Company No:
Contents
DIRECTORS | Sarah Samways |
Clive Samways |
SECRETARY | Sarah Samways |
REGISTERED OFFICE | Gore Cross Business Park |
Corbin Way | |
Bridport | |
DT6 3UX | |
United Kingdom |
COMPANY NUMBER | 04449949 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
TA1 2PX |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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126,292 | 119,393 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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1,295,628 | 1,270,779 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 301,115 | 72,840 | ||
Total assets less current liabilities | 427,407 | 192,233 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Samways Fish Merchants & International Transporters Ltd (registered number:
Clive Samways
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Samways Fish Merchants & International Transporters Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gore Cross Business Park, Corbin Way, Bridport, DT6 3UX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when goods are despatched to the customer.
Land and buildings |
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years | straight line | |||
Plant and machinery |
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years | straight line | |||
Vehicles |
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years | straight line | |||
Office equipment |
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years | straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.. Other investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 September 2020 |
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Additions |
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Disposals |
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At 31 August 2021 |
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Accumulated depreciation | |||||||||
At 01 September 2020 |
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Charge for the financial year |
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Disposals |
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At 31 August 2021 |
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Net book value | |||||||||
At 31 August 2021 |
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At 31 August 2020 |
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Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 September 2020 |
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Additions |
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At 31 August 2021 |
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Carrying value at 31 August 2021 |
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Carrying value at 31 August 2020 |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Other taxation and social security |
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Commitments
The total amount of financial commitments not included in the balance sheet is £333,045 (2020 - £131,843), primarily relating to the premises from which the company operates.
Transactions with the entity's directors
The directors have given a joint and several guarantee to the company's bankers of £200,000 (2020 - £200,000)