Wild Harbour Fish Company Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 07898075 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2016

for

WILD HARBOUR FISH COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr S Astrinsky

Mrs A L Astrinsky

REGISTERED OFFICE:

Unit A

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

REGISTERED NUMBER:

07898075 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

4

8,814

12,179

CURRENT ASSETS

Debtors: amounts falling due within one year

5

16,586

12,082

Cash at bank

6,672

5,363

23,258

17,445

CREDITORS

Amounts falling due within one year

6

49,069

46,714

NET CURRENT LIABILITIES

(25,811

)

(29,269

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,997

)

(17,090

)

PROVISIONS FOR LIABILITIES

121

794

NET LIABILITIES

(17,118

)

(17,884

)

CAPITAL AND RESERVES

Called up share capital

30

30

Retained earnings

(17,148

)

(17,914

)

SHAREHOLDERS' FUNDS

(17,118

)

(17,884

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 8 August 2016 and were signed on its behalf by:

Mrs A L Astrinsky - Director

1.	STATUTORY INFORMATION

Wild Harbour Fish Company 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

Tangible fixed assets

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

Leasehold improvements

-

15% / 33% reducing balance

Plant and machinery

-

20% straight line

Fixtures, fittings & furniture

-

20% straight line

Website

-

20% straight line

Deferred tax

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

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

Going concern

The company's activities are currently being financed by loans from the directors as detailed in the

Related Party Transaction note. At the year end, the company balance sheet shows a net current

liability and a deficiency of asset position. However, the directors of the company pledge their ongoing

support for the company for the foreseeable future.

Accordingly, the accounts have been prepared on a going concern basis and do not include

adjustments that might be necessary should support be withdrawn.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the net asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specific categories. The classification depends on the

nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

Plant and

fittings

improvements

machinery

& furniture

£

£

£

COST

At 1 April 2015

and 31 March 2016

3,292

6,976

1,649

DEPRECIATION

At 1 April 2015

-

4,050

466

Charge for year

-

1,395

330

At 31 March 2016

-

5,445

796

NET BOOK VALUE

At 31 March 2016

3,292

1,531

853

At 31 March 2015

3,292

2,926

1,183

Motor

vehicles

Website

Totals

£

£

£

COST

At 1 April 2015

and 31 March 2016

5,997

700

18,614

DEPRECIATION

At 1 April 2015

1,499

420

6,435

Charge for year

1,500

140

3,365

At 31 March 2016

2,999

560

9,800

NET BOOK VALUE

At 31 March 2016

2,998

140

8,814

At 31 March 2015

4,498

280

12,179

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

10,590

1,871

Other debtors

-

4,974

VAT

1,817

2,962

Prepayments

4,179

2,275

16,586

12,082

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

A Sayer loan

4,000

6,000

Trade creditors

637

1,229

Directors' current accounts

43,594

38,526

Accrued expenses

838

959

49,069

46,714

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of their 100% shareholding.