MCB Seafoods Limited - Accounts to registrar (filleted) - small 17.3
MCB Seafoods Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| FOR |
| MCB SEAFOODS LIMITED |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MCB SEAFOODS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Preston Park House |
| South Road |
| Brighton |
| East Sussex |
| BN1 6SB |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| BALANCE SHEET |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| BALANCE SHEET - continued |
| 31 December 2017 |
| 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 |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| MCB Seafoods Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The impact on the financial statements from transition to FRS 102 has been disclosed in the notes to the financial |
| statements. |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates and |
| these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
| are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
| period of the revision and future periods if the revision affects both current and future periods. |
| The items in the financial statements where these judgements and estimates have been made include the useful |
| economic life of intangible and tangible fixed assets, the amortisation and depreciation of these assets, stock |
| obsolescence, provisions, and the recoverability of debtors. |
| Turnover |
| Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
| Revenue from the sale of goods is recognised at the point of sale when it can be determined that the risks and |
| rewards of ownership of the goods have passed to the customer, and the related revenue can be reliably |
| estimated. |
| Intangible assets |
| Intangible fixed assets relate to lifetime corporate football club seats that have been capitalised. No amortisation |
| has been provided. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
| accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
| as intended by management. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Improvements to property - Straight line over 10 & 15 years |
| Equipment - 10% reducing balance |
| Office equipment - 20% reducing balance |
| Motor vehicles - 20% reducing balance |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
| the entity after deducting all of its financial liabilities. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their |
| useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant |
| period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
| period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Impairment policy |
| At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
| any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
| amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not |
| possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the |
| cash-generating unit to which the asset belongs. |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in existence for |
| the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
| financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Debenture |
| seats |
| £ |
| COST |
| At 1 January 2017 |
| and 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Motor | Office |
| property | Equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Factoring account | 367,494 | 363,681 |
| Bank Loans & Overdraft | 20,493 | 32,355 |
| The company's bankers and factoring company have a fixed and floating charge over the company's assets. |
| MCB SEAFOODS LIMITED (REGISTERED NUMBER: 05853673) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 35,445 | 43,275 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2017 |
| Accelerated capital allowances | (7,830 | ) |
| Balance at 31 December 2017 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
| 31 December 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |