Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302025-05-262023-10-01falsesale of aquatic equipment and livestock.87truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06693159 2023-10-01 2024-09-30 06693159 2022-10-01 2023-09-30 06693159 2024-09-30 06693159 2023-09-30 06693159 2022-10-01 06693159 c:Director1 2023-10-01 2024-09-30 06693159 d:CurrentFinancialInstruments 2024-09-30 06693159 d:CurrentFinancialInstruments 2023-09-30 06693159 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 06693159 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 06693159 d:ShareCapital 2024-09-30 06693159 d:ShareCapital 2023-09-30 06693159 d:ShareCapital 2022-10-01 06693159 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 06693159 d:RetainedEarningsAccumulatedLosses 2024-09-30 06693159 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 06693159 d:RetainedEarningsAccumulatedLosses 2023-09-30 06693159 d:RetainedEarningsAccumulatedLosses 2022-10-01 06693159 c:FRS102 2023-10-01 2024-09-30 06693159 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 06693159 c:FullAccounts 2023-10-01 2024-09-30 06693159 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06693159 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 06693159










PELAGIC TRADING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
PELAGIC TRADING LTD
REGISTERED NUMBER: 06693159

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
148,128
116,480

Debtors: amounts falling due within one year
 4 
16,457
30,338

Cash at bank and in hand
 5 
15,411
715

  
179,996
147,533

Creditors: amounts falling due within one year
 6 
(136,671)
(98,169)

Net current assets
  
 
 
43,325
 
 
49,364

  

Net assets
  
43,325
49,364


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
43,324
49,363

  
43,325
49,364


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 by: 

Mr A Stratton
Director

Date: 26 May 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
PELAGIC TRADING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
1
55,583
55,584


Comprehensive income for the year

Profit for the year
-
32,780
32,780


Contributions by and distributions to owners

Dividends: Equity capital
-
(39,000)
(39,000)



At 1 October 2023
1
49,363
49,364


Comprehensive income for the year

Profit for the year
-
32,961
32,961


Contributions by and distributions to owners

Dividends: Equity capital
-
(39,000)
(39,000)


At 30 September 2024
1
43,324
43,325


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PELAGIC TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Pelagic Trading Ltd, company number 06693159, is a private company, limited by shares, incoprorated in England and Wales within the United Kingdom. The registered office address is The Aquatic Centre, Maidstone Road, Matfield, Tonbridge, Kent, TN12 7HA, which is also the principle place of business. The principal activity of the Company during the year was the sale of aquatic equipment and livestock.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in £ sterling, which is also the functional currency, and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

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.

 
2.4

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.

Page 3

 
PELAGIC TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Taxation

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.


Page 4

 
PELAGIC TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees during the year was as follows:


        2024
        2023
            No.
            No.







Employees
8
7


4.


Debtors

2024
2023
£
£


Other debtors
16,211
30,338

Prepayments and accrued income
246
-

16,457
30,338



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
15,411
715

Less: bank overdrafts
-
(130)

15,411
585



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
130

Trade creditors
72,194
43,403

Corporation tax
7,731
7,906

Other taxation and social security
2,019
256

Other creditors
52,442
44,189

Accruals and deferred income
2,285
2,285

136,671
98,169


Page 5

 
PELAGIC TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,361 (2023: £2,966). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


8.


Controlling party

The controlling party of the Company during the current period and the prior period was Mr A Stratton.

Page 6