Quality Fish Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03534912 (England and Wales)

Quality Fish Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr E Osman

Mr H E Hodja

SECRETARY:

Mrs D Osman

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

03534912 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

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 Statement of Financial Position. Readers are cautioned that the Abridged 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 Quality Fish Limited for the year ended 31 March 2020 which comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position 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 Quality Fish Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quality Fish Limited and state those matters that we have agreed to state to the Board of Directors of Quality Fish Limited, 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 Quality Fish Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quality Fish Limited 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 Quality Fish Limited. You consider that Quality Fish Limited 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 Quality Fish Limited. 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.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

3 January 2021

FIXED ASSETS

Property, plant and equipment

4

8,823

4,808

Investment property

5

1,800,000

1,800,000

1,808,823

1,804,808

CURRENT ASSETS

Inventories

6

32,550

43,298

Debtors

7

69,953

102,211

Cash at bank and in hand

23,045

30,602

125,548

176,111

CREDITORS

Amounts falling due within one year

8

632,968

690,548

NET CURRENT LIABILITIES

(507,420

)

(514,437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,301,403

1,290,371

PROVISIONS FOR LIABILITIES

9

68,436

67,045

NET ASSETS

1,232,967

1,223,326

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

278,482

278,482

Retained earnings

11

954,385

944,744

SHAREHOLDERS' FUNDS

1,232,967

1,223,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Statement of Income and Retained Earnings for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2021 and were signed on its behalf by:

Mr E Osman - Director

1.	STATUTORY INFORMATION

Quality Fish Limited 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Investment properties.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the customer takes delivery of their goods and in the case of rent and franchise when the company obtains the right to the consideration.

Turnover is derived from the ordinary activities of the business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

25% on reducing balance

FF & equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost of stocks is valued using the first in first out stock valuation method. Net realisable value is the estimated selling price less cost to sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Going concern

In the director's assessment of the company's ability to continue as a going concern, there are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

FF &

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2019

-

74,418

286,497

360,915

Additions

4,442

829

-

5,271

At 31 March 2020

4,442

75,247

286,497

366,186

DEPRECIATION

At 1 April 2019

-

69,610

286,497

356,107

Charge for year

54

1,202

-

1,256

At 31 March 2020

54

70,812

286,497

357,363

NET BOOK VALUE

At 31 March 2020

4,388

4,435

-

8,823

At 31 March 2019

-

4,808

-

4,808

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

1,800,000

NET BOOK VALUE

At 31 March 2020

1,800,000

At 31 March 2019

1,800,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2015

1,706,480

Valuation in 2016

93,520

1,800,000

If the investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

1,451,898

1,451,898

Company directors, as required by FRS 102, undertook to remeasure all investment properties to fair values at reporting date. They have assessed the fair values based on the properties of the similar in nature and in the surrounding areas where these properties are located. Based on the information gathered from justifiable sources, it was concluded that there were no significant movement in the market price to be reported and values to be equal to net book value at balance sheet date.

6.	INVENTORIES

2020

2019

£

£

Finished goods

32,550

43,298

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

4,731

Other debtors

69,953

97,480

69,953

102,211

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

2,249

5,179

Trade creditors

56,287

42,591

Taxation and social security

4,535

-

Other creditors

569,897

642,778

632,968

690,548

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

68,436

67,045

Deferred

tax

£

Balance at 1 April 2019

67,045

Provided during year

1,391

Balance at 31 March 2020

68,436

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2019

944,744

278,482

1,223,226

Profit for the year

9,641

9,641

At 31 March 2020

954,385

278,482

1,232,867

12.	RELATED PARTY DISCLOSURES

Included in creditors is an amount due to Quality Fish Limited, a company controlled by the directors, of £60,000 (2019: £78,000) at the balance sheet date.

Included in creditors are amounts owed to key management personnel of £555,510 (2019 - £615,908) at balance sheet date.This is an interest free loan and is payable on demand.