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NATIVE SEAFOOD LTD

Registered Number
NI669910
(Northern Ireland)

Unaudited Financial Statements for the Year ended
30 June 2024

NATIVE SEAFOOD LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Rebekah McCarry
Steafan McCarry

Company Secretary

Rebekah McCarry

Registered Address

43 Clarendon Street
Londonderry
BT48 7ER

Registered Number

NI669910 (Northern Ireland)
NATIVE SEAFOOD LTD
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3491,791527,229
491,791527,229
Current assets
Stocks9,50012,450
Debtors133,570146,886
Cash at bank and on hand15,57330,789
158,643190,125
Creditors amounts falling due within one year(60,423)(106,049)
Net current assets (liabilities)98,22084,076
Total assets less current liabilities590,011611,305
Creditors amounts falling due after one year(617,266)(624,581)
Net assets(27,255)(13,276)
Capital and reserves
Called up share capital100100
Profit and loss account(27,355)(13,376)
Shareholders' funds(27,255)(13,276)
The financial statements were approved and authorised for issue by the Board of Directors on 10 April 2025, and are signed on its behalf by:
Steafan McCarry
Director
Registered Company No. NI669910
NATIVE SEAFOOD LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot 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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant & Machinery: 15% Reducing Balance Fixtures & Fittings: 20% Reducing Balance Office Equipment: 20% Reducing Balance Motor Vehicles: 25% Reducing Balance
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year2221
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 23607,107
Additions24,701
At 30 June 24631,807
Depreciation and impairment
At 01 July 2379,879
Charge for year60,138
At 30 June 24140,016
Net book value
At 30 June 24491,791
At 30 June 23527,229