Company registration number:
for the Year Ended
Samways Fish Merchants & International Transporters Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Samways Fish Merchants & International Transporters Limited
(Registration number: 04449949)
Balance Sheet as at 31 August 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss reserve |
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Total equity |
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Samways Fish Merchants & International Transporters Limited
(Registration number: 04449949)
Balance Sheet as at 31 August 2019
For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102-1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The company's working capital requirements are funded by way of a loan from the directors and an invoice financing line provided by the company's bankers. The directors will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due and the company's bankers remain supportive of the business. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
Turnover recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers. Turnover is recognised when goods are despatched to the customer.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using 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.
Deferred tax liabilities are presented in provisions for liabilities within the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings - leasehold |
10% straight line |
Plant and machinery |
15% straight line |
Furniture, fixtures and equipment |
25% straight line |
Motor vehicles |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Fully written down |
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Other creditors consist of amounts owed to the directors and invoice discounting drawdowns. These are measunred at amortised cost.
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 September 2018 |
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Disposals |
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At 31 August 2019 |
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Depreciation |
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At 1 September 2018 |
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Charge for the year |
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Eliminated on disposal |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Included within the net book value of land and buildings above is £17,108 (2018 - £22,270) in respect of long leasehold land and buildings.
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Obligations under finance leases and hire purchase contracts |
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Other borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Obligations under finance leases and hire purchase contracts |
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Other borrowings |
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Other borrowings
Hire purchase liabilities are secured on the assets to which they relate which are held within plant and machinery and motor vehicles.
Samways Fish Merchants & International Transporters Limited
Notes to the Financial Statements
for the Year Ended 31 August 2019
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company has given guarantees to HSBC bank in favour of Brixham Trawler Agents Limited and Plymouth Trawler Agents Limited totalling £190,000 (2018 - £190,000).
Related party transactions |
Other transactions with directors |
The directors have provided a £200,000 joint and several guarantee to the company's bankers.
Parent and ultimate parent undertaking |
The ultimate controlling party is