002
9,731

Tax recoverable
2,956
-

Deferred taxation
15,131
-

196,931
140,177



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
154,353
98,773

Amounts owed to group undertakings
40,000
40,016

Amounts owed to associates
5,772
9,287

Corporation tax
-
2,956

Other taxation and social security
4,846
5,947

Obligations under finance lease and hire purchase contracts
5,587
5,587

Other creditors
75,697
75,030

Accruals and deferred income
35,882
25,490

322,137
263,086



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
8,854
14,441

8,854
14,441


Secured Loans                                                                           
The amount of secured creditors shown under net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
5,587
5,587

Between 1-5 years
8,854
14,441

14,441
20,028


9.


Deferred taxation




2023
2022


£

£






At beginning of year
(14,277)
(8,094)


Charged to profit or loss
29,408
(6,183)



At end of year
15,131
(14,277)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(29,838)
(14,386)

Tax losses carried forward
44,867
-

Pension surplus
102
109

15,131
(14,277)


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £5,097 (2022: £5,136). Contributions totalling £408 (2022: £437) were payable to the fund at the balance sheet date and are included in creditors.



11.


Related party transactions

The company is a group undertaking of B & M Seafoods Holdings Limited.
No transactions have been disclosed in relation to B & M Seafoods Holdings Limited, in line with the exemption contained within the Financial Reporting Standard 8.
Included in debtors at the year end date is a balance of £11,509 (2022: £3,879) which is owed from Salpen Limited, a company of which S J Appleby and S P Appleby are also directors and controlling shareholders. 
Included in creditors at the year end date is a balance of £5,772 (2022: £9,287) which is owed to Langtons Limited, a company of which S J Appleby and S P Appleby are also directors and controlling shareholders. 
At the year end the directors were owed £74,302 (2022: £72,869) which is repayable on demand.