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REGISTERED NUMBER:
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Galwad Y Mor Shellfish |
Bridlington Limited |
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Unaudited Financial Statements |
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For The Year Ended 31 December 2018 |
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REGISTERED NUMBER:
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Galwad Y Mor Shellfish |
Bridlington Limited |
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Unaudited Financial Statements |
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For The Year Ended 31 December 2018 |
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Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2018 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Abridged Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Galwad Y Mor Shellfish |
Bridlington Limited |
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Company Information |
For The Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
15 Prospect Street |
Bridlington |
East Yorkshire |
YO15 2AE |
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BANKERS: |
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10 Silver Street |
Hull |
HU1 1JE |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Galwad Y Mor Shellfish |
Bridlington Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Galwad Y Mor Shellfish Bridlington Limited for the year ended 31 December 2018 which |
comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Galwad Y Mor Shellfish Bridlington Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Galwad Y Mor Shellfish Bridlington Limited and state those matters that we have agreed to state to the Board of Directors of Galwad Y Mor Shellfish Bridlington Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Galwad Y Mor Shellfish Bridlington Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Galwad Y Mor Shellfish Bridlington Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Galwad Y Mor Shellfish Bridlington Limited. You consider that Galwad Y Mor Shellfish Bridlington Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Galwad Y Mor Shellfish Bridlington 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 financial statements. |
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Chartered Accountants |
15 Prospect Street |
Bridlington |
East Yorkshire |
YO15 2AE |
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Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Abridged Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Abridged Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Galwad Y Mor Shellfish Bridlington Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible fixed assets |
Amortisation of a fishing licence, purchased by the company in 2002, is being provided on a straight line basis, |
over the remaining estimated useful life of 19 years. |
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Amortisation of a fishing licence purchased by the company in 2006 is being provided on a straight line basis |
over the remaining estimated useful life of 20 years. |
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Amortisation of a fishing licence, purchased by the company in 2018, is being provided on a straight line basis, |
over the remaining estimated useful life of 20 years. |
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Tangible fixed assets |
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Improvements to leasehold property | - |
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Plant and machinery | - |
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Fishing boat | - |
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Motor vehicles | - |
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Computer equipment | - |
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The fishing vessel is depreciated based on the historical cost, less the estimated residual value over the useful |
economic life of the vessel of 10 years on a straight line basis. |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Amortisation for year |
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At 31 December 2018 |
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NET BOOK VALUE |
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At 31 December 2018 |
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At 31 December 2017 |
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Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 January 2018 |
and 31 December 2018 | 78,602 |
NET BOOK VALUE |
At 31 December 2018 | 78,602 |
At 31 December 2017 | 78,602 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2018 | 2017 |
£ | £ |
Repayable by instalments |
Bank loans repayable after more than five
years |
436,433 |
111,252 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2018 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2018 and |
31 December 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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10. | POST BALANCE SHEET EVENTS |
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In August 2019 the company purchased a fishing vessel and licence for £315,000. |