A. O. Seafoods Limited 05071030 false 2023-09-30 2024-09-29 2024-09-29 The principal activity of the company is that of fish and fresh food merchants. Digita Accounts Production Advanced 6.30.9574.0 true true 05071030 2023-09-30 2024-09-29 05071030 2024-09-29 05071030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-29 05071030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-29 05071030 core:CurrentFinancialInstruments 2024-09-29 05071030 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-29 05071030 core:Non-currentFinancialInstruments 2024-09-29 05071030 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-29 05071030 core:Goodwill 2024-09-29 05071030 core:Buildings 2024-09-29 05071030 core:FurnitureFittingsToolsEquipment 2024-09-29 05071030 core:LandBuildings 2024-09-29 05071030 core:MotorVehicles 2024-09-29 05071030 1 2024-09-29 05071030 bus:SmallEntities 2023-09-30 2024-09-29 05071030 bus:AuditExemptWithAccountantsReport 2023-09-30 2024-09-29 05071030 bus:FilletedAccounts 2023-09-30 2024-09-29 05071030 bus:SmallCompaniesRegimeForAccounts 2023-09-30 2024-09-29 05071030 bus:RegisteredOffice 2023-09-30 2024-09-29 05071030 bus:Director1 2023-09-30 2024-09-29 05071030 bus:Director2 2023-09-30 2024-09-29 05071030 bus:Director3 2023-09-30 2024-09-29 05071030 bus:PrivateLimitedCompanyLtd 2023-09-30 2024-09-29 05071030 bus:Agent1 2023-09-30 2024-09-29 05071030 core:Goodwill 2023-09-30 2024-09-29 05071030 core:Buildings 2023-09-30 2024-09-29 05071030 core:FurnitureFittings 2023-09-30 2024-09-29 05071030 core:FurnitureFittingsToolsEquipment 2023-09-30 2024-09-29 05071030 core:LandBuildings 2023-09-30 2024-09-29 05071030 core:MotorVehicles 2023-09-30 2024-09-29 05071030 core:OfficeEquipment 2023-09-30 2024-09-29 05071030 core:PlantMachinery 2023-09-30 2024-09-29 05071030 countries:EnglandWales 2023-09-30 2024-09-29 05071030 1 2023-09-30 2024-09-29 05071030 2023-09-29 05071030 core:Goodwill 2023-09-29 05071030 core:FurnitureFittingsToolsEquipment 2023-09-29 05071030 core:LandBuildings 2023-09-29 05071030 core:MotorVehicles 2023-09-29 05071030 1 2023-09-29 05071030 2022-09-30 2023-09-29 05071030 2023-09-29 05071030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-29 05071030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-29 05071030 core:CurrentFinancialInstruments 2023-09-29 05071030 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-29 05071030 core:Non-currentFinancialInstruments 2023-09-29 05071030 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-29 05071030 core:Buildings 2023-09-29 05071030 core:FurnitureFittingsToolsEquipment 2023-09-29 05071030 core:LandBuildings 2023-09-29 05071030 core:MotorVehicles 2023-09-29 05071030 1 2023-09-29 05071030 1 2022-09-30 2023-09-29 05071030 1 2022-09-29 iso4217:GBP xbrli:pure

Registration number: 05071030

A. O. Seafoods Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 September 2024

 

A. O. Seafoods Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

A. O. Seafoods Limited

Company Information

Directors

Mr A N Ogden

Mr G Ogden

Mrs J Ogden

Registered office

Lawrence House
1 - 7 Canning Street
Burnley
Lancashire
BB12 0AE

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A. O. Seafoods Limited
for the Year Ended 29 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A. O. Seafoods Limited for the year ended 29 September 2024 as set out on pages 3 to 11 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of A. O. Seafoods Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of A. O. Seafoods Limited and state those matters that we have agreed to state to the Board of Directors of A. O. Seafoods 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 A. O. Seafoods Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A. O. Seafoods Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A. O. Seafoods Limited. You consider that A. O. Seafoods 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 accounts of A. O. Seafoods 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

6 June 2025

 

