Registration number:
Peninsula Seafoods Limited
for the Year Ended 31 December 2023
Peninsula Seafoods Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Peninsula Seafoods Limited
Company Information
Directors |
Mr S H Pell Mr A D J Spear |
Registered office |
|
Auditors |
|
Peninsula Seafoods Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the wholesale of seafood.
Fair review of the business
The company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
Turnover |
£ |
22,047,419 |
20,067,801 |
Gross profit margin |
% |
10 |
11 |
Profit after tax |
£ |
455,150 |
634,384 |
The Board is pleased to announce a profit after tax of £460,711 for the year ended 31 December 2023. Sales to Europe have especially seen a large increase from 2022.
The reason behind the decrease in Profit after tax is due to continued inflationary pressures on direct costs, coupled with sales prices remaining subdued and putting pressure on the Gross Margin.
Principal risks and uncertainties
The company faces a number of risks. The supply of raw materials has become increasingly challenging for the company, as it has for the industry as a whole.
The company continues to derive the majority of its turnover from export sales and is therefore exposed to exchange rate risk which it seeks to mitigate through appropriate treasury management. The company manages its credit risk by combining credit insurance with a rigorous credit control process. We have no significant concentration of debtor risk.
In light of the continuing economic challenges, the directors have reviewed projections and budgets for the next twelve months. On the basis that the company has strong supply chains, excellent customer relationships and plentiful capital resources available, the directors remain very confident that the company remains a going concern and is able to continue trading for the foreseeable future.
Approved and authorised by the
......................................... |
Peninsula Seafoods Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to foreign exchange rate risk as a result of its operations. The company uses hedge instruments to manage exposure to foreign exchange rate risk. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The company has a continued policy that requires appropriate credit checks on potential customers before sales are made. Management have made the decision to further reduce the risk by taking out insurance cover against specific customer debts.
The company maintains facilities that are designed to ensure the company has sufficient funds for operations and planned expenses.
The company has interest bearing liabilities. However, given the size of the company's operations, the cost of managing exposure to interest rate risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Peninsula Seafoods Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Peninsula Seafoods Limited
Independent Auditor's Report to the Members of Peninsula Seafoods Limited
Opinion
We have audited the financial statements of Peninsula Seafoods Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Peninsula Seafoods Limited
Independent Auditor's Report to the Members of Peninsula Seafoods Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Peninsula Seafoods Limited
Independent Auditor's Report to the Members of Peninsula Seafoods Limited
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Peninsula Seafoods Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
759,282 |
846,759 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above and
therefore a separate statement of other comprehensive income has not been presented.
Peninsula Seafoods Limited
(Registration number: 03055332)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
- |
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Peninsula Seafoods Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
Purchase of own share capital |
- |
- |
(482,500) |
(482,500) |
Other share capital movements |
(360) |
- |
- |
(360) |
Other capital redemption reserve movements |
- |
360 |
- |
360 |
At 31 December 2023 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2022 |
1,200 |
1,861,105 |
1,862,305 |
Peninsula Seafoods Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Increase in deferred income, including government grants |
|
|
|
Cash generated from operations |
|
( |
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments for purchase of own shares |
( |
- |
|
Proceeds from bank borrowing draw downs |
( |
- |
|
Proceeds from other borrowing draw downs |
|
|
|
Repayment of other borrowing |
( |
- |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
550,992 |
526,976 |
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
Based on the above and information available to the directors at the date of approval, the directors condsider it appropriate to continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resource to continue to trade with a foreseeable future being 12 months from approval of these financial statements.
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.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Government grants
Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Fixtures, fittings and equipment |
25% reducing balance |
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
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. Costs comprise the purchase price, import duties and other taxes not recoverable and transport, handling and other costs directly attributed to the acquisition of stock.
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.
