Fillet Fish Limited 05373818 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is fish processing and wholesaling Digita Accounts Production Advanced 6.30.9574.0 true true 05373818 2023-03-01 2024-02-29 05373818 2024-02-29 05373818 bus:OrdinaryShareClass1 2024-02-29 05373818 core:FinanceLeases core:CurrentFinancialInstruments 2024-02-29 05373818 core:FinanceLeases core:Non-currentFinancialInstruments 2024-02-29 05373818 core:CurrentFinancialInstruments 2024-02-29 05373818 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 05373818 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 05373818 core:FurnitureFittingsToolsEquipment 2024-02-29 05373818 core:MotorVehicles 2024-02-29 05373818 1 2024-02-29 05373818 bus:SmallEntities 2023-03-01 2024-02-29 05373818 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05373818 bus:FullAccounts 2023-03-01 2024-02-29 05373818 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05373818 bus:RegisteredOffice 2023-03-01 2024-02-29 05373818 bus:Director2 2023-03-01 2024-02-29 05373818 bus:Director3 2023-03-01 2024-02-29 05373818 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05373818 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05373818 core:Buildings 2023-03-01 2024-02-29 05373818 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 05373818 core:Land 2023-03-01 2024-02-29 05373818 core:MotorVehicles 2023-03-01 2024-02-29 05373818 core:PlantMachinery 2023-03-01 2024-02-29 05373818 countries:England 2023-03-01 2024-02-29 05373818 1 2023-03-01 2024-02-29 05373818 2023-02-28 05373818 core:FurnitureFittingsToolsEquipment 2023-02-28 05373818 core:MotorVehicles 2023-02-28 05373818 1 2023-02-28 05373818 2022-03-01 2023-02-28 05373818 2023-02-28 05373818 bus:OrdinaryShareClass1 2023-02-28 05373818 core:FinanceLeases core:CurrentFinancialInstruments 2023-02-28 05373818 core:FinanceLeases core:Non-currentFinancialInstruments 2023-02-28 05373818 core:CurrentFinancialInstruments 2023-02-28 05373818 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 05373818 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 05373818 core:FurnitureFittingsToolsEquipment 2023-02-28 05373818 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05373818

Fillet Fish Limited

trading as Prime Processors

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Fillet Fish Limited

trading as Prime Processors

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Fillet Fish Limited

trading as Prime Processors

(Registration number: 05373818)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

235,589

224,574

Investment property

5

118,886

118,886

 

354,475

343,460

Current assets

 

Stocks

6

116,222

247,903

Debtors

7

1,295,062

1,505,728

Cash at bank and in hand

 

566,794

314,226

 

1,978,078

2,067,857

Creditors: Amounts falling due within one year

8

(1,033,844)

(1,170,399)

Net current assets

 

944,234

897,458

Total assets less current liabilities

 

1,298,709

1,240,918

Creditors: Amounts falling due after more than one year

8

-

(7,715)

Provisions for liabilities

(57,700)

(42,505)

Net assets

 

1,241,009

1,190,698

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,240,909

1,190,598

Shareholders' funds

 

1,241,009

1,190,698

For the financial year ending 29 February 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.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

 

Fillet Fish Limited

trading as Prime Processors

(Registration number: 05373818)
Balance Sheet as at 29 February 2024

.........................................
S A Walker
Director

.........................................
C Walker
Director

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 05373818.

The address of its registered office is:
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

The principal place of business is:
150 English Street
Hull
HU3 2BT

These financial statements were authorised for issue by the Board on 24 July 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised in the Profit and Loss Account and Statement of Retained Earnings on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. The company has not received any grants with performance related conditions.

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred 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 statement of financial position 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

Land

No depreciation

Buildings

50 years straight line

Plant and machinery

10%, 15%, 25% and 33% straight line

Motor vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

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.

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 38 (2023 - 44).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

737,309

12,995

750,304

Additions

8,556

70,275

78,831

At 29 February 2024

745,865

83,270

829,135

Depreciation

At 1 March 2023

512,735

12,995

525,730

Charge for the year

59,937

7,879

67,816

At 29 February 2024

572,672

20,874

593,546

Carrying amount

At 29 February 2024

173,193

62,396

235,589

At 28 February 2023

224,574

-

224,574

5

Investment properties

2024
£

At 1 March

118,886

At 29 February

118,886

The investment property is held at orginal cost, which the Directors' believe is a fair value of the property.

A professional valuation of the property has not been undertaken.

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

116,222

247,903

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,210,158

1,431,484

Prepayments

10,978

2,453

Other debtors

73,926

71,791

 

1,295,062

1,505,728

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

9,659

20,354

Trade creditors

 

808,220

985,112

Taxation and social security

 

23,727

23,419

Other creditors

 

132,363

87,305

Accruals and deferred income

 

59,875

54,209

 

1,033,844

1,170,399

Due after one year

 

Loans and borrowings

10

-

7,715

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

-

7,715

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

9,659

20,354

Other borrowings

44,977

54,526

54,636

74,880

Other borrowings

Creditors under hire purchase agreements are secured by a fixed charge on the assets they finance.

 

Fillet Fish Limited

trading as Prime Processors

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

84,186

72,420

Transactions with Directors

2024

At 1 March 2023
£

Advances to Director
£

Repayments by Director
£

At 29 February 2024
£

Directors Loan Account

26,900

(105,042)

121,000

42,858

         
       

 

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

52,072

47,420

Contributions paid to money purchase schemes

25,000

25,000

77,072

72,420

Other transactions with Directors

During the year dividends totalling £195,000 (2023: 180,000), were paid to the Directors' of the company.