Registered number |
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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 |
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Current assets | |||||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | ( |
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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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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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M Wells | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Tangible fixed assets | ||||||||
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Plant and machinery | straight line at 10% or 17.5% reducing balance | |||||||
Motor vehicles | straight line at 25% or 30% reducing balance | |||||||
Stocks | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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Borrowings | ||||||||
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. |
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Taxation | ||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions | ||||||||
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Foreign currency translation | ||||||||
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Leased assets | ||||||||
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Pensions | ||||||||
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Share Capital | ||||||||
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Dividends | ||||||||
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Government Grants | ||||||||
The company recognises grant income when the relevant performance conditions have been met. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are receivable. A grant that imposes specified future performance conditions is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability. | ||||||||
2 | Exceptional items | 2022 | 2021 | |||||
£ | £ | |||||||
COVID-19 support grants received | - | |
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- | 12,445 | |||||||
3 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company including directors |
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4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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Depreciation | ||||||||
At 1 July 2021 |
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Charge for the year |
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At 30 June 2022 |
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Net book value | ||||||||
At 30 June 2022 |
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At 30 June 2021 |
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5 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors and prepayments |
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6 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security costs |
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Other creditors and accruals |
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Any bank overdraft arising (2022: £Nil, 2021: £85,584) is denominated in Sterling and is secured by a debenture over all assets of the company. | ||||||||
7 | Creditors: amounts falling due after one year | 2022 | 2021 | |||||
£ | £ | |||||||
Bounce Back Loan |
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8 | Loans | 2022 | 2021 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Instalments falling due for payment after more than five years | - | 833 | ||||||
Secured borrowings total | - | 85,584 | ||||||
9 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
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1,031 | 25,079 | (26,000) | 110 | |||||
The loan to Mr Wells is unsecured and interest free, but is repayable on demand. | ||||||||
10 | Related party transactions | |||||||
2022 | 2021 | |||||||
£ | £ | |||||||
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Salaries and other short term employee benefits |
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Post-employment benefits |
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28,229 | 17,033 | |||||||
Dividends paid to the directors during the year totalled | 26,000 | 25,400 | ||||||
11 | Controlling party | |||||||
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12 | Other information | |||||||
MW Seafoods Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
North Quay | ||||||||
Fish Docks | ||||||||
Grimsby | ||||||||
N E Lincolnshire | ||||||||
DN31 3SY |