Control Union Pesca Ltd - Period Ending 2018-12-31

Copy for Companies House

Registration number: 06509910

Control Union Pesca Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Control Union Pesca Ltd

Contents

Company Information	1
Statement of Director's Responsibilities	2
Assurance Report	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 10

Control Union Pesca Ltd

Company Information

Director

Ms A Del Rio Poza

Registered office

56 High Street Lymington Hampshire SO41 9AH

Page 1

Control Union Pesca Ltd

Statement of Director's Responsibilities

The Director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless 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 Director is required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK 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 Director is 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 to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Page 2

Independent Chartered Accountants' Review to the Director of
Control Union Pesca Ltd
for the Year Ended 31 December 2018

We have reviewed the financial statements of Control Union Pesca Ltd for the year ended 31 December 2018 as set out on pages 4 to 10. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility to the financial statements

As explained more fully in the Directors’ Responsibilities Statement, set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the company, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

•	so as to give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year then ended;
•	in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	in accordance with the requirements of the Companies Act 2006.

......................................

Westlake Clark
Chartered Accountants
7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA

5 June 2019

Page 3

Control Union Pesca Ltd

(Registration number: 06509910)
Balance Sheet as at 31 December 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	3,623	3,764
Current assets
Work in progress	5	21,956	41,361
Debtors	7	154,695	86,166
Cash at bank and in hand		230,632	291,823
		407,283	419,350
Creditors: Amounts falling due within one year	8	(377,152)	(393,623)
Net current assets		30,131	25,727
Total assets less current liabilities		33,754	29,491
Provisions for liabilities	9	(616)	(753)
Net assets		33,138	28,738
Capital and reserves
Called up share capital		3	3
Profit and loss account		33,135	28,735
Total equity		33,138	28,738

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Control Union Pesca Ltd

(Registration number: 06509910)
Balance Sheet as at 31 December 2018 (continued)

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 June 2019
 

.........................................

Ms A Del Rio Poza
Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Control Union Pesca Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
56 High Street
Lymington
Hampshire
SO41 9AH

2	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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The financial statements cover the individual entity.

The company's functional and presentation currency is pound sterling and the financial statements are rounded to the nearest pound.

Change of company name

On 5 June 2018 ME Certification Limited changed their name to Control Union Pesca Ltd.

Going concern

The director believes that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook, and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover is the amount derived from ordinary activities and represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.The Company recognises revenue when (a) the amount of revenue can be reliably measured; (b) it is probable that future economic benefits will flow to the entity; (c) specific criteria have been met for each of the Company's activities; (d) and when the contractual obligations have been completed.

Long term contracts

Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contact. The amount by which recorded turnover is in excess of payments on account is classified as 'amounts recoverable on contracts' within debtors.

Page 6

Control Union Pesca Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018 (continued)

2	Accounting policies (continued)

Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% straight line basis

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 7

Control Union Pesca Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018 (continued)

2	Accounting policies (continued)

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2017 - 8).

4	Tangible assets

	Fixtures, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	6,719	6,719
Additions	1,711	1,711
At 31 December 2018	8,430	8,430
Depreciation
At 1 January 2018	2,955	2,955
Charge for the year	1,852	1,852
At 31 December 2018	4,807	4,807
Carrying amount
At 31 December 2018	3,623	3,623
At 31 December 2017	3,764	3,764

Page 8

Control Union Pesca Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018 (continued)

5	Work in progress

	2018 £	2017 £
Work in progress	21,956	41,361

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	3	3	3	3

7

Debtors

	2018  £	2017  £
Trade debtors	127,146	81,151
Prepayments	5,451	5,015
Accrued income	22,098	-
Total current trade and other debtors	154,695	86,166

8

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	37,051	96,625
Deferred income	143,154	208,686
Amounts owed to group undertakings and undertakings in which the company has a participating interest	82,621	35,742
Taxation and social security	21,604	23,991
Corporation tax liability	15,872	21,975
Accrued expenses	76,850	6,604
	377,152	393,623

Page 9

Control Union Pesca Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018 (continued)

9	Provisions

	2018  £	Total £
At 1 January 2018	753	753
Credited to the profit and loss account	(137)	(137)
At 31 December 2018	616	616

10

Control

The company is controlled by MacAlister Elliott & Partners Limited. Control Union Pesca Ltd is a 100% subsidary of MacAlister Elliot & Partners Limited. Copies of the parent company's accounts can be obtained from their registered office.

Page 10