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 2019 |
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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 2019 |
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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 2019 |
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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 2019 |
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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 2019 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 2019 |
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2019 | 2018 |
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: |
(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. |
Galwad Y Mor Shellfish |
Bridlington Limited (Registered number: 04130969) |
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Abridged Balance Sheet - continued |
31 December 2019 |
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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 and authorised for issue on
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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 2019 |
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1. | STATUTORY INFORMATION |
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Galwad Y Mor Shellfish Bridlington Limited is a
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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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The outbreak of the Coronavirus in the United Kingdom resulted in measures being imposed by the Government that significantly affected the ability of the Company to continue its normal trading and impacted its ability to continue trading as a Going Concern. The situation is continuing to develop at the time of the approval of these financial statements. The Directors are following all the official guidance and are taking appropriate measures to mitigate the impact of this virus outbreak on the Company. The Directors are confident that the going concern basis is appropriate. |
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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 fishing licences is being provided on a straight line basis, over the individual licence's remaining estimated useful life of 19 years or 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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Fishing vessels are 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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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 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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 |
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COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
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Amortisation for year |
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At 31 December 2019 |
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NET BOOK VALUE |
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At 31 December 2019 |
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At 31 December 2018 |
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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 2019 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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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 2019 |
and 31 December 2019 | 78,602 |
NET BOOK VALUE |
At 31 December 2019 | 78,602 |
At 31 December 2018 | 78,602 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2019 | 2018 |
£ | £ |
Repayable by instalments |
Bank loans repayable after more than five
years |
288,600 |
361,543 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
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 2019 |
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9. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2019 and 31 December 2018: |
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2019 | 2018 |
£ | £ |
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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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11. | POST BALANCE SHEET EVENTS |
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In January 2020, the company purchased a freehold investment property for £157,486. |
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In December 2020, one of the company's fishing vessels was involved in an accident, which caused damage to the vessel and injuries to the crew. At the date of signing the financial statements, the cost of repairing the vessel is not known. However, the directors do not anticipate a material loss to the company, as they expect that the majority of the cost will be met by the company's insurer. |