Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-01falseProcessing & preserving of fish2120truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI008124 2023-05-01 2024-04-30 NI008124 2022-05-01 2023-04-30 NI008124 2024-04-30 NI008124 2023-04-30 NI008124 2022-05-01 NI008124 c:CompanySecretary1 2023-05-01 2024-04-30 NI008124 c:Director1 2023-05-01 2024-04-30 NI008124 c:Director2 2023-05-01 2024-04-30 NI008124 c:Director3 2023-05-01 2024-04-30 NI008124 c:RegisteredOffice 2023-05-01 2024-04-30 NI008124 c:Agent1 2023-05-01 2024-04-30 NI008124 d:CurrentFinancialInstruments 2024-04-30 NI008124 d:CurrentFinancialInstruments 2023-04-30 NI008124 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 NI008124 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 NI008124 d:ShareCapital 2024-04-30 NI008124 d:ShareCapital 2023-04-30 NI008124 d:ShareCapital 2022-05-01 NI008124 d:CapitalRedemptionReserve 2023-05-01 2024-04-30 NI008124 d:CapitalRedemptionReserve 2024-04-30 NI008124 d:CapitalRedemptionReserve 2023-04-30 NI008124 d:CapitalRedemptionReserve 2022-05-01 NI008124 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 NI008124 d:RetainedEarningsAccumulatedLosses 2024-04-30 NI008124 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 NI008124 d:RetainedEarningsAccumulatedLosses 2023-04-30 NI008124 d:RetainedEarningsAccumulatedLosses 2022-05-01 NI008124 c:OrdinaryShareClass1 2023-05-01 2024-04-30 NI008124 c:OrdinaryShareClass1 2024-04-30 NI008124 c:OrdinaryShareClass1 2023-04-30 NI008124 c:FRS102 2023-05-01 2024-04-30 NI008124 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI008124 c:FullAccounts 2023-05-01 2024-04-30 NI008124 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI008124 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 NI008124 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 NI008124 2 2023-05-01 2024-04-30 NI008124 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Kilhorne Bay Seafoods Limited
For the Year Ended 30 April 2024





































Registered number: NI008124

 
Kilhorne Bay Seafoods Limited
 

Company Information


Directors
J Chambers 
E Chambers 
W Chambers 




Company secretary
W Chambers



Registered number
NI008124



Registered office
Moneydarragh Road

Annalong

Co Down

BT34 4TY




Accountants
Grant Thornton Advisors (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank
29 Upper Square

Castlewellan

Co Down

BT31 9DD




Solicitors
Shean Dickson Merrick
14-16 High Street

Belfast

BT1 2BS





 
Kilhorne Bay Seafoods Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11


  
img2e6a.png
Independent Accountant's Report to the directors of the unaudited financial statements of Kilhorne Bay Seafoods Limited for the Year Ended 30 April 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Kilhorne Bay Seafoods Limited for the year ended 30 April 2024, which comprise the Statement of
comprehensive income Statement, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of Kilhorne Bay Seafoods Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Kilhorne Bay Seafoods Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kilhorne Bay Seafoods Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 30 April 2024 and you have acknowledged on the Balance sheet as at 30 April 2024 your duty to ensure that Kilhorne Bay Seafoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Kilhorne Bay Seafoods Limited is exempt from the statutory audit requirement for the year ended 30 April 2024.

We have not been instructed to carry out an audit or review the financial statements of Kilhorne Bay Seafoods 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. 




  


Grant Thornton Advisors (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   21 January 2025

Page 1

 
Kilhorne Bay Seafoods Limited
Registered number:NI008124
Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 5 
3,432,405
2,266,686

Debtors: amounts falling due within one year
 6 
1,666,557
1,385,743

Cash at bank and in hand
 7 
625,250
1,609,704

  
5,724,212
5,262,133

Creditors: amounts falling due within one year
 8 
(572,058)
(546,240)

Net current assets
  
 
 
5,152,154
 
 
4,715,893

Total assets less current liabilities
  
5,152,154
4,715,893

  

Net assets
  
5,152,154
4,715,893


Capital and reserves
  

Called up share capital 
 10 
19,000
19,000

Capital redemption reserve
 11 
11,000
11,000

Profit and loss account
 11 
5,122,154
4,685,893

  
5,152,154
4,715,893


Page 2

 
Kilhorne Bay Seafoods Limited
Registered number:NI008124

Balance sheet (continued)
As at 30 April 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




W Chambers
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Kilhorne Bay Seafoods Limited
 

Statement of changes in equity
For the Year Ended 30 April 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
19,000
11,000
4,685,893
4,715,893



Profit for the year
-
-
436,261
436,261


At 30 April 2024
19,000
11,000
5,122,154
5,152,154


The notes on pages 5 to 11 form part of these financial statements.


