Registration number:
Oceanic Seafoods Limited
for the Year Ended 28 February 2023
Oceanic Seafoods Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Oceanic Seafoods Limited
Company Information
Directors |
J M A Welsh B Renwick |
Company secretary |
J M A Welsh |
Registered office |
|
Auditors |
|
Oceanic Seafoods Limited
Strategic Report for the Year Ended 28 February 2023
The Directors present their strategic report for the year ended 28 February 2023.
Principal activity
The principal activity of the Company is the import and export of frozen fish and seafood products.
Fair review of the business
The financial year ended 28 February 2023 saw further disruption within the sector, whilst the UK economy unravelled itself off the back of Covid-19. In China, where the company purchases and imports the majority of its seafood, the country was still operating under a strict government ‘zero Covid policy’. This resulted in many local provincial lockdowns, meaning production capacity was reduced to around 50% for most primary processors who supplied the business. Inflation was seen across all raw material product species we deal with, due to the reduced production capacity of our Chinese processing sites and record demand making it a seller's market. The Ukraine / Russian war also impacted the buying strategy of the company, as we had to react quickly to sourcing non-Russian origin seafood products, to ethically support our retail and some food service contracts. Another by-product of the war was that fuel and energy costs increased putting more inflation into the business.
Revenue on previous year was up almost 57%, whilst some of this reflected the market increase in fish costs, the business still showed a real growth in volumes on the previous year in excess of 10%. Inflation caused inevitable overhead increases, freight which was seen to hit record high levels in H1 2023, then started to decrease in H2 2023 and become priced realistically for the markets, contributing to the increased gross profit margin. Net profit before tax doubled on previous year as overheads were kept under control.
A strong balance sheet again for 2023, building year on year reserves. The stock increase at the year end mainly represented the goods in transit, for March 23 sales. The increase in debtors is consistent with turnover and expected levels, with close monitoring of payment terms.
The board remain confident in the growth and sustainability of the business for both long term prospects and new opportunities.
The Company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
Turnover |
£ |
51,770,205.00 |
33,016,480.00 |
Turnover growth |
% |
56.80 |
12.91 |
Gross profit |
£ |
1,971,001.00 |
1,215,974.00 |
Gross profit margin |
% |
3.81 |
3.68 |
Profit before tax |
£ |
1,321,727.00 |
645,428.00 |
Net profit margin |
% |
2.55 |
1.95 |
Principal risks and uncertainties
The principal risks and uncertainties faced by the Company remain the availability of raw material fish supplies, freight costs, maintaining margins and the recovery of markets following both Brexit and Covid-19.
The Directors continue to use their capability, knowledge and expertise to maintain well placed long term supply lines to provide our respected partner customers with assured products.
Approved and authorised by the
......................................... |
Oceanic Seafoods Limited
Directors' Report for the Year Ended 28 February 2023
The Directors present their report and the financial statements for the year ended 28 February 2023.
Directors of the Company
The Directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The objectives of the directors are to ensure that the company has adequate cash flow to meet trading requirements and purchase significant quantities of raw material.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances and import facility loans. The main purpose of these instruments is to fund raw material that is required to reduce the associated business risk, as noted above.
Trade debtors are offered credit terms based on the risk profile of the customer. The timings of the receipts are managed along with the trade creditor payments and the available bank funds.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Forrester Boyd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Oceanic Seafoods Limited
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Oceanic Seafoods Limited
Independent Auditor's Report to the Members of Oceanic Seafoods Limited
Opinion
We have audited the financial statements of Oceanic Seafoods Limited (the 'Company') for the year ended 28 February 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Oceanic Seafoods Limited
Independent Auditor's Report to the Members of Oceanic Seafoods Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of Directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Discussions with management, including consideration of known or suspected instances of non-compliance.
- Challenging assumptions and judgements made within significant accounting estimates and judgements such as stock valuation.
- Identification of key laws and regulations central to the Company's operations and review of compliance with such laws including a review of the MSC accreditation and correspondence with solicitors to identify any disciplinary action or ongoing issues.
