Registered number
08264823
MW Seafoods Limited
Unaudited Filleted Accounts
30 June 2024
MW Seafoods Limited
Registered number: 08264823
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,312 8,364
Current assets
Debtors 4 332,848 104,915
Cash at bank and in hand - 23,409
332,848 128,324
Creditors: amounts falling due within one year 5 (262,127) (54,790)
Net current assets 70,721 73,534
Total assets less current liabilities 75,033 81,898
Creditors: amounts falling due after more than one year 6 (10,833) (20,833)
Provisions for liabilities (1,078) (1,589)
Net assets 63,122 59,476
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 62,122 58,476
Shareholders' funds 63,122 59,476
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Wells
Director
Approved by the board on 20 August 2024
MW Seafoods Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The reporting currency is Pounds Sterling (GBP) and all figures are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery straight line at 10% or 17.5% reducing balance
Motor vehicles straight line at 25% or 30% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Borrowings
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 43,855
Additions 244
At 30 June 2024 44,099
Depreciation
At 1 July 2023 35,491
Charge for the year 4,296
At 30 June 2024 39,787
Net book value
At 30 June 2024 4,312
At 30 June 2023 8,364
4 Debtors 2024 2023
£ £
Trade debtors 75,575 94,467
Other debtors 257,273 10,448
332,848 104,915
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 185,640 10,000
Trade creditors 49,148 31,737
Taxation and social security costs 9,192 8,270
Other creditors 18,147 4,783
262,127 54,790
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - bounce back loan 10,833 20,833
The Bounce Back Loan is repayable from the first anniversary of its advance by equal monthly instalments over its remaining period of 5 years from August 2021. The loan is unsecured but interest is charged at a fixed rate of 2.5% per annum.
7 Loans and secured liabilities 2024 2023
£ £
Creditors include:
Secured bank overdraft 175,640 -
Any bank overdraft arising is secured by a debenture over all assets of the company.
8 Share Capital 2024 2023
£ £
Allotted Share capital:
A Ordinary Shares of £1 each 400 400
B Ordinary Shares of £1 each 100 100
C Ordinary Shares of £1 each 250 250
D Ordinary Shares of £1 each 250 250
1,000 1,000
The ordinary shares carry equal voting rights and rights to capital on a winding up, but the company's articles allow for separate rates of dividend to be voted on each class of ordinary share independent of the other classes.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Wells
Directors' current account (911) 2,461 (3,200) (1,650)
(911) 2,461 (3,200) (1,650)
10 Related party transactions 2024 2023
£ £
Key management and directors' remuneration
Salaries and other short term employee benefits 12,424 12,424
Post-employment benefits 69,080 51,572
81,504 63,996
Dividends paid to the directors during the year totalled 32,000 26,000
11 Controlling party
The company is controlled by the directors as a body. There is no overall controlling party.
12 Other information
MW Seafoods Limited is a private company limited by shares and incorporated in England. Its registered office is:
North Quay
Fish Docks
Grimsby
N E Lincolnshire
DN31 3SY
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