Premier Seafoods Limited 31/10/2020 iXBRL

Premier Seafoods Limited 31/10/2020 iXBRL

PREMIER SEAFOODS LIMITED - Company Information

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Company registration number: 03114173
Premier Seafoods Limited
Unaudited filleted financial statements
31 October 2020
Premier Seafoods Limited
Contents
Statement of financial position
Notes to the financial statements
Premier Seafoods Limited
Statement of financial position
31 October 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 11,147 9,062
_______ _______
11,147 9,062
Current assets
Stocks 110,085 108,047
Debtors 6 56,956 25,723
Cash at bank and in hand 120,245 40,857
_______ _______
287,286 174,627
Creditors: amounts falling due
within one year 7 ( 144,529) ( 127,007)
_______ _______
Net current assets 142,757 47,620
_______ _______
Total assets less current liabilities 153,904 56,682
Creditors: amounts falling due
after more than one year 8 ( 48,333) -
Provisions for liabilities ( 2,118) ( 1,722)
_______ _______
Net assets 103,453 54,960
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 103,353 54,860
_______ _______
Shareholder funds 103,453 54,960
_______ _______
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2021 , and are signed on behalf of the board by:
Mr Nathan Godley
Director
Company registration number: 03114173
Premier Seafoods Limited
Notes to the financial statements
Year ended 31 October 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Riby Street, Grimsby, North East Lincolnshire, DN31 3HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Government grants
Grants received relate to monies received from the local authority to assist with the impact of Covid 19 on the business.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2019: 8 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 November 2019 30,417 12,000 42,417
Additions 4,865 - 4,865
_______ _______ _______
At 31 October 2020 35,282 12,000 47,282
_______ _______ _______
Depreciation
At 1 November 2019 25,955 7,400 33,355
Charge for the year 380 2,400 2,780
_______ _______ _______
At 31 October 2020 26,335 9,800 36,135
_______ _______ _______
Carrying amount
At 31 October 2020 8,947 2,200 11,147
_______ _______ _______
At 31 October 2019 4,462 4,600 9,062
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 39,907 13,350
Other debtors 17,049 12,373
_______ _______
56,956 25,723
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 1,667 -
Trade creditors 97,438 90,904
Corporation tax 18,901 15,422
Social security and other taxes 2,161 1,659
Other creditors 24,362 19,022
_______ _______
144,529 127,007
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 48,333 -
_______ _______