North East Seafoods Limited - Filleted accounts

Registered number

12590456

North East Seafoods Limited

Unaudited Filleted Accounts

30 June 2026

North East Seafoods Limited
Registered number:		12590456
Balance Sheet
as at 30 June 2026

Notes			2026			2025
£				£
Fixed assets
Tangible assets	3		15,489			18,253

Current assets
Stocks		184,302			163,248
Debtors	4	367,485			413,404
Cash at bank and in hand		14,849			33,410
		566,636			610,062

Creditors: amounts falling due within one year	5	(465,168)			(528,110)

Net current assets			101,468			81,952
Total assets less current liabilities			116,957			100,205

Provisions for liabilities			(3,666)			(4,564)

Net assets			113,291			95,641

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			112,291			94,641
Shareholders' funds			113,291			95,641

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.


P Lowery
Director
Approved by the board on 22 October 2026

North East Seafoods Limited
Notes to the Accounts
for the year ended 30 June 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The reporting currency is Pounds Sterling (GBP) and all figures are rounded to the nearest £1.


	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2026		2025
Number					Number

	Average number of persons employed by the company			13		13


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 July 2025	35,892		33,205		69,097
	Additions	10,873		-		10,873
	Disposals	(1,495)		-		(1,495)
	At 30 June 2026	45,270		33,205		78,475

	Depreciation
	At 1 July 2025	27,379		23,465		50,844
	Charge for the year	5,902		7,724		13,626
	On disposals	(1,484)		-		(1,484)
	At 30 June 2026	31,797		31,189		62,986

	Net book value
	At 30 June 2026	13,473		2,016		15,489
	At 30 June 2025	8,513		9,740		18,253


4	Debtors			2026		2025
£					£

	Trade debtors			340,203		390,930
	Other debtors and prepayments			27,282		22,474
				367,485		413,404


5	Creditors: amounts falling due within one year			2026		2025
£					£

	Bank loans and overdrafts			-		32,829
	Obligations under finance lease and hire purchase contracts			2,900		-
	Trade creditors			269,299		205,959
	Amounts owed to group undertakings and undertakings in which the company has a participating interest			91,406		207,546
	Taxation and social security costs			19,667		6,994
	Other creditors and accruals			81,896		74,782
				465,168		528,110


6	Share capital			2026		2025

	Ordinary shares of £1 each			Number	Number
	Authorised share capital			1,000		1,000

£					£
	Allotted, called up and fully paid			1,000		1,000


7	Off-balance sheet arrangements

	The company's tenure of its premises is presently subject to an informal arrangement with a recurring annual rent and services cost of £18,000.


8	Related party transactions

	The company has been provided with operational and working capital support by Kirwin Brothers Limited, which has joint control over the company. Transactions between the company and Kirwin Brothers Limited have been conducted under normal market conditions.

	Key management personnel compensation			2026		2025
£					£
	Amounts paid to key management during the period were as follows:

	Remuneration			75,000		75,000
	Cost of post-retirement benefits			6,688		6,666

				81,688		81,666



9	Controlling party

	The company is jointly owned and controlled by Mr. Paul Lowery, director, and Kirwin Brothers Limited.

10	Other information

	North East Seafoods Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Inshore Fisheries, Tod Point Road
	Warrenby
	Redcar
	Cleveland
	TS10 5AU