KJP Shellfish Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08183699 (England and Wales)

KJP Shellfish Ltd

Unaudited Financial Statements

For The Year Ended 31 August 2019

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

K Price

Mrs J C Price

REGISTERED OFFICE:

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

REGISTERED NUMBER:

08183699 (England and Wales)

ACCOUNTANTS:

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

BANKERS:

Yorkshire Bank PLC

Queens Street

Bridlington

East Yorkshire

Y015 2SW

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of KJP Shellfish Ltd for the year ended 31 August 2019 which comprise the Income Statement,

Abridged Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KJP Shellfish Ltd, as a body, in accordance with the terms of our engagement letter dated 31 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of KJP Shellfish Ltd and state those matters that we have agreed to state to the Board of Directors of KJP Shellfish Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KJP Shellfish Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KJP Shellfish Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KJP Shellfish Ltd. You consider that KJP Shellfish Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KJP Shellfish Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

4 February 2020

FIXED ASSETS

Intangible assets

4

24,000

28,000

Tangible assets

5

410,199

419,947

434,199

447,947

CURRENT ASSETS

Stocks

1,243

1,188

Debtors

17,212

71,764

Cash at bank

110,661

32,237

129,116

105,189

CREDITORS

Amounts falling due within one year

174,607

187,997

NET CURRENT LIABILITIES

(45,491

)

(82,808

)

TOTAL ASSETS LESS CURRENT LIABILITIES

388,708

365,139

CREDITORS

Amounts falling due after more than one year

6

(155,756

)

(166,285

)

PROVISIONS FOR LIABILITIES

(64,432

)

(72,643

)

ACCRUALS AND DEFERRED INCOME

(30,759

)

(37,113

)

NET ASSETS

137,761

89,098

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

137,759

89,096

SHAREHOLDERS' FUNDS

137,761

89,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 February 2020 and were signed on its behalf by:

K Price - Director

1.	STATUTORY INFORMATION

KJP Shellfish Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible fixed assets

Amortisation of a fishing licence purchased by the company in 2016 is being provided on a straight line basis

over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fishing boat

-

10% on reducing balance

Equipment

-

25% on cost, 20% on cost, 15% on reducing balance and 12.5% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Governmemt grants

Government grants in respect of capital assets are included as a liability on the balance sheet as deferred income

and released to the profit and loss account in order to match the depreciation of the related capital asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

and 31 August 2019

40,000

AMORTISATION

At 1 September 2018

12,000

Amortisation for year

4,000

At 31 August 2019

16,000

NET BOOK VALUE

At 31 August 2019

24,000

At 31 August 2018

28,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

645,645

Additions

60,078

Disposals

(26,805

)

At 31 August 2019

678,918

DEPRECIATION

At 1 September 2018

225,698

Charge for year

63,465

Eliminated on disposal

(20,444

)

At 31 August 2019

268,719

NET BOOK VALUE

At 31 August 2019

410,199

At 31 August 2018

419,947

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2018

17,156

Additions

27,246

At 31 August 2019

44,402

DEPRECIATION

At 1 September 2018

7,506

Charge for year

9,224

At 31 August 2019

16,730

NET BOOK VALUE

At 31 August 2019

27,672

At 31 August 2018

9,650

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable by instalments

Bank loans repayable after more than five years

96,449

115,258

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

161,799

172,001

8.	RELATED PARTY DISCLOSURES

The following balances were due to the Directors:

2019

2018

£

£

Mr & Mrs K Price

125,889

143,373

Interest was paid to the Directors as follows:

2019

2018

£

£

Mr & Mrs K Price

5,606

6,506

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr and Mrs K Price.