Piranha Seafoods Limited |
Notes to the Accounts |
for the year ended 30 June 2017 |
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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 FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable for the sale of goods, net of discounts and VAT. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost, save that debtors receivable in less than 12 months are not amortised. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost, save that loans payable within 12 months are not amortised. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Going concern |
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During the year the company sold all residual stock in hand and ceased trading. Accordingly the accounts are not prepared on the basis that the company will continue as a going concern |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
10,842 |
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183,750 |
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Corporation tax |
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11,113 |
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- |
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Other debtors |
- |
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3,852 |
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21,955 |
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187,602 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
- |
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381 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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84,848 |
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899,747 |
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Accruals and deferred income |
4,000 |
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7,000 |
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88,848 |
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907,128 |
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5 |
Contingent liabilities |
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As a result of group registration for VAT purposes the company is contingently liable at any given time for VAT liabilities arising in three other group undertakings. At 30 June 2017, these amounted to £ nil |
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6 |
Related party transactions |
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The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group |
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7 |
Controlling party |
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For the current and previous year the company was under the control of its parent company, Piranha Group Holdings Limited. The ultimate controlling party for both the current and previous year is Mr R M Barnes, the major shareholder of Piranha Group Holdings Limited. |
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8 |
Other information |
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Piranha Seafoods Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Old Shoyswell Manor Farm |
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Sheepstreet Lane |
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Etchingham |
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East Sussex |
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TN19 7AZ |