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Registered number: 08901489
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MFV LA CREOLE II LIMITED
FORMERLY KNOWN AS
BROWN & BRIGHT SHELLFISH LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2017
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
REGISTERED NUMBER:08901489
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
REGISTERED NUMBER:08901489
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 11 form part of these financial statements.
Page 2
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
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COMPREHENSIVE INCOME FOR THE YEAR
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OTHER COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL TRANSACTIONS WITH OWNERS
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Page 3
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016
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COMPREHENSIVE INCOME FOR THE YEAR
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OTHER COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL TRANSACTIONS WITH OWNERS
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The notes on pages 5 to 11 form part of these financial statements.
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Page 4
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
The company is a private company, limited by shares and registered in England within the United Kingdom. The registered number of the company is 08901489 and the address of the registered office is Unit 3 South Quay, The Harbour, Paignton, Devon, TQ4 6DT.
The principal activity of the company is that of commercial fishing.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.
Information on the impact of first-time adoption of FRS 102 is given in note 14.
The following principal accounting policies have been applied:
The company continues to be supported to by the directors and the bank who will continue their support for the foreseeable future. Therefore, preparing these accounts on a going concern basis is considered reasonable.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 5
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.ACCOUNTING POLICIES (continued)
The fishing licence is recorded at cost. It is amortised over the estimated useful life of the asset of 30 years, having due regard to the residual value as estimated by the director.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the rates below.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 6
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.ACCOUNTING POLICIES (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The fishing licence has been reclassified in the year from tangible fixed assets to intangible assets.
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Page 7
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Transfers between classes
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Charge for the year on owned assets
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Page 8
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Net obligations under finance leases and hire purchase contracts
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Secured loans
The various loans are secured against assets of the company.
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Page 9
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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AMOUNTS FALLING DUE 1-2 YEARS
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HIRE PURCHASE AND FINANCE LEASES
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Minimum lease payments under hire purchase fall due as follows:
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SHARES CLASSIFIED AS EQUITY
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ALLOTTED, CALLED UP AND FULLY PAID
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100 Ordinary shares of £1 each
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Page 10
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MFV LA CREOLE II LIMITED FORMALLY KNOWN AS BROWN & BRIGHT SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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COMMITMENTS UNDER OPERATING LEASES
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At 31 March 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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Included within creditors is an amount of £7,900 owed by the company to director Mr P Brown, via his directors' loan account. No interest is charged on this balance and there is no fixed date for repayment.
Britannia Engineering S W Limited, a company under common control, owed £743 to the company at the year end. No interest is charged on this balance and there is no fixed date for repayment.
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FIRST TIME ADOPTION OF FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 11
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