Statement of changes in equity
For the Year Ended 30 April 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
19,000
11,000
5,595,362
5,625,362



Profit for the year
-
-
434,546
434,546

Dividends: Equity capital
-
-
(1,344,015)
(1,344,015)


At 30 April 2023
19,000
11,000
4,685,893
4,715,893


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Kilhorne Bay Seafoods Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

1.


General information

Kilhorne Bay Seafoods Limited is a private company limited company incorporated in Northern Ireland. The registered office is Moneydarragh Road, Annalong, Newry, Co. Down, BT34 4TY.
The principal activity of the company is the processing and preserving of fish, crustaceans and molluscs. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.3

Revenue

The turnover shown in the statement of comprehensive income represents income from the sale of scampi, scallops and other foodstuffs along with income from the rental property.
Turnover from the sale of scampi and scallops is recognised on delivery.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Kilhorne Bay Seafoods Limited
 

Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 6

 
Kilhorne Bay Seafoods Limited
 

Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

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 profit or loss 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.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
Kilhorne Bay Seafoods Limited
 

Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.
 

Page 8

 
Kilhorne Bay Seafoods Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 20).


5.


Stocks

2024
2023
£
£

Raw materials and consumables
3,274,141
1,808,261

Finished goods and goods for resale
158,264
458,425

3,432,405
2,266,686



6.


Debtors

2024
2023
£
£


Trade debtors
1,330,233
1,115,214

Amounts owed by group undertakings
-
39,216

Other debtors
10,577
60,000

Prepayments and accrued income
321,967
166,703

Deferred tax asset
3,780
4,610

1,666,557
1,385,743



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
625,250
1,609,704

625,250
1,609,704


Page 9

 
Kilhorne Bay Seafoods Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
309,101
395,248

Amounts owed to group undertakings
-
8,168

Amounts owed to related party
190,000
-

Corporation tax
10,134
51,411

Other taxation and social security
12,555
33,292

Accruals and deferred income
50,268
58,121

572,058
546,240



9.


Deferred tax asset/(liability)




2024
2023


£

£






At beginning of year
4,610
(48,150)


Charged to the profit or loss
(830)
52,760



At end of year
3,780
4,610

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
3,780
4,610

3,780
4,610


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



19,000 (2023 - 19,000) Ordinary shares of £1.00 each
19,000
19,000


Page 10

 
Kilhorne Bay Seafoods Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

11.


Reserves

Capital redemption reserve

This represents the nominal value of share repurchased by the company

Profit & loss account

Includes all current and prior period retained profits and losses.


12.


Pension commitments

The company operates a defined contribution pension scheme for the benefit of the directors and employees. The assets of the scheme are administrated by trustees in a fund independent from those of the company. The pension cost charge represents contributions payable to the fund and amounted to £29,591 (2023: £328,451).


13.


Related party transactions

The company had the following related party transactions:
During the year the company had net transactions with a company related by virtue of common directorship of £39,216. At the balance sheet date the amount owed from the related party was £Nil (2023: £39,216). 
During the year the company had net transactions with a company related by virtue of common directorship of £150,000. At the balance sheet date the amount owed to the related party was £150,000 (2023: £Nil). 
During the year the company had net transactions with a company related by virtue of common directorship of £40,000. At the balance sheet date the amount owed from the related party was £40,000 (2023: £Nil). 
During the year the company had net transactions with a company related by virtue of common directorship of £8,168. At the balance sheet date the amount owed to the related party was £Nil (2023: £8,168). 


14.


Controlling party

The company is under the control of Bonumcorpus (No.52) Limited by virtue of its shareholding.


Page 11