Company registration number 07091639 (England and Wales)
BRIGHTON & NEWHAVEN FISH SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRIGHTON & NEWHAVEN FISH SALES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BRIGHTON & NEWHAVEN FISH SALES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRIGHTON & NEWHAVEN FISH SALES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brighton & Newhaven Fish Sales Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Brighton & Newhaven Fish Sales Limited, as a body, in accordance with the terms of our engagement letter dated 7 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Brighton & Newhaven Fish Sales Limited and state those matters that we have agreed to state to the board of directors of Brighton & Newhaven Fish Sales Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brighton & Newhaven Fish Sales Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Brighton & Newhaven Fish Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brighton & Newhaven Fish Sales Limited. You consider that Brighton & Newhaven Fish Sales Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Brighton & Newhaven Fish Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
25 March 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BRIGHTON & NEWHAVEN FISH SALES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,097,692
1,986,560
Current assets
Stocks
407,440
240,172
Debtors
4
975,197
830,166
Cash at bank and in hand
1,663,972
1,515,479
3,046,609
2,585,817
Creditors: amounts falling due within one year
5
(1,847,550)
(1,741,742)
Net current assets
1,199,059
844,075
Total assets less current liabilities
3,296,751
2,830,635
Creditors: amounts falling due after more than one year
6
(291,748)
(349,408)
Provisions for liabilities
(178,330)
(142,250)
Net assets
2,826,673
2,338,977
Capital and reserves
Called up share capital
7
1,999
1,999
Profit and loss reserves
2,824,674
2,336,978
Total equity
2,826,673
2,338,977
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRIGHTON & NEWHAVEN FISH SALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr C R Brock
Mr W B Brock
Director
Director
Mr M P Leach
Mr K K Foster
Director
Director
Company registration number 07091639 (England and Wales)
BRIGHTON & NEWHAVEN FISH SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Brighton & Newhaven Fish Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is South Quay, Basin Road South, Portslade, Brighton, East Sussex, BN41 1WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the life of the lease
Leasehold improvements
over the life of the lease
Plant and equipment
4 years straight line basis per annum
Fixtures and fittings
3 years straight line basis per annum
Motor vehicles
4 years straight line basis per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
BRIGHTON & NEWHAVEN FISH SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BRIGHTON & NEWHAVEN FISH SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 52 (2023 - 50).
3
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,338,025
563,342
891,612
145,257
616,965
3,555,201
Additions
8,556
2,641
260,167
271,364
Disposals
(124,066)
(124,066)
At 31 December 2024
1,338,025
563,342
900,168
147,898
753,066
3,702,499
Depreciation and impairment
At 1 January 2024
98,638
75,104
798,377
107,057
489,465
1,568,641
Depreciation charged in the year
27,934
5,496
28,574
19,055
71,173
152,232
Eliminated in respect of disposals
(116,066)
(116,066)
At 31 December 2024
126,572
80,600
826,951
126,112
444,572
1,604,807
Carrying amount
At 31 December 2024
1,211,453
482,742
73,217
21,786
308,494
2,097,692
At 31 December 2023
1,239,387
488,238
93,235
38,200
127,500
1,986,560
BRIGHTON & NEWHAVEN FISH SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
587,589
559,563
Other debtors
387,608
270,603
975,197
830,166
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
396,784
434,596
Taxation and social security
309,147
153,204
Other creditors
1,091,619
1,103,942
1,847,550
1,741,742
Included within other creditors is £56,584 (2023 - £48,109) relating to hire purchase contracts, which are secured over the asset purchased through financial arrangements.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
249,649
290,087
Other creditors
42,099
59,321
291,748
349,408
Included within other creditors is £42,099 (2023 - £59,321) relating to hire purchase contracts, which are secured over the asset purchased through financial arrangements.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
37,500
87,500
BRIGHTON & NEWHAVEN FISH SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
950
950
950
950
B Ordinary of £1 each
949
949
949
949
C Ordinary of £1 each
100
100
100
100
1,999
1,999
1,999
1,999
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
3,147,017
3,267,417