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Company registration number: 04693936
CORNALLS SEAFOOD LIMITED
TRADING AS CORNALLS SEAFOOD LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2024
CORNALLS SEAFOOD LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CORNALLS SEAFOOD LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr I D Cornall
Secretary Mrs J E Cornall
Company number 04693936
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Stall 16
Market Hall
Shrewsbury
Shropshire
SY1 1HQ
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
CORNALLS SEAFOOD LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORNALLS SEAFOOD LIMITED
YEAR ENDED 31ST MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornalls Seafood Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity 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 director of Cornalls Seafood Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Cornalls Seafood Limited and state those matters that we have agreed to state to them, 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 Cornalls Seafood Limited and its director as a body for our work or for this report.
It is your duty to ensure that Cornalls Seafood 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 Cornalls Seafood Limited. You consider that Cornalls Seafood 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 Cornalls Seafood 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
26 August 2024
CORNALLS SEAFOOD LIMITED
STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 2,350 -
Tangible assets 6 29,255 33,558
_______ _______
31,605 33,558
Current assets
Stocks 4,378 6,575
Debtors 7 10,636 15,073
Cash at bank and in hand 95,428 56,100
_______ _______
110,442 77,748
Creditors: amounts falling due
within one year 8 ( 57,426) ( 48,983)
_______ _______
Net current assets 53,016 28,765
_______ _______
Total assets less current liabilities 84,621 62,323
Provisions for liabilities ( 5,559) ( 6,377)
_______ _______
Net assets 79,062 55,946
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 79,060 55,944
_______ _______
Shareholders funds 79,062 55,946
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr I D Cornall
Director
Company registration number: 04693936
CORNALLS SEAFOOD LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31ST MARCH 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 2 48,065 48,067
Profit for the year 44,279 44,279
_______ _______ _______
Total comprehensive income for the year - 44,279 44,279
Dividends paid and payable ( 36,400) ( 36,400)
_______ _______ _______
Total investments by and distributions to owners - ( 36,400) ( 36,400)
_______ _______ _______
At 31 March 2023 and 1 April 2023 2 55,944 55,946
Profit for the year 63,436 63,436
_______ _______ _______
Total comprehensive income for the year - 63,436 63,436
Dividends paid and payable ( 40,320) ( 40,320)
_______ _______ _______
Total investments by and distributions to owners - ( 40,320) ( 40,320)
_______ _______ _______
At 31 March 2024 2 79,060 79,062
_______ _______ _______
CORNALLS SEAFOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 - -
Additions 2,350 2,350
_______ _______
At 31 March 2024 2,350 2,350
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 2,350 2,350
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 43,801 34,061 77,862
Additions 2,740 - 2,740
_______ _______ _______
At 31 March 2024 46,541 34,061 80,602
_______ _______ _______
Depreciation
At 1 April 2023 26,499 17,805 44,304
Charge for the year 2,979 4,064 7,043
_______ _______ _______
At 31 March 2024 29,478 21,869 51,347
_______ _______ _______
Carrying amount
At 31 March 2024 17,063 12,192 29,255
_______ _______ _______
At 31 March 2023 17,302 16,256 33,558
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 6,910 12,459
Other debtors 3,726 2,614
_______ _______
10,636 15,073
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 31,100 32,963
Corporation tax 19,074 9,270
Social security and other taxes 448 205
Other creditors 6,804 6,545
_______ _______
57,426 48,983
_______ _______