REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
FOR |
SEAFOOD CORNWALL TRAINING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
FOR |
SEAFOOD CORNWALL TRAINING LIMITED |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SEAFOOD CORNWALL TRAINING LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Carriage Works |
Moresk Road |
Truro |
Cornwall |
TR1 1DG |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
BALANCE SHEET |
17 DECEMBER 2024 |
2024 | 2024 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
RESERVES |
Income and expenditure account |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
BALANCE SHEET - continued |
17 DECEMBER 2024 |
The directors acknowledge their 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 surplus or deficit 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 were approved by the Board of Directors and authorised for issue on |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Seafood Cornwall Training Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the period 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. |
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 period 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 surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grants |
Grant income is recognised on an accruals basis when it is probable that an economic benefit will flow to the entity. Grant income is deferred to future accounting periods and is released to the income statement when the related expenditure is incurred, where grant-funded projects span the year end date. |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2024 |
Additions |
At 17 December 2024 |
DEPRECIATION |
At 1 April 2024 |
Charge for period |
At 17 December 2024 |
NET BOOK VALUE |
At 17 December 2024 |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | MEMBERS |
The company is limited by guarantee. Each member promises to pay £10 if the company is dissolved. |
Members at 1st April 2024 5 |
Changes in membership 0 |
Total members at 17th December 2024 5 |
SEAFOOD CORNWALL TRAINING LIMITED (REGISTERED NUMBER: 06810314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 17 DECEMBER 2024 |
8. | POST BALANCE SHEET EVENTS |
On 18 December 2024, the company successfully completed its transition to a charitable organisation, registered with the Charity Commission under the registration number 1211457. This change in status reflects the company's commitment to its charitable objectives and will have significant implications for its operations and financial reporting going forward. |
The transition to a charity will result in the following key changes: |
1. Governance Structure: The company's governance structure has been revised to comply with |
charity regulations, including the appointment of trustees and the establishment of a charitable trust deed. |
2. Taxation: As a registered charity, the company will benefit from various tax exemptions and reliefs, including relief from corporation tax on its primary purpose trading activities and eligibility to claim Gift Aid on donations. |
3. Financial Reporting: The financial statements will now be prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities, which includes specific requirements for the presentation of income, expenditure, and reserves. |
The directors believe that this change will enhance the company's ability to achieve its mission and deliver greater public benefit. |