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Selsea Fish & Lobster Co. Limited |
Registered Number:02948422 |
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Contents Page
1
Statement of Financial Position
2 to 8
Notes to the Financial Statements
3
Selsea Fish & Lobster Co. Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
1,480,535
1,401,647
2
1,480,535
1,401,647
269,622
341,526
Trade and other receivables |
319,033
411,857
3
753,383
588,655
Trade and other payables: amounts falling due within one |
year |
(713,588)
(934,569)
4
(124,933)
(181,186)
Net current liabilities
Total assets less current liabilities |
1,299,349
1,276,714
Trade and other payables: amounts falling due after more |
than one year |
(82,367)
(127,606)
5
(81,225)
(107,018)
Provisions for liabilities |
1,090,518
Net assets
1,087,329
1,050,100
1,050,100
167,517
163,750
(586,025)
(585,447)
458,926
458,926
1,090,518
1,087,329
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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4
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Statement of Financial Position Continued
These financial statements were approved and authorised for issue by the Board on 10 October 2024 and were signed by: |
The notes form part of these financial statements |
2 of 8
5
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements
Statutory Information
Selsea Fish & Lobster Co. Limited is a private limited company, limited by shares, domiciled in England and Wales, |
registration number 02948422. |
Principal place of business: |
The Ponds
Kingsway
Selsea
West Sussex
PO20 0SY
Office 60, Billingsgate Market
Trafalgar Way
London
E14 5ST
The presentation currency is £ sterling. |
The financial statements relate to trading activities of Selsea Fish & Lobster Co. Limited only.
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the sale of goods is recognised when all of the following conditions are satisfied · the Company has transferred the significant risks and rewards of ownership to the buyer;· the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;· the amount of revenue can be measured reliably;· it is probable that the Company will receive the consideration due under the transaction; and· the costs incurred or to be incurred in respect of the transaction can be measured reliably. All revenues received in respect of domestic and foreign seafood wholesale are accounted for at the point of sale. |
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6
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements Continued
Property, plant and equipment
Property, plant and equipment, 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: Plant and machinery are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciatation and impairment losses. Revaluations are performed by a company director. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. Any revaluation increase or decrease in the carrying amount of plant and machinery is recognised in other comprehensive income and included in a revaluation reserve in equity. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transfered from revaluation reserve to retained earnings. Plant and machinery was initially revalued for the first time in the financial year 2020, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable informaiton about the value of the assests owned by the company. . |
Land and buildings
0% + 2% + 20% Straight line |
Plant and machinery
Equipment
Motor vehicles
Fixtures and fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
Deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:· the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and· any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
4 of 8
7
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements Continued
Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account. All other foreign exchange gains and losses are presented in the Profit and loss account within 'other operating income'. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Financial Instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and |
liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties |
and investments in non-puttable ordinary shares. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are |
subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss |
in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate |
and foreign exchange derivatives. |
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8
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Motor vehicles
2,931,373
226,491
1,185,704
1,519,178
338,350
-
338,350
-
-
(164,566)
-
(164,566)
1,519,178
1,359,488
226,491
3,105,157
Provision for depreciation and impairment |
1,529,726
125,243
664,546
739,937
Charge for year
102,481
25,312
50,213
26,956
(7,585)
-
(7,585)
-
1,624,622
150,555
707,174
766,893
752,285
652,314
75,936
1,480,535
779,241
521,158
101,248
1,401,647
In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as |
follows: |
12,000
10,178
Charge for year
182
10,361
1,822
Net historical cost value: |
1,639
3. Trade and other receivables |
2023
2024
363,518
271,628
48,339
47,405
319,033
411,857
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9
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements Continued
4. Trade and other payables: amounts falling due within one year |
2023
2024
Bank loans and overdraft (secured) |
253,145
102,358
10,204
9,952
493,752
488,432
Taxation and social security |
8,440
31,821
169,028
81,025
934,569
713,588
The company has the following securities a floating charge over all assets, legal assignment, legal mortgages and a fixed charge on purchased debts which fail to vest, these are all held by the company's bank. |
5. Trade and other payables: amounts falling due after more than one year |
2023
2024
12,231
22,435
115,375
59,932
127,606
82,367
6. Related party transactions |
A related party by virtue of the directors control purchased stock of £4,142,435 (2023: £4,102,874) at market value |
from the company during the year. The related party sold stock at market value during the year to the company for |
£57,486 (2023: £115,177). The same related party was also recharged overheads and management services |
totalling £46,281 (2023: £58,950). |
At year end £141,425 (2023: £155,000) was owed from the related party for goods and services. All transactions |
were made on the basis of normal trading terms and conditions and no guarantees were provided. The transactions |
are all unsecured and no provisions have been made for uncollectible receivables or payables relating to the |
amounts outstanding. There were no bad or doubtful debts. |
Related parties being that of key personal or shareholders associated to the key personal received salaries totalling |
£8,186 (2023: £30,295) and non-business related benefits in kind of £22,987 (2023: £10,291) they loaned the |
company £173,673 (2023: £132,007 and received repayment of such loans totalling £148,048 (2023: £112,676) in |
the year. They sold shares back to the company and received £Nil (2023: £100,000). |
At year end the related parties were owed £44,955 (2023: £19,330) which was repayable on demand and did not |
bear interest. No guarantees were provided by either parties in relation to these transactions and no provisions were |
made for bad or doubtful debts. |
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10
For the year ended 31 March 2024
Selsea Fish & Lobster Co. Limited
Notes to the Financial Statements Continued
7. Guarantees and other financial commitments |
Other financial commitments |
The company entered into a sale and leaseback agreement with it's bankers in the financial year end March 2021. |
All of the assets sold were pre owned and sold to the lender at their original cost price. This gave rise to a gain on |
disposal which is being released to the profit and loss account over the term of the hire purchase agreement. |
The total amount of profit being split out over the hire purchase agreement term is £10,756. |
8. Average number of persons employed |
During the year the average number of employees was 9 (2023 : 10) excluding director's.
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