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Registered Number: 01027181
England and Wales

 

 

 

ATLANTIC FISH (WHOLESALE) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Directors S R Smith
T P Jackson
R A Smith
Registered Number 01027181
Registered Office 15 Barlow Way
Fairview industrial Park
Rainham
Essex
RM13 8BT
Accountants Versa Tax Solutions Ltd
9 Corbets Tey Road
Upminster
RM14 2AP
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 October 2023
Principal activities
The companys principal activity during the year was Wholesale of meat and meat products
and Wholesale of other food, including fish, crustaceans and molluscs.

Directors
The directors who served the company throughout the year were as follows:
S R Smith
T P Jackson
R A Smith
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

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 then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • 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 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. The directors 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
S R Smith
Director

Date approved: 12 September 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 October 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Versa Tax Solutions Ltd
31 October 2023



....................................................

Versa Tax Solutions Ltd

9 Corbets Tey Road
Upminster
RM14 2AP
12 September 2024
3
 
 
Notes
 
2023
£
  2022
£
Turnover 6,477,768    6,795,769 
Cost of sales (5,696,382)   (5,850,031)
Gross profit 781,386    945,738 
Selling and distribution costs (3,454)   (2,573)
Administrative expenses (591,149)   (50,929)
Operating profit 186,783    892,236 
Interest payable and similar charges (28,600)   (12,726)
Profit/(Loss) on ordinary activities before taxation 158,183    879,510 
Tax on profit on ordinary activities (169,490)   (161,535)
Profit/(Loss) for the financial year (11,307)   717,975 
 
4
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,132,923    1,134,934 
1,132,923    1,134,934 
Current assets      
Stocks 4 283,539    528,985 
Debtors 5 196,733    194,471 
Cash at bank and in hand 527,733    402,903 
1,008,005    1,126,359 
Creditors: amount falling due within one year 6 (636,572)   (783,935)
Net current assets 371,433    342,424 
 
Total assets less current liabilities 1,504,356    1,477,358 
Creditors: amount falling due after more than one year 7 (92,382)   (84,945)
Provisions for liabilities 8 (248,568)   (118,700)
Net assets 1,163,406    1,273,713 
 

Capital and reserves
     
Called up share capital 9 6,000    10,000 
Profit and loss account 1,157,406    1,263,713 
Shareholders' funds 1,163,406    1,273,713 
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 12 September 2024 and were signed on its behalf by:


-------------------------------
S R Smith
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 November 2021 10,000  695,738  705,738 
Profit for the year 717,975  717,975 
Total comprehensive income for the year 717,975  717,975 
Dividends (150,000) (150,000)
Total investments by and distributions to owners (150,000) (150,000)
At 31 October 2022 10,000  1,263,713  1,273,713 
At 01 November 2022 10,000  1,218,713  1,228,713 
Profit for the year (11,307) (11,307)
Total comprehensive income for the year (11,307) (11,307)
Dividends (50,000) (50,000)
Shares redeemed (4,000)
Total investments by and distributions to owners (50,000) (54,000)
At 31 October 2023 10,000  1,157,406  1,163,406 
6
General Information
Atlantic Fish (Wholesale) Limited is a private company, limited by shares, registered in England and Wales, registration number 01027181, registration address 15 Barlow Way, Fairview industrial Park, Rainham, Essex, RM13 8BT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Reducing Balance
Motor Vehicles 25% RB Reducing Balance
Fixtures and Fittings 15 SL Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Preference shares
The company's preference shares are treated as a financial liability since they are subject to mandatory redemption for a fixed or determinable amount at a fixed or determinable time and are thus included in creditors in the statement of financial position rather than as part of the company's issued share capital.
2.

Average number of employees

Average number of employees during the year was 11 (2022 : 10).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 November 2022 1,153,319    234,319    193,116    1,580,754 
Additions   55,995      55,995 
Disposals   (63,840)     (63,840)
At 31 October 2023 1,153,319    226,474    193,116    1,572,909 
Depreciation
At 01 November 2022 149,592    144,844    151,384    445,820 
Charge for year   31,287    6,397    37,684 
On disposals   (43,518)     (43,518)
At 31 October 2023 149,592    132,613    157,781    439,986 
Net book values
Closing balance as at 31 October 2023 1,003,727    93,861    35,335    1,132,923 
Opening balance as at 01 November 2022 1,003,727    89,475    41,732    1,134,934 


4.

Stocks

2023
£
  2022
£
Stocks 283,539    528,985 
283,539    528,985 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 145,418    153,066 
VAT 21,248    16,513 
166,666    169,579 

5.

Debtors: amounts falling due after one year

2023
£
  2022
£
Prepayments 30,067    24,892 
30,067    24,892 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 410,587    584,138 
Corporation Tax 39,690    60,717 
PAYE & Social Security 2,371    4,491 
Accrued Expenses 20,271    20,271 
Advance Paid (69)   1,317 
Other Creditors 1    1 
Obligations under HP/Financial Leases 21,866    18,826 
Directors' Current Accounts 141,855    94,174 
636,572    783,935 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 25,128    35,909 
Obligations Under HP/Financial Leases 67,254    49,036 
92,382    84,945 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 248,568    118,700 
248,568    118,700 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
10,000 Class A shares of £1.00 each 10,000    10,000 
10,000    10,000 

7