1 July 2023 v2024.48.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP061830142023-07-012024-06-30061830142024-06-30061830142023-06-3006183014core:WithinOneYear2024-06-3006183014core:WithinOneYear2023-06-3006183014core:AfterOneYear2024-06-3006183014core:AfterOneYear2023-06-3006183014core:ShareCapital2024-06-3006183014core:ShareCapital2023-06-3006183014core:RetainedEarningsAccumulatedLosses2024-06-3006183014core:RetainedEarningsAccumulatedLosses2023-06-3006183014bus:Director12023-07-012024-06-3006183014bus:RegisteredOffice2023-07-012024-06-3006183014core:LandBuildings2023-07-012024-06-3006183014core:PlantMachinery2023-07-012024-06-3006183014core:OfficeEquipment2023-07-012024-06-30061830142022-07-012023-06-3006183014core:LandBuildings2023-07-0106183014core:PlantMachinery2023-07-01061830142023-07-0106183014core:LandBuildings2024-06-3006183014core:PlantMachinery2024-06-3006183014core:PlantMachinery2023-06-300618301412023-07-012024-06-3006183014countries:EnglandWales2023-07-012024-06-3006183014bus:AuditExemptWithAccountantsReport2023-07-012024-06-3006183014bus:PrivateLimitedCompanyLtd2023-07-012024-06-3006183014bus:SmallEntities2023-07-012024-06-3006183014bus:FullAccounts2023-07-012024-06-30
Company registration number:
06183014
Chapman's Seafoods Ltd.
Unaudited Filleted Financial Statements for the year ended
30 June 2024
Chapman's Seafoods Ltd.
Statement of Financial Position
30 June 2024
20242023
Note££
Fixed assets    
Tangible assets 5
69,978
 
96,526
 
Current assets    
Stocks
159,544
 
158,441
 
Debtors 6
282,792
 
287,182
 
Cash at bank and in hand
49,186
 
42,819
 
491,522
 
488,442
 
Creditors: amounts falling due within one year 7
(452,453
)
(480,756
)
Net current assets
39,069
 
7,686
 
Total assets less current liabilities 109,047   104,212  
Creditors: amounts falling due after more than one year 8
(28,333
)
(48,333
)
Provisions for liabilities
(10,566
)
(4,826
)
Net assets
70,148
 
51,053
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
70,048
 
50,953
 
Shareholders funds
70,148
 
51,053
 
For the year ending
30 June 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 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
11 October 2024
, and are signed on behalf of the board by:
K Chapman
Director
Company registration number:
06183014
Chapman's Seafoods Ltd.
Notes to the Financial Statements
Year ended
30 June 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Chapman House Estate Road 7
,
South Humberside Ind Est
,
Grimsby
,
North East Lincolnshire
,
DN31 2TP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
20% straight line
Plant and machinery
25% straight line
Office equipment
25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
The company has also received grants from the government as financial support during the coronavirus pandemic. Grants that are 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 are recognised in income in the period in which it becomes receivable.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
23
(2023:
22.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2023
17,304
 
414,363
 
431,667
 
Additions -  
15,363
 
15,363
 
At
30 June 2024
17,304
 
429,726
 
447,030
 
Depreciation      
At
1 July 2023
17,304
 
317,837
 
335,141
 
Charge -  
41,911
 
41,911
 
At
30 June 2024
17,304
 
359,748
 
377,052
 
Carrying amount      
At
30 June 2024
-  
69,978
 
69,978
 
At 30 June 2023 -  
96,526
 
96,526
 

6 Debtors

20242023
££
Trade debtors
264,189
 
248,798
 
Other debtors
18,603
 
38,384
 
282,792
 
287,182
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
210,394
 
207,728
 
Trade creditors
199,580
 
228,995
 
Taxation and social security
22,159
 
15,535
 
Other creditors
20,320
 
28,498
 
452,453
 
480,756
 
Part of the bank borrowings is secured on the trade debtors on the company

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
28,333
 
48,333