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REGISTERED NUMBER: SC248994 (Scotland)




















MGW Seafoods Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024






MGW Seafoods Limited (Registered number: SC248994)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGW Seafoods Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: M G Walker



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC248994 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Virgin Money
Cairngorm House
Almondvale Boulevard
Livingston
EH54 6QL

MGW Seafoods Limited (Registered number: SC248994)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 34,790 38,781
34,790 38,781

CURRENT ASSETS
Debtors 6 272,878 282,876
Cash at bank and in hand 8,256 7,339
281,134 290,215
CREDITORS
Amounts falling due within one year 7 292,718 293,522
NET CURRENT LIABILITIES (11,584 ) (3,307 )
TOTAL ASSETS LESS CURRENT LIABILITIES 23,206 35,474

CREDITORS
Amounts falling due after more than one
year

8

(12,592

)

(22,592

)

PROVISIONS FOR LIABILITIES (6,268 ) (6,952 )
NET ASSETS 4,346 5,930

MGW Seafoods Limited (Registered number: SC248994)

Balance Sheet - continued
31 May 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,246 5,830
SHAREHOLDERS' FUNDS 4,346 5,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 February 2025 and were signed by:





M G Walker - Director


MGW Seafoods Limited (Registered number: SC248994)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

MGW Seafoods Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents net invoiced sales of fish. Revenue is recognised on the delivery of the fish.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its 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.
Land and buildings - 5% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MGW Seafoods Limited (Registered number: SC248994)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions payable to the employees pension schemes are charged to profit or loss in the period to which they relate.

Going concern
The accounts have been prepared on a going concern basis. This assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of its lenders and creditors.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 9 ) .

MGW Seafoods Limited (Registered number: SC248994)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 10,000
AMORTISATION
At 1 June 2023
and 31 May 2024 10,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 24,388 62,006 86,394
DEPRECIATION
At 1 June 2023 3,658 43,955 47,613
Charge for year 1,220 2,771 3,991
At 31 May 2024 4,878 46,726 51,604
NET BOOK VALUE
At 31 May 2024 19,510 15,280 34,790
At 31 May 2023 20,730 18,051 38,781

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 205,122 212,598

MGW Seafoods Limited (Registered number: SC248994)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 67,756 70,278

Aggregate amounts 272,878 282,876

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 226,406 222,550
Taxation and social security 36,585 36,844
Other creditors 29,727 34,128
292,718 293,522

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 12,592 22,592

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 22,080 19,200

MGW Seafoods Limited (Registered number: SC248994)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
M G Walker
Balance outstanding at start of year 206,542 216,265
Amounts advanced 23,745 21,657
Amounts repaid (32,672 ) (31,380 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 197,615 206,542

Amounts owed by the director are unsecured, with no set repayment date. Interest has been charged at 2.25%