REGISTERED NUMBER: 05912015 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

MFS Seafoods Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Y Fiaz

Mr M Fiaz

Mr I Fiaz

Mr E Fiaz

SECRETARY:

REGISTERED OFFICE:

Unit 39 Regal Drive

Walsall Enterprise Park

Walsall

West Midlands

WS2 9HQ

REGISTERED NUMBER:

05912015 (England and Wales)

ACCOUNTANTS:

M.F Khan & Co

375 Coventry Road

Smal Heath

Birmingham

West Midlands

B10 0SW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,794,196

1,805,551

1,794,196

1,805,551

CURRENT ASSETS

Stocks

703,449

926,600

Debtors

6

443,407

372,691

Cash at bank and in hand

13,507

80,509

1,160,363

1,379,800

CREDITORS

Amounts falling due within one year

7

1,766,588

1,738,348

NET CURRENT LIABILITIES

(606,225

)

(358,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,187,971

1,447,003

CREDITORS

Amounts falling due after more than one year

8

(452,936

)

(696,296

)

PROVISIONS FOR LIABILITIES

(61,808

)

(64,522

)

NET ASSETS

673,227

686,185

CAPITAL AND RESERVES

Called up share capital

5

5

Retained earnings

673,222

686,180

SHAREHOLDERS' FUNDS

673,227

686,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

Mr Y Fiaz - Director

1.	STATUTORY INFORMATION

MFS Seafoods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

110,400

AMORTISATION

At 1 March 2024

and 28 February 2025

110,400

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2024

1,501,743

1,030,401

2,532,144

Additions

-

79,641

79,641

At 28 February 2025

1,501,743

1,110,042

2,611,785

DEPRECIATION

At 1 March 2024

-

726,593

726,593

Charge for year

-

90,996

90,996

At 28 February 2025

-

817,589

817,589

NET BOOK VALUE

At 28 February 2025

1,501,743

292,453

1,794,196

At 29 February 2024

1,501,743

303,808

1,805,551

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Trade debtors

328,568

346,089

Other debtors

114,839

26,602

443,407

372,691

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Bank loans and overdrafts

312,475

415,620

Hire purchase contracts

55,389

38,196

Trade creditors

797,069

812,483

Taxation and social security

43,405

61,479

Other creditors

558,250

410,570

1,766,588

1,738,348

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.25

29.2.24

£

£

Bank loans

376,155

613,172

Hire purchase contracts

76,781

83,124

452,936

696,296