Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3No description of principal activity2023-08-01false2falsetruefalse 08487185 2023-08-01 2024-07-31 08487185 2022-08-01 2023-07-31 08487185 2024-07-31 08487185 2023-07-31 08487185 c:Director1 2023-08-01 2024-07-31 08487185 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 08487185 d:Buildings d:ShortLeaseholdAssets 2024-07-31 08487185 d:Buildings d:ShortLeaseholdAssets 2023-07-31 08487185 d:PlantMachinery 2023-08-01 2024-07-31 08487185 d:PlantMachinery 2024-07-31 08487185 d:PlantMachinery 2023-07-31 08487185 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08487185 d:MotorVehicles 2023-08-01 2024-07-31 08487185 d:MotorVehicles 2024-07-31 08487185 d:MotorVehicles 2023-07-31 08487185 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08487185 d:OfficeEquipment 2023-08-01 2024-07-31 08487185 d:OfficeEquipment 2024-07-31 08487185 d:OfficeEquipment 2023-07-31 08487185 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08487185 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08487185 d:CurrentFinancialInstruments 2024-07-31 08487185 d:CurrentFinancialInstruments 2023-07-31 08487185 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 08487185 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08487185 d:ShareCapital 2024-07-31 08487185 d:ShareCapital 2023-07-31 08487185 d:RetainedEarningsAccumulatedLosses 2024-07-31 08487185 d:RetainedEarningsAccumulatedLosses 2023-07-31 08487185 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 08487185 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 08487185 c:FRS102 2023-08-01 2024-07-31 08487185 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 08487185 c:FullAccounts 2023-08-01 2024-07-31 08487185 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08487185 2 2023-08-01 2024-07-31 08487185 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 08487185









MICHAEL LAWRENCE SEAFOODS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
MICHAEL LAWRENCE SEAFOODS LTD
REGISTERED NUMBER: 08487185

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
185,579
21,994

  
185,579
21,994

Current assets
  

Stocks
  
8,862
6,953

Debtors: amounts falling due within one year
 5 
350,365
257,530

Cash at bank and in hand
 6 
411,179
388,853

  
770,406
653,336

Creditors: amounts falling due within one year
 7 
(513,693)
(303,294)

Net current assets
  
 
 
256,713
 
 
350,042

Total assets less current liabilities
  
442,292
372,036

Provisions for liabilities
  

Deferred tax
 8 
(10,964)
(5,499)

  
 
 
(10,964)
 
 
(5,499)

Net assets
  
431,328
366,537


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
431,228
366,437

  
431,328
366,537


Page 1

 
MICHAEL LAWRENCE SEAFOODS LTD
REGISTERED NUMBER: 08487185
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.




Michael Lawrence Yiapatos
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Michael Lawrence Seafoods Ltd is a private company limited by share capital, incorporated in England and Wales, registration number  08487185. The address of the registered office is 291 Green Lanes, London N13 4XS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
33.33% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% reducing balance
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 6

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 August 2023
-
6,858
26,800
2,195
35,853


Additions
212,586
7,625
25,495
1,153
246,859



At 31 July 2024

212,586
14,483
52,295
3,348
282,712



Depreciation


At 1 August 2023
-
5,212
7,488
1,159
13,859


Charge for the year on owned assets
70,862
2,897
8,961
554
83,274



At 31 July 2024

70,862
8,109
16,449
1,713
97,133



Net book value



At 31 July 2024
141,724
6,374
35,846
1,635
185,579



At 31 July 2023
-
1,646
19,312
1,036
21,994

Page 7

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
317,311
247,759

Other debtors
27,111
1,256

Prepayments and accrued income
5,943
8,515

350,365
257,530



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
411,179
388,853

411,179
388,853



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
417,313
241,916

Corporation tax
55,500
49,030

Other taxation and social security
3,787
883

Other creditors
33,495
771

Accruals and deferred income
3,598
10,694

513,693
303,294



8.


Deferred taxation




2024


£






At beginning of year
(5,499)


Charged to profit or loss
(5,465)



At end of year
(10,964)

Page 8

 
MICHAEL LAWRENCE SEAFOODS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,964)
(5,499)

(10,964)
(5,499)

 
Page 9