REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
MCB SEAFOODS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
MCB SEAFOODS LIMITED |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Contents of the Financial Statements |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MCB SEAFOODS LIMITED |
Company Information |
for the year ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 profit or loss 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. |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
MCB Seafoods Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
Revenue from the sale of goods is recognised at the point of sale when it can be determined that the risks and rewards of ownership of the goods have passed to the customer, and the related revenue can be reliably estimated. |
Intangible assets |
Intangible fixed assets relate to lifetime corporate football club seats that have been capitalised. No amortisation has been provided. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - | Straight line over 10 years |
Equipment | - | 10% reducing balance |
Office equipment | - | 20% reducing balance |
Motor vehicles | - | 20% reducing balance |
Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Stocks |
Stock, consisting of produce and packaging, is valued at the lower of cost and estimated selling price less costs. |
Financial instruments |
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account 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 plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate. Once the contributions have been paid, the company has no further obligations. |
The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
Government assistance |
Included in bank loans is a bounce back loan which is guaranteed by the government. As part of the bounce back loan scheme the government is paying the first year of interest on the loan. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
4. | INTANGIBLE FIXED ASSETS |
Debenture |
seats |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Motor | Office |
to property | Equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Transfer to ownership | (39,490 | ) | - | (39,490 | ) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Transfer to ownership | (26,550 | ) | - | (26,550 | ) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Factoring account | 402,854 | 307,995 |
Bank Loans & Overdraft | 34,611 | 41,243 |
The company's bankers and factoring company have a fixed and floating charge over the company's assets. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 110,168 | 96,386 |
Deferred tax |
£ |
Balance at 1 January 2024 |
Accelerated capital allowances | 13,782 |
Balance at 31 December 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest of £1,243 (2023: £527) was charged at a rate of 2.25%. The loan is repayable on demand. |
Key management personnel |
During the year the company paid expenses on behalf of M Bish totalling £222 and loaned M Bish £1,000. At the year end, M Bish owed the company £13,565 (2023: £12,045). Interest of £298 (2023: £92) was charged at a rate of 2.25%. The loan is repayable on demand. |