Registered number
04238700
Ocean Fish (Seafoods) Limited
Filleted Accounts
30 June 2024
Ocean Fish (Seafoods) Limited
Registered number: 04238700
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 79,343 99,191
Current assets
Stocks 101,160 178,005
Debtors 4 892,736 267,220
Cash at bank and in hand 76,091 879,247
1,069,987 1,324,472
Creditors: amounts falling due within one year 5 (350,682) (530,719)
Net current assets 719,305 793,753
Total assets less current liabilities 798,648 892,944
Creditors: amounts falling due after more than one year 6 (35,502) (43,061)
Provisions for liabilities (1,096) (1,096)
Net assets 762,050 848,787
Capital and reserves
Called up share capital 100 100
Profit and loss account 761,950 848,687
Shareholders' funds 762,050 848,787
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S G Pearce
Director
Approved by the board on 31 March 2025
Ocean Fish (Seafoods) Limited
Notes to the Accounts
for the year ended 30 June 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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods in relation to the commercial buying and selling of fish, and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% 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 net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 4 3
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 15,367 103,776 119,143
Additions - 6,000 6,000
At 30 June 2024 15,367 109,776 125,143
Depreciation
At 1 July 2023 10,857 9,095 19,952
Charge for the year 678 25,170 25,848
At 30 June 2024 11,535 34,265 45,800
Net book value
At 30 June 2024 3,832 75,511 79,343
At 30 June 2023 4,510 94,681 99,191
4 Debtors 2024 2023
£ £
Trade debtors 892,736 267,220
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 56,821 -
Obligations under finance lease and hire purchase contracts 8,009 8,488
Trade creditors 233,365 451,060
Taxation and social security costs 35,656 47,411
Other creditors 16,831 23,760
350,682 530,719
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 35,502 43,061
7 Related party transactions
During the year dividends were paid to the shareholding directors of £145,000 (2023 : £114,000).

The balance owed to the directors was £1,338 (2023 : £1,010).
8 Controlling party
The company is wholly controlled by the directors.
9 Other information
Ocean Fish (Seafoods) Limited is a private company limited by shares and incorporated in England. Its registered office is:
31 Abbey Road
Grimsby
North East Lincolnshire
DN32 0HQ
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