Registered number
10976764
Solent Seafood Limited
Filleted Accounts
31 December 2024
Solent Seafood Limited
Registered number: 10976764
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 17,805 24,086
Current assets
Stocks 9,773 17,859
Debtors 4 31,416 87,064
Cash at bank and in hand 3,919 2,237
45,108 107,160
Creditors: amounts falling due within one year 5 (63,147) (119,061)
Net current liabilities (18,039) (11,901)
Net (liabilities)/assets (234) 12,185
Capital and reserves
Called up share capital 10 10
Profit and loss account (104,374) (78,505)
Shareholders' loan 104,130 90,680
Shareholder's funds - Deficit (234) 12,185
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. P. C. Tarrant
Director
Approved by the board on 11 March 2025
Solent Seafood Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes revenue earned from the wholesale and retail distribution of seafood.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 25% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Going concern
The accounts have been prepared under the going concern basis as the shareholder has confirmed that he will not seek repayment of his loan within the next twelve months.
will not seek repayment of his loan within the next twelve months.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Fixtures, fittings and equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 11,949 22,017 16,799 50,765
Additions - 216 - 216
Disposals - - (2,599) (2,599)
At 31 December 2024 11,949 22,233 14,200 48,382
Depreciation
At 1 January 2024 6,923 10,562 9,194 26,679
Charge for the year 1,256 2,334 1,567 5,157
On disposals - - (1,259) (1,259)
At 31 December 2024 8,179 12,896 9,502 30,577
Net book value
At 31 December 2024 3,770 9,337 4,698 17,805
At 31 December 2023 5,026 11,455 7,605 24,086
4 Debtors 2024 2023
£ £
Trade debtors 24,509 81,129
Other debtors 6,907 5,935
31,416 87,064
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18,281 6,892
Trade creditors 37,777 107,609
Taxation and social security costs - 651
Other creditors 7,089 3,909
63,147 119,061
6 Other information
Solent Seafood Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5
Marshlands Road
Farlington
Portsmouth
PO6 1ST
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