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Company registration number:
06546518
Atlantic Ocean Seafood Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Atlantic Ocean Seafood Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Atlantic Ocean Seafood Limited
Year ended
31 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
Atlantic Ocean Seafood Limited
for the year ended
31 March 2024
which comprise the income statement, statement of total comprehensive income, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Atlantic Ocean Seafood Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Atlantic Ocean Seafood Limited
and state those matters that we have agreed to state to the Board of Directors of
Atlantic Ocean Seafood Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Atlantic Ocean Seafood Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Atlantic Ocean 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
Atlantic Ocean Seafood Limited
. You consider that
Atlantic Ocean 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 Atlantic Ocean 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.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8
Laceby Business Park
Laceby
N E Lincolnshire
DN37 7DP
United Kingdom
Date:
8 November 2024
Atlantic Ocean Seafood Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
491,296
 
581,617
 
Current assets    
Stocks
16,450
 
65,920
 
Debtors 6
421,968
 
375,362
 
Cash at bank and in hand
56,205
 
50,458
 
494,623
 
491,740
 
Creditors: amounts falling due within one year 7
(424,025
)
(415,015
)
Net current assets
70,598
 
76,725
 
Total assets less current liabilities 561,894   658,342  
Creditors: amounts falling due after more than one year 8
(132,373
)
(223,938
)
Provisions for liabilities
(82,702
)
(54,232
)
Net assets
346,819
 
380,172
 
Capital and reserves    
Called up share capital
100
 
100
 
Revaluation reserve
52,739
 
55,515
 
Profit and loss account
293,980
 
324,557
 
Shareholders funds
346,819
 
380,172
 
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.
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
8 November 2024
, and are signed on behalf of the board by:
R Miall
Director
Company registration number:
06546518
Atlantic Ocean Seafood Limited
Notes to the Financial Statements
Year ended
31 March 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
2 Prince Albert Gardens
,
Grimsby
,
North East Lincolnshire
,
DN31 3AG
, 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.
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.

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
Straight line over 20 years
Plant and machinery
15% straight line
Motor vehicles
20% 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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
8
(2023:
11.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
and
31 March 2024
234,699
 
562,883
 
797,582
 
Depreciation      
At
1 April 2023
34,699
 
181,266
 
215,965
 
Charge
11,736
 
78,585
 
90,321
 
At
31 March 2024
46,435
 
259,851
 
306,286
 
Carrying amount      
At
31 March 2024
188,264
 
303,032
 
491,296
 
At 31 March 2023
200,000
 
381,617
 
581,617
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 179,184   179,184  
Aggregate depreciation (43,659 ) (34,699 )
Carrying amount 135,525   144,485  
The freehold property was revalued by the directors on 31st March 2023.

6 Debtors

20242023
££
Trade debtors
221,628
 
194,096
 
Other debtors
200,340
 
181,266
 
421,968
 
375,362
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
30,454
 
35,444
 
Trade creditors
313,277
 
307,865
 
Taxation and social security
3,229
 
2,902
 
Other creditors
77,065
 
68,804
 
424,025
 
415,015
 
Other creditors falling due within and after one year include amounts due under hire and lease purchase agreements totalling £157,953 (2023 - £219,096) which are securely on the assets concerned.

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
35,563
 
65,985
 
Other creditors
96,810
 
157,953
 
132,373
 
223,938
 
Bank borrowings are secured by a fixed and floating charge over the assets of the company.

9 Directors' advances, credit and guarantees

Included in debtors is a balance due from the director of £469 (2023 - £7,674), advances during the period amount to £101,395 (2023 - £89,835), repayments during the period amount to £108,600 (2023 - £90,000). The loan is subject to interest at HMRC approved rates and is repayable on demand.