Island Seafood Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02738816

Island Seafood Limited

Filleted Unaudited Financial Statements

31 July 2025

Island Seafood Limited

Statement of Financial Position

31 July 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	5		10,227		18,153

Current assets

Stocks		9,419	10,242
Debtors	6	80,740	98,409
Cash at bank and in hand		36,957	40,121
		---------	---------
		127,116	148,772

Creditors: amounts falling due within one year	7	67,371		90,192
		---------		---------
Net current assets			59,745		58,580
			--------		--------
Total assets less current liabilities			69,972		76,733

Creditors: amounts falling due after more than one year	8		5,851		11,957

Provisions

Taxation including deferred tax	1,943	4,538
	--------	--------
Net assets	62,178	60,238
	--------	--------

Capital and reserves

Called up share capital	9	10,000	10,000
Profit and loss account		52,178	50,238
		--------	--------
Shareholders funds		62,178	60,238
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Island Seafood Limited

Statement of Financial Position (continued)

31 July 2025

These financial statements were approved by the board of directors and authorised for issue on 26 November 2025 , and are signed on behalf of the board by:

A D Bussell
Director

Company registration number: 02738816

Island Seafood Limited

Notes to the Financial Statements

Year ended 31 July 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Woodlands Road, Romford, Essex, RM11 4HD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents rent receivable during the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account. There were no contributions outstanding at the year end date.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2024	30,431	12,586	81,732	124,749
Additions	477	982	–	1,459
	--------	--------	--------	---------
At 31 July 2025	30,908	13,568	81,732	126,208
	--------	--------	--------	---------
Depreciation
At 1 August 2024	27,012	11,070	68,514	106,596
Charge for the year	1,428	404	7,553	9,385
	--------	--------	--------	---------
At 31 July 2025	28,440	11,474	76,067	115,981
	--------	--------	--------	---------
Carrying amount
At 31 July 2025	2,468	2,094	5,665	10,227
	--------	--------	--------	---------
At 31 July 2024	3,419	1,516	13,218	18,153
	--------	--------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	77,715	94,074
Prepayments and accrued income	1,468	1,738
Other debtors	1,557	2,597
	--------	--------
	80,740	98,409
	--------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	1,375	1,500
Trade creditors	43,249	59,197
Accruals and deferred income	5,594	4,690
Corporation tax	8,743	8,696
Social security and other taxes	1,732	1,615
Obligations under finance leases and hire purchase contracts	4,731	4,731
Director loan accounts	1,852	9,368
Other creditors	95	395
	--------	--------
	67,371	90,192
	--------	--------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	1,375
Obligations under finance leases and hire purchase contracts	5,851	10,582
	-------	--------
	5,851	11,957
	-------	--------

9. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100,000	100,000	100,000	100,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000	10,000	10,000	10,000
	--------	--------	--------	--------

10. Related party transactions

During the year the company paid rent of £18,000 (2024 - £18,000) to related parties. At the year end the company owed the directors £1,852 (2024 - £9,368) which is shown amongst creditors