A. O. Seafoods Limited

(Registration number: 05071030)
Balance Sheet as at 29 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,022,218

1,068,549

Current assets

 

Stocks

6

83,300

78,620

Debtors

7

1,642,801

1,567,220

Cash at bank and in hand

 

29,443

24,925

 

1,755,544

1,670,765

Creditors: Amounts falling due within one year

8

(1,305,288)

(1,269,602)

Net current assets

 

450,256

401,163

Total assets less current liabilities

 

1,472,474

1,469,712

Creditors: Amounts falling due after more than one year

8

(169,454)

(328,213)

Provisions for liabilities

(127,401)

(107,763)

Net assets

 

1,175,619

1,033,736

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

185,489

185,489

Retained earnings

990,030

848,147

Shareholders' funds

 

1,175,619

1,033,736

 

A. O. Seafoods Limited

(Registration number: 05071030)
Balance Sheet as at 29 September 2024

For the financial year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

.........................................
Mr A N Ogden
Director

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawrence House
1 - 7 Canning Street
Burnley
Lancashire
BB12 0AE

The principal place of business is:
Lawrence House
1 - 7 Canning Street
Burnley
Lancashire
BB12 0AE

These financial statements were authorised for issue by the Board on 6 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

15% straight line

Fixtures & fittings

15% straight line

Motor vehicles

25% reducing balance

Equipment

25% straight line

Freehold property

2% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 42 (2023 - 40).

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 September 2023

200,000

200,000

At 29 September 2024

200,000

200,000

Amortisation

At 30 September 2023

200,000

200,000

At 29 September 2024

200,000

200,000

Carrying amount

At 29 September 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 30 September 2023

579,941

312,777

844,197

1,736,915

Additions

-

16,165

120,760

136,925

Disposals

-

-

(14,700)

(14,700)

At 29 September 2024

579,941

328,942

950,257

1,859,140

Depreciation

At 30 September 2023

118,349

218,027

331,990

668,366

Charge for the year

11,600

24,892

143,263

179,755

Eliminated on disposal

-

-

(11,199)

(11,199)

At 29 September 2024

129,949

242,919

464,054

836,922

Carrying amount

At 29 September 2024

449,992

86,023

486,203

1,022,218

At 29 September 2023

461,592

94,750

512,207

1,068,549

Included within the net book value of land and buildings above is £449,992 (2023 - £461,592) in respect of freehold land and buildings.
 

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

Revaluation

The fair value of the company's Canning Street property was revalued on 30 September 2017. An independent valuer was not involved.
The Directors consider that the value disclosed on the Balance Sheet at 30 September 2024 respresents a fair value of the property.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £375,586 (2023 - £385,404).

6

Stocks

2024
£

2023
£

Other inventories

83,300

78,620

7

Debtors

2024
£

2023
£

Trade debtors

755,614

810,432

Prepayments

29,264

2,734

Other debtors

857,923

754,054

1,642,801

1,567,220

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

152,683

162,244

Trade creditors

 

563,803

571,132

Taxation and social security

 

142,486

81,539

Accruals and deferred income

 

-

499

Other creditors

 

446,316

454,188

 

1,305,288

1,269,602

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

133,779

292,538

Other non-current financial liabilities

 

35,675

35,675

 

169,454

328,213

 

A. O. Seafoods Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

107,555

187,744

Hire purchase contracts

26,224

104,794

133,779

292,538

Current loans and borrowings

2024
£

2023
£

Bank borrowings

76,786

76,786

Hire purchase contracts

75,897

85,458

152,683

162,244

The bank borrowings are secured by a charge over the company’s assets.

The hire purchase contracts are secured on the assets concerned.
 

10

Related party transactions

Transactions with directors

2024

At 30 September 2023
£

Advances to director
£

Repayments by director
£

At 29 September 2024
£

Repayable on demand, interest charged at the official rate

83,087

139,384

(137,539)

84,932

 

2023

At 30 September 2022
£

Advances to director
£

Repayments by director
£

At 29 September 2023
£

Repayable on demand, interest charged at the official rate

115,145

234,933

(266,991)

83,087