- Testing of journal entries and potential override of systems.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Oceanic Seafoods Limited
Independent Auditor's Report to the Members of Oceanic Seafoods Limited
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
26 South St. Mary's Gate
North East Lincolnshire
DN31 1LW
Oceanic Seafoods Limited
Profit and Loss Account for the Year Ended 28 February 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
1,344,258 |
649,756 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
Oceanic Seafoods Limited
(Registration number: 06996833)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
90,000 |
90,000 |
|
Capital redemption reserve |
90,000 |
90,000 |
|
Profit and loss account |
908,402 |
756,199 |
|
Shareholders' funds |
1,088,402 |
936,199 |
Approved and authorised by the
......................................... |
Oceanic Seafoods Limited
Statement of Changes in Equity for the Year Ended 28 February 2023
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 March 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 28 February 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 March 2021 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Purchase of own share capital |
(90,000) |
90,000 |
(1,000,000) |
(1,000,000) |
At 28 February 2022 |
90,000 |
90,000 |
756,199 |
936,199 |
Oceanic Seafoods Limited
Statement of Cash Flows for the Year Ended 28 February 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
|
|
|
Corporation tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
(Increase)/decrease in debtors |
( |
|
|
Increase in creditors |
|
|
|
Increase in deferred income, including government grants |
|
|
|
Cash generated from operations |
( |
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments for purchase of own shares |
- |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 28 February |
1,387,175 |
836,373 |
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and the company registration number is 06996833.
The address of its registered office is:
These financial statements were authorised for issue by the
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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements cover the individual entity and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in 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 income 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.
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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 |
Furniture, fittings and equipment |
33% Straight Line |
Motor vehicles |
15% Straight Line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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 the profit and loss account.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Commissions received |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Foreign exchange losses |
( |
( |
|
|
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration and key management compensation |
The Directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
On 24 May 2021 the UK Government enacted a bill which will increase the main rate of corporation tax in the UK from 19% to 25% from 1 April 2023. Deferred tax has been calculated at 25% on all relevant timing differences which are expected to reverse after this date.
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 March 2022 |
|
|
|
Additions |
|
- |
|
At 28 February 2023 |
|
|
|
Depreciation |
|||
At 1 March 2022 |
|
|
|
Charge for the year |
|
|
|
At 28 February 2023 |
|
|
|
Carrying amount |
|||
At 28 February 2023 |
|
|
|
At 28 February 2022 |
|
|
|
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Stocks |
2023 |
2022 |
|
Raw materials and consumables |
|
|
Goods in transit |
|
|
|
|
Stock includes goods in transit to customers of £2,724,946 (2022: £1,102,077), where legal title had not officially been transferred at the year end.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
241,721 |
133,244 |
|
Deferred income |
|
|
|
|
|
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 28 February 2023 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
90,000 |
|
90,000 |
Rights, preferences and restrictions
Ordinary A have the following rights, preferences and restrictions: |
Reserves |
Share capital
Called up share capital comprises of the value of issued share capital at par.
Profit and loss account
The profit and loss account consists of profits made by the company attributable to the shareholders of the company.
Capital redemption reserve
This has arisen due to shares being purchased out of distributable profits.
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
- |
|
|
Secured creditors
Included within bank borrowings are secured liabilities which are denominated in sterling. The carrying amount at the year end is £4,392,784 (2022 - £2,311,753). These amounts are secured by fixed and floating charges over all of the companys assets.
Analysis of changes in net debt |
At 1 March 2022 |
Financing cash flows |
At 28 February 2023 |
|
Cash and cash equivalents |
|||
Cash |
836,373 |
550,802 |
1,387,175 |
Borrowings |
|||
Short term borrowings |
(2,311,753) |
(2,081,031) |
(4,392,784) |
( |
( |
( |
|
|
Related party transactions |
Oceanic Seafoods Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Income and receivables from related parties
2023 |
Entities with joint control or significant influence |
Sale of goods |
- |
|
2022 |
Entities with joint control or significant influence |
Sale of goods |
|
|
Transactions with Directors |
2023 |
At 1 March 2022 |
Advances to Director |
Repayments by Director |
At 28 February 2023 |
J M A Welsh |
||||
|
( |
( |
|
|
2022 |
At 1 March 2021 |
Advances to Director |
At 28 February 2022 |
J M A Welsh |
|||
|
|
( |
( |
Dividends paid to Directors
2023 |
2022 |
|||
|
||||
Dividends paid to directors |
912,092 |
- |
||