Wales and West Coast Fish Producers Organisation Limited Company Accounts

WALES AND WEST COAST FISH PRODUCERS ORGANISATION LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-01-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 02746008 2016-01-01 2016-12-31 02746008 2016-12-31 02746008 2015-12-31 02746008 2015-12-31 02746008 core:PlantMachinery 2016-01-01 2016-12-31 02746008 core:FurnitureFittings 2016-01-01 2016-12-31 02746008 core:MotorVehicles 2016-01-01 2016-12-31 02746008 bus:RegisteredOffice 2016-01-01 2016-12-31 02746008 bus:LeadAgentIfApplicable 2016-01-01 2016-12-31 02746008 bus:Director1 2016-01-01 2016-12-31 02746008 bus:Director7 2016-01-01 2016-12-31 02746008 bus:CompanySecretary1 2016-01-01 2016-12-31 02746008 core:PlantMachinery 2015-12-31 02746008 core:FurnitureFittings 2015-12-31 02746008 core:MotorVehicles 2015-12-31 02746008 core:PlantMachinery 2016-12-31 02746008 core:FurnitureFittings 2016-12-31 02746008 core:MotorVehicles 2016-12-31 02746008 core:WithinOneYear 2016-12-31 02746008 core:WithinOneYear 2015-12-31 02746008 core:OtherReservesSubtotal 2016-12-31 02746008 core:OtherReservesSubtotal 2015-12-31 02746008 core:RetainedEarningsAccumulatedLosses 2016-12-31 02746008 core:RetainedEarningsAccumulatedLosses 2015-12-31 02746008 bus:FRS102 2016-01-01 2016-12-31 02746008 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 02746008 bus:FullAccounts 2016-01-01 2016-12-31 02746008 bus:SmallCompaniesRegimeForAccounts 2016-01-01 2016-12-31 02746008 bus:CompanyLimitedByGuarantee 2016-01-01 2016-12-31 02746008 core:OfficeEquipment 2016-01-01 2016-12-31 02746008 core:OfficeEquipment 2016-12-31 02746008 core:OfficeEquipment 2015-12-31

COMPANY REGISTRATION NUMBER: 02746008

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 December 2016

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2016

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4 to 6

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	Enrique Gonzalez Lopez
	Jose Argibay Casais

Company secretary	Diane Gonzalez

Registered office	44 Hamilton Terrace
	Milford Haven
	Pembrokeshire
	Wales
	SA73 3JP

Accountants	Evens & Co Ltd
	Chartered Accountants
	Hamilton House
	Hamilton Terrace
	Milford Haven
	Pembrokeshire
	SA73 3JP

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wales and West Coast Fish Producers Organisation Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wales and West Coast Fish Producers Organisation Limited for the year ended 31 December 2016, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Wales and West Coast Fish Producers Organisation Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Wales and West Coast Fish Producers Organisation Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wales and West Coast Fish Producers Organisation Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wales and West Coast Fish Producers Organisation 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 Wales and West Coast Fish Producers Organisation Limited. You consider that Wales and West Coast Fish Producers Organisation 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 Wales and West Coast Fish Producers Organisation 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.

Evens & Co Ltd Chartered Accountants

Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP

20 September 2017

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2016

	2016	2015
Note	£	£

Fixed assets

Tangible assets	5	156	249

Current assets

Debtors	6	7,207	6,000
Cash at bank and in hand		43,392	29,810
		--------	--------
		50,599	35,810

Creditors: amounts falling due within one year	7	( 20,337)	( 20,336)
		--------	--------
Net current assets		30,262	15,474
		--------	--------
Total assets less current liabilities		30,418	15,723
		--------	--------

Capital and reserves

Other reserves	6,577	6,577
Profit and loss account	23,841	9,146
	--------	--------
Members funds	30,418	15,723
	--------	--------

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 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 2016 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 20 September 2017 , and are signed on behalf of the board by:

Enrique Gonzalez Lopez

Director

Company registration number: 02746008

Wales and West Coast Fish Producers Organisation Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2016

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 compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Company limited by guarantee

The company is limited by guarantee.

5. Tangible assets

	Computer Equipment	Fixtures and fittings	Training Centre Equipment	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2016 and 31 December 2016	3,518	2,301	4,139	5,208	15,166
	-------	-------	-------	-------	--------
Depreciation
At 1 January 2016	3,518	2,301	4,139	4,959	14,917
Charge for the year	–	–	–	93	93
	-------	-------	-------	-------	--------
At 31 December 2016	3,518	2,301	4,139	5,052	15,010
	-------	-------	-------	-------	--------
Carrying amount
At 31 December 2016	–	–	–	156	156
	-------	-------	-------	-------	--------
At 31 December 2015	–	–	–	249	249
	-------	-------	-------	-------	--------

6. Debtors

	2016	2015
	£	£
Trade debtors	7,207	6,000
	-------	-------

Other debtors include an amount of £nil (2015 - £nil) falling due after more than one year.

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Social security and other taxes	18,339	18,338
Other creditors	1,998	1,998
	--------	--------
	20,337	20,336
	--------	--------

8. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.