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REGISTERED NUMBER: 05055989 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

JONAS SEAFOOD LIMITED

JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 453,018 457,263
453,018 457,263

CURRENT ASSETS
Stocks 336,122 216,496
Debtors 6 264,320 276,782
Cash at bank and in hand 6,169 2,871
606,611 496,149
CREDITORS
Amounts falling due within one year 7 988,230 811,223
NET CURRENT LIABILITIES (381,619 ) (315,074 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,399

142,189

CREDITORS
Amounts falling due after more than one year 8 291,711 216,989
NET LIABILITIES (220,312 ) (74,800 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (220,412 ) (74,900 )
SHAREHOLDERS' FUNDS (220,312 ) (74,800 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

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 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 Sections 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.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





Mr K W Jonas - Director


JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Jonas Seafood Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05055989

Registered office: Stonehill Way
Holt Road
Cromer
Norfolk
NR27 9JW

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 31 March 2024 the company had net current liabilities of £381,619 and net liabilities of £220,312. The company meets its day to day working capital commitments through the use of bank loans, overdrafts, invoice discounting facility and a loan from a director. On the basis of the anticipated cashflows the directors consider that the company will continue to trade successfully and have agreed to continue to support the company for the foreseeable future. The directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not included any adjustment that would result from the withdrawal of this support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Development expenditure on clearly defined projects where it's recovery can reasonably be regarded as assured, is deferred to future periods and is initially measured at cost. Deferred development expenditure will be amortised over the period in which the related product is expected to be sold.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the related asset, where part of the grant relating to an asset is deferred it is recognised as deferred income in other creditors and not deducted from the carrying amount of the related asset.

Government grants of a revenue nature are credited to the profit and loss account in the same period as the related expenditure.

Invoice discounting
The company assigns debts to an invoice discounting and these debts are included in debtors in the balance sheet and the proceeds received from the invoice discounter are included in creditors. The interest element of the discounters charges and other discounting costs are charged to the profit and loss account as incurred.

3. EMPLOYEES

The average number of employees during the year was 59 (2023 - 60 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2023
and 31 March 2024 18,872
AMORTISATION
At 1 April 2023
and 31 March 2024 18,872
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 93,987 834,419 928,406
Additions - 61,141 61,141
At 31 March 2024 93,987 895,560 989,547
DEPRECIATION
At 1 April 2023 45,437 425,706 471,143
Charge for year 4,882 60,504 65,386
At 31 March 2024 50,319 486,210 536,529
NET BOOK VALUE
At 31 March 2024 43,668 409,350 453,018
At 31 March 2023 48,550 408,713 457,263

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 44,485
At 31 March 2024 44,485
DEPRECIATION
Charge for year 7,414
At 31 March 2024 7,414
NET BOOK VALUE
At 31 March 2024 37,071

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 232,637 256,907
Other debtors 31,683 19,875
264,320 276,782

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 524,799 408,369
Hire purchase contracts 9,491 -
Trade creditors 186,788 92,120
Taxation and social security 51,846 52,331
Other creditors 215,306 258,403
988,230 811,223

JONAS SEAFOOD LIMITED (REGISTERED NUMBER: 05055989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 213,405 159,917
Hire purchase contracts 26,743 -
Other creditors 51,563 57,072
291,711 216,989

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 267,272 262,196
Hire purchase contracts 36,234 -
Bank loans 448,492 273,701
Invoice discounting 164,433 209,835
916,431 745,732

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £166,000 (2023 - £175,000).

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party as as no individual holds an overall majority of shares in the company.