O.P. Shellfish Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08463400 (England and Wales)

O.P. Shellfish Limited

Unaudited Financial Statements

For The Year Ended 31 March 2017

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

K A M Formby

Miss S C Harris

SECRETARY:

Miss S C Harris

REGISTERED OFFICE:

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

REGISTERED NUMBER:

08463400 (England and Wales)

ACCOUNTANTS:

Charles A Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

BANKERS:

National Westminster Bank Plc

4 King Street

Bridlington

East Yorkshire

YO15 2ZA

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of O.P. Shellfish Limited for the year ended 31 March 2017 which comprise the Income Statement,

Abridged Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of O.P. Shellfish Limited, as a body, in accordance with the terms of our engagement letter dated 10 April 2013. Our work has been undertaken solely to prepare for your approval the financial statements of O.P. Shellfish Limited and state those matters that we have agreed to state to the Board of Directors of O.P. Shellfish Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O.P. Shellfish Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that O.P. Shellfish Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of O.P. Shellfish Limited. You consider that O.P. Shellfish Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of O.P. Shellfish Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charles A Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

28 June 2017

FIXED ASSETS

Intangible assets

4

22,645

25,880

Tangible assets

5

199,635

159,378

222,280

185,258

CURRENT ASSETS

Debtors

9,969

3,975

Cash at bank

9,908

5,190

19,877

9,165

CREDITORS

Amounts falling due within one year

115,420

70,733

NET CURRENT LIABILITIES

(95,543

)

(61,568

)

TOTAL ASSETS LESS CURRENT LIABILITIES

126,737

123,690

CREDITORS

Amounts falling due after more than one year

6

(68,743

)

(77,796

)

PROVISIONS FOR LIABILITIES

(38,670

)

(25,283

)

NET ASSETS

19,324

20,611

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

19,304

20,591

SHAREHOLDERS' FUNDS

19,324

20,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 June 2017 and were signed on its behalf by:

K A M Formby - Director

1.	STATUTORY INFORMATION

O.P. Shellfish 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.

The director has considered the impact of the United Kingdom recession on the company's trading and is

confident that the company will continue to meet its day-to-day liabilities as they fall due and that the going

concern basis is appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Fishing licence are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets

Amortisation of a Fishing Licence purchased by the company in 2015 is being provided on a straight line basis

over its estimated useful life of 10 years.

Tangible fixed assets

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

Fishing vessel

-

10% on reducing balance

Pots and ropes

-

10% on reducing balance

Boat gear

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

32,350

AMORTISATION

At 1 April 2016

6,470

Amortisation for year

3,235

At 31 March 2017

9,705

NET BOOK VALUE

At 31 March 2017

22,645

At 31 March 2016

25,880

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

202,178

Additions

69,294

Disposals

(5,000

)

At 31 March 2017

266,472

DEPRECIATION

At 1 April 2016

42,800

Charge for year

25,287

Eliminated on disposal

(1,250

)

At 31 March 2017

66,837

NET BOOK VALUE

At 31 March 2017

199,635

At 31 March 2016

159,378

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Other loans

68,743

77,796

68,743

77,796

Amounts falling due after more than five years:

Repayable by instalments

Other loans

28,702

49,525

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

77,795

86,493

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £68,000 were paid to the directors .

Interest was paid to the Directors as follows:

2017

2016

£

£

K A M Formby and Miss S C Harris

3,418

1,886

9.	ULTIMATE CONTROLLING PARTY

The controlling party is K A M Formby.

10.	FINANCIAL REPORTING STANDARD 102 FIRST YEAR ADOPTION

There are no transitional adjustments required as a consequence of implementing Section 1A "Small Entities" of

Financial Reporting Standard 102.