Wales and West Coast Fish Producers Organisation Limited Filleted accounts for Companies House (small and micro)

Wales and West Coast Fish Producers Organisation Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 2746008
Wales and West Coast Fish Producers Organisation Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2022
Wales and West Coast Fish Producers Organisation Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Wales and West Coast Fish Producers Organisation Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Current assets
Debtors
6
10,472
5,372
Cash at bank and in hand
95,800
98,002
---------
---------
106,272
103,374
Creditors: amounts falling due within one year
7
( 19,576)
( 21,964)
---------
---------
Net current assets
86,696
81,410
--------
--------
Total assets less current liabilities
86,696
81,410
--------
--------
Capital and reserves
Other reserves
6,577
6,577
Profit and loss account
80,119
74,833
--------
--------
Members funds
86,696
81,410
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:
Enrique Gonzalez Lopez
Director
Company registration number: 2746008
Wales and West Coast Fish Producers Organisation Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 44 Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Furniture & Fixtures
-
15% straight line
Training Centre Equipment
-
15% straight line
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Company limited by guarantee
The company is limited by guarantee.
5. Tangible assets
Computer Equipment
Furniture & Fixtures
Training Centre Equipment
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
3,518
2,301
4,139
5,208
15,166
-------
-------
-------
-------
--------
Depreciation
At 1 January 2022 and 31 December 2022
3,518
2,301
4,139
5,208
15,166
-------
-------
-------
-------
--------
Carrying amount
At 31 December 2022
-------
-------
-------
-------
--------
At 31 December 2021
-------
-------
-------
-------
--------
6. Debtors
2022
2021
£
£
Trade debtors
10,472
5,372
--------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,388
Social security and other taxes
18,339
18,339
Other creditors
1,237
1,237
--------
--------
19,576
21,964
--------
--------
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.