Welsh Sea Foods Ltd 07096996 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is sales of sea food Digita Accounts Production Advanced 6.30.9574.0 true true 07096996 2023-02-01 2024-01-31 07096996 2024-01-31 07096996 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-31 07096996 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 07096996 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 07096996 core:CurrentFinancialInstruments 2024-01-31 07096996 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07096996 core:Non-currentFinancialInstruments 2024-01-31 07096996 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 07096996 core:FurnitureFittingsToolsEquipment 2024-01-31 07096996 core:MotorVehicles 2024-01-31 07096996 core:OtherPropertyPlantEquipment 2024-01-31 07096996 bus:SmallEntities 2023-02-01 2024-01-31 07096996 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07096996 bus:FullAccounts 2023-02-01 2024-01-31 07096996 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07096996 bus:RegisteredOffice 2023-02-01 2024-01-31 07096996 bus:Director1 2023-02-01 2024-01-31 07096996 bus:Director2 2023-02-01 2024-01-31 07096996 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-01 2024-01-31 07096996 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07096996 core:ComputerEquipment 2023-02-01 2024-01-31 07096996 core:FurnitureFittings 2023-02-01 2024-01-31 07096996 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07096996 core:MotorVehicles 2023-02-01 2024-01-31 07096996 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 07096996 core:PlantMachinery 2023-02-01 2024-01-31 07096996 countries:EnglandWales 2023-02-01 2024-01-31 07096996 2023-01-31 07096996 core:FurnitureFittingsToolsEquipment 2023-01-31 07096996 core:MotorVehicles 2023-01-31 07096996 core:OtherPropertyPlantEquipment 2023-01-31 07096996 2022-02-01 2023-01-31 07096996 2023-01-31 07096996 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-31 07096996 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 07096996 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 07096996 core:CurrentFinancialInstruments 2023-01-31 07096996 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07096996 core:Non-currentFinancialInstruments 2023-01-31 07096996 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07096996 core:FurnitureFittingsToolsEquipment 2023-01-31 07096996 core:MotorVehicles 2023-01-31 07096996 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07096996

Welsh Sea Foods Ltd

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Welsh Sea Foods Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Welsh Sea Foods Ltd

Company Information

Directors

Mr S M Ryan

Mr AC Davies

Registered office

Welsh Seafoods Ltd
The Docks
Milford Haven
Dyfed
SA73 3AE
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Welsh Sea Foods Ltd

(Registration number: 07096996)
Balance Sheet as at 31 January 2024

Note

31 January
2024
£

31 January
2023
£

Fixed assets

 

Tangible assets

4

26,566

12,911

Current assets

 

Stocks

5

42,846

45,245

Debtors

6

164,083

152,941

Cash at bank and in hand

 

50,431

73,143

 

257,360

271,329

Creditors: Amounts falling due within one year

7

(406,402)

(391,999)

Net current liabilities

 

(149,042)

(120,670)

Total assets less current liabilities

 

(122,476)

(107,759)

Creditors: Amounts falling due after more than one year

7

(25,911)

(25,951)

Net liabilities

 

(148,387)

(133,710)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(148,487)

(133,810)

Shareholders' deficit

 

(148,387)

(133,710)

For the financial 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.

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 Profit and Loss Account.

 

Welsh Sea Foods Ltd

(Registration number: 07096996)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr AC Davies
Director

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

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:
Welsh Seafoods Ltd
The Docks
Milford Haven
Dyfed
SA73 3AE
Wales

These financial statements were authorised for issue by the Board on 17 April 2024.

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 convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have advised that the going concern basis of preparation of these accounts is appropriate despite the insolvent position, due to their continuing support.

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 sales/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.

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

10% on cost

Fixtures and fittings

33% on cost

Motor vehicles

25% on cost

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

8,503

70,093

48,232

126,828

Additions

142

18,000

-

18,142

At 31 January 2024

8,645

88,093

48,232

144,970

Depreciation

At 1 February 2023

7,943

70,093

35,881

113,917

Charge for the year

330

2,250

1,907

4,487

At 31 January 2024

8,273

72,343

37,788

118,404

Carrying amount

At 31 January 2024

372

15,750

10,444

26,566

At 31 January 2023

560

-

12,351

12,911

5

Stocks

31 January
2024
£

31 January
2023
£

Stocks

42,846

45,245

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

6

Debtors

Current

31 January
2024
£

31 January
2023
£

Trade debtors

153,308

146,640

Prepayments

4,753

884

VAT

6,022

5,417

 

164,083

152,941

 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 January
2024
£

31 January
2023
£

Due within one year

 

Bank loans and overdrafts

9

16,021

10,088

Trade creditors

 

308,449

300,402

Taxation and social security

 

1,851

2,686

Accruals and deferred income

 

3,771

1,900

Other creditors

 

76,310

76,923

 

406,402

391,999

Creditors: amounts falling due after more than one year

Note

31 January
2024
£

31 January
2023
£

Due after one year

 

Loans and borrowings

9

25,911

25,951

8

Share capital

Allotted, called up and fully paid shares

 

31 January
2024

31 January
2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Welsh Sea Foods Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

9

Loans and borrowings

31 January
2024
£

31 January
2023
£

Non-current loans and borrowings

Bank borrowings

16,272

25,951

Hire purchase contracts

9,639

-

25,911

25,951

31 January
2024
£

31 January
2023
£

Current loans and borrowings

Bank borrowings

10,258

10,088

Hire purchase contracts

5,763

-

16,021

10,088

10

Dividends

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

36,000

36,000