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Company registration number: 01545113
Coral Island Seafoods Limited
Unaudited filleted financial statements
31 December 2023
Coral Island Seafoods Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Coral Island Seafoods Limited
Directors and other information
Directors Andrew Rattley
Company number 01545113
Registered office Pool Hey Lane
Scarisbrick
Southport
Merseyside
PR8 5LD
Business address Pool Hey Lane
Scarisbrick
Southport
Merseyside
PR8 5LD
Accountants Forshaws Accountants Limited
Crossens Way
Southport
Merseyside
PR9 9LY
Coral Island Seafoods Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Coral Island Seafoods Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coral Island Seafoods Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Coral Island Seafoods Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Coral Island Seafoods Limited and state those matters that we have agreed to state to the board of directors of Coral Island Seafoods Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coral Island Seafoods Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Coral Island Seafoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coral Island Seafoods Limited. You consider that Coral Island Seafoods Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Coral Island Seafoods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way
Southport
Merseyside
PR9 9LY
3 May 2024
Coral Island Seafoods Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets - -
Tangible assets 5 14,933 17,653
_______ _______
14,933 17,653
Current assets
Debtors 6 31,796 17,114
Cash at bank and in hand 392,654 262,242
_______ _______
424,450 279,356
Creditors: amounts falling due
within one year 7 ( 114,220) ( 57,870)
_______ _______
Net current assets 310,230 221,486
_______ _______
Total assets less current liabilities 325,163 239,139
Provisions for liabilities ( 2,660) ( 2,359)
_______ _______
Net assets 322,503 236,780
_______ _______
Capital and reserves
Called up share capital 8 50 100
Capital redemption reserve 50 -
Profit and loss account 322,403 236,680
_______ _______
Shareholders funds 322,503 236,780
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 May 2024 , and are signed on behalf of the board by:
.............................
Andrew Rattley
Director
Company registration number: 01545113
Coral Island Seafoods Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, incorporated in England. The address of the registered office is Pool Hey Lane, Scarisbrick, Southport, Merseyside, PR8 5LD. The principal activity of the company is Marine Fishing.
2. Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted as a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 9,469 776,315 49,711 835,495
Disposals - ( 276,554) - ( 276,554)
_______ _______ _______ _______
At 31 December 2023 9,469 499,761 49,711 558,941
_______ _______ _______ _______
Depreciation
At 1 January 2023 9,469 758,912 49,461 817,842
Charge for the year - 2,470 250 2,720
Disposals - ( 276,554) - ( 276,554)
_______ _______ _______ _______
At 31 December 2023 9,469 484,828 49,711 544,008
_______ _______ _______ _______
Carrying amount
At 31 December 2023 - 14,933 - 14,933
_______ _______ _______ _______
At 31 December 2022 - 17,403 250 17,653
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 31,796 17,114
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,511 8,672
Corporation tax 39,181 29,462
Social security and other taxes 2,647 2,610
Other creditors 69,881 17,126
_______ _______
114,220 57,870
_______ _______
Other creditors includes £14,774 (31 December 2022: £13,746) owed to a company under common control. Further details can be found in note 9.
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares of £ - each (2022: £ 1.00 ) - - 50 50
Ordinary B shares of £ 1.00 each 50 50 50 50
_______ _______ _______ _______
50 50 100 100
_______ _______ _______ _______
9. Related party transactions
During the year the company made purchases or incurred expenses of £111,160 (2022: £114,293) from a connected company, of which £14,774 (2022: £13,746) remained outstanding at the year end and is presented in other creditors. The company incurred expenses of £21,000 during the year from a further connected company, there were no outstanding balances at the year end. The company also incurred expenses for services rendered of £352,523 (2022: £68,364) to a former shareholder. Further to this there was an additional amount of £50,419 due at the year end. The company incurred expenses of £2,971 (2022: £4,829) during the year from a further connected company, in which there was no balance outstanding at the year. All related party transactions are deemed to be on an arm's length basis.
10. Controlling party
The company is controlled by Onchan Trading Company Limited by virtue of their holding of 100% of the issued share capital.