MFV LA CREOLE II LIMITED
MFV LA CREOLE II LIMITED
Company No:
MFV LA CREOLE II LIMITED
Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar
For the financial year ended 31 March 2022
Pages for filing with the registrar
Unaudited Financial Statements
Contents
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (continued)
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,310,780 | 1,350,564 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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181,757 | 262,691 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current (liabilities)/assets | (163,236) | 58,407 | ||
Total assets less current liabilities | 1,147,544 | 1,408,971 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.
The financial statements of MFV La Creole II Limited (registered number:
Nicholas Bright
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
MFV La Creole II Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is Unit 3 South Quay, The Harbour, Paignton, Devon, TQ4 6DT .
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of MFV La Creole II Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Foreign currency
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
Trademarks, patents and licences |
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Tangible fixed assets
Land and buildings | not depreciated |
Leasehold improvements | not depreciated |
Plant and machinery |
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Vehicles |
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Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Ordinary share capital
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2. Employees
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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3. Intangible assets
Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 April 2021 |
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At 31 March 2022 |
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Accumulated amortisation | |||
At 01 April 2021 |
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Charge for the financial year |
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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At 31 March 2021 |
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4. Tangible assets
Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2021 |
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At 31 March 2022 |
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Accumulated depreciation | |||||||||
At 01 April 2021 |
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Charge for the financial year |
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At 31 March 2022 |
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Net book value | |||||||||
At 31 March 2022 |
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At 31 March 2021 |
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5. Debtors
2022 | 2021 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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VAT recoverable |
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Other debtors |
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6. Creditors: amounts falling due within one year
2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other loans |
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Accruals |
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Corporation tax |
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7. Creditors: amounts falling due after more than one year
2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Other loans (secured) |
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995,398 | 1,187,482 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2022 | 2021 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
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Other loans (secured / repayable by instalments) |
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390,783 | 614,858 |
8. Called-up share capital
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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9. Related party transactions
The company has taken the exemption in section 1AC.35 of FR102 from disclosing related party transactions with 100% owned group companies.