| S & B Shellfish Limited |
| Notes to the Accounts |
| for the year ended 30 June 2016 |
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
20% straight line |
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Motor vehicles |
25% straight line |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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Leasing and hire purchase commitments |
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Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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| 2 |
Operating profit |
2016 |
|
2015 |
| £ |
£ |
|
This is stated after charging: |
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Depreciation of owned fixed assets |
4,129 |
|
2,199 |
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| 3 |
Taxation |
2016 |
|
2015 |
| £ |
£ |
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UK corporation tax |
778 |
|
1,641 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
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At 1 July 2015 |
14,505 |
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Additions |
20,930 |
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At 30 June 2016 |
35,435 |
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Depreciation |
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At 1 July 2015 |
7,909 |
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Charge for the year |
4,129 |
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At 30 June 2016 |
12,038 |
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Net book value |
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At 30 June 2016 |
23,397 |
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At 30 June 2015 |
6,596 |
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| 5 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
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Trade debtors |
1,919 |
|
- |
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Other debtors |
1,758 |
|
- |
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|
3,677 |
|
- |
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| 6 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
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Trade creditors |
12,000 |
|
1,774 |
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Corporation tax |
778 |
|
1,641 |
|
Other creditors |
46,093 |
|
44,349 |
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|
58,871 |
|
47,764 |
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| 7 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
|
- |
|
2 |
|
2 |
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| 8 |
Profit and loss account |
2016 |
| £ |
|
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At 1 July 2015 |
(3,553) |
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Profit for the year |
19,914 |
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At 30 June 2016 |
16,361 |
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| 9 |
Related Party Transactions |
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The Directors have a controlling interest in Furness Fish Markets Limited for which the |
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company supplied contract work of £27,593 (30.6.16 - £18,428) during the period. |
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| 10 |
Controlling Interest |
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The company was controlled throughout the period by the directors Mr L Salisbury & |
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Mrs C Salisbury by virtue of them holding all the share capital |