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.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount repoarted in the Balance Sheet when there is an enforceable right to set of the recognised amount and there is an interntion to settle on a net basis or to realise the asset and settle the liability simultaneously.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Derivative financial instruments and hedging
Derivatives
Hedging
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Other revenue |
|
|
|
|
The analysis of the company's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting):
2023 |
2022 |
|
Depreciation expense |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
141,383 |
126,238 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the income statement:
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
|
147,795 |
153,221 |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
|
Total tax charge |
|
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
Additions |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2023 |
|
|
Charge for the year |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
Stocks |
2023 |
2022 |
|
Goods in transit |
|
|
Finished goods and goods for resale |
|
|
Other inventories |
|
|
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Trade debtors includes £3,598,444 (2022 - £5,606,402) covered by an invoice financing facility.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
147,651 |
150,000 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
- |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
- |
Current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
|
The invoice discounting facility is secured by way of a fixed and floating charge over all assets of the
company.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
700 |
|
1,000 |
|
- |
- |
|
23 |
|
|
23 |
|
23 |
|
|
35 |
|
35 |
|
|
12 |
|
20 |
AE shares of £1 each |
13 |
13 |
20 |
20 |
AF shares of £1 each |
22 |
22 |
22 |
22 |
AG shares of £1 each |
35 |
35 |
35 |
35 |
AH shares of £1 each |
- |
- |
22 |
22 |
|
|
|
|
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Ordinary AA to AH shares have the following rights, preferences and restrictions: |
During the year, the company purchased some of its own shares for an aggregate cost of £482,500.
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £Nil (2022 - £ |
- |
536,384 |
||
Contingent liabilities |
In 2021 the company provided a guarantee of up to £300,000 in respect of the bank debt of a connected company. This guarantee remains in place.
Analysis of changes in net debt |
At 1 January 2023 |
Financing cash flows |
At 31 December 2023 |
|
Cash and cash equivalents |
|||
Cash |
526,976 |
24,016 |
550,992 |
Borrowings |
|||
Invoice financing facilities |
(4,618,927) |
1,881,598 |
(2,737,329) |
( |
|
( |
|
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Transactions with directors |
2022 |
At 1 January 2022 |
Repayments by director |
At 31 December 2022 |
Mr S H Pell |
|||
|
- |
- |
- |
Interest free loan repayable on demand |
|
( |
- |
|
- |
- |
- |
|
- |
- |
- |
10,865 |
(10,865) |
- |
|
Summary of transactions with other related parties
During the year the company made purchases from and sales to other related parties, these transactions were carried out under normal trading terms.
During the year the interest free loan that the company provided to its other related parties was repaid.
Coombe Fisheries Limited provides a cross guarantee for Peninsula Seafoods Limited in respect of the company's bank debt. In addition, a guarantee of up to £300,000 has been given by Peninsula Seafoods Limited in respect of the bank debt of Coombe Fisheries Limited.
Income and receivables from related parties
2023 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
|
2022 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Expenditure with and payables to related parties
2023 |
Other related parties |
Purchase of goods |
|
Leases |
|
|
|
Amounts payable to related party |
|
|
2022 |
Key management |
Other related parties |
Purchase of goods |
- |
|
Leases |
- |
|
Ordinary dividends paid |
|
|
|
|
|
Amounts payable to related party |
- |
|
|
Loans to related parties
2022 |
Other related parties |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
Loans from related parties
2023 |
Key management |
Other related parties |
Total |
At start of period |
( |
( |
( |
Advanced |
( |
- |
( |
Repaid |
|
- |
|
At end of period |
( |
( |
( |
|
2022 |
Key management |
Other related parties |
Total |
At start of period |
( |
- |
( |
Advanced |
( |
|
( |
Repaid |
|
( |
( |
At end of period |
( |
( |
( |
|
Peninsula Seafoods Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial instruments |
Financial assets measured at fair value
Foreign currency forward contracts
Foreign currency forward contracts are valued using the rate of the contract compared to the rate available were a similar contract to have been entered into at the period end.
The fair value is £(15,832) (2022 - £(64,836)) and the change in value included in profit or loss is £(49,004) (2022 - £54,705).