MCB Seafoods Limited - Limited company - abbreviated - 11.9

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

MCB SEAFOODS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J L Bish

C Bish

SECRETARY:

Mrs P Freeland

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

05853673 (England and Wales)

FIXED ASSETS

Tangible assets

2

219,496

216,438

Investments

3

4,000

4,000

223,496

220,438

CURRENT ASSETS

Stocks

129,042

62,487

Debtors

472,964

404,363

Cash at bank and in hand

17,424

59,720

619,430

526,570

CREDITORS

Amounts falling due within one year

4

(731,883

)

(619,345

)

NET CURRENT LIABILITIES

(112,453

)

(92,775

)

TOTAL ASSETS LESS CURRENT LIABILITIES

111,043

127,663

CREDITORS

Amounts falling due after more than one year

4

(12,517

)

(26,237

)

PROVISIONS FOR LIABILITIES

(37,919

)

(28,569

)

NET ASSETS

60,607

72,857

CAPITAL AND RESERVES

Called up share capital

5

2

2

Retained earnings

60,605

72,855

SHAREHOLDERS' FUNDS

60,607

72,857

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16 March 2016 and were signed on its behalf by:

C Bish - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

Straight line over 10 + 15 years

Equipment

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Office equipment

-

20% 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.

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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

Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their

useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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.

Going concern

The company's accounts have been prepared on a going concern basis as the directors will continue to provide

ongoing support as necessary to enable the company to continue to trade for the foreseeable future.

Investments

Investments are included in the balance sheet at cost less amounts written off, representing impairment in value.

Impairment charges are recorded if events or changes in circumstances indicate that the carrying value may not

be recoverable and are charged to the profit and loss account.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

335,421

Additions

42,750

Disposals

(21,108

)

At 31 December 2015

357,063

DEPRECIATION

At 1 January 2015

118,983

Charge for year

31,523

Eliminated on disposal

(12,939

)

At 31 December 2015

137,567

NET BOOK VALUE

At 31 December 2015

219,496

At 31 December 2014

216,438

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 January 2015

and 31 December 2015

4,000

NET BOOK VALUE

At 31 December 2015

4,000

At 31 December 2014

4,000

4.

CREDITORS

Creditors include an amount of £ 340,628 (2014 - £ 282,099 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2