Quality Fish Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03534912 (England and Wales)

Quality Fish Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr E Osman

Mr H E Hodja

SECRETARY:

Mrs D Osman

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

03534912 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Abridged

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 Quality Fish Limited for the year ended 31 March 2018 which comprise

the Abridged Income Statement, Other Comprehensive Income, Abridged Statement of Financial Position,

Statement of Changes in Equity 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 Quality Fish Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quality Fish Limited and state those matters that we have agreed to state to the Board of Directors of Quality Fish 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 Quality Fish Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quality Fish 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 loss of Quality Fish Limited. You consider that Quality Fish 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 Quality Fish 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.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

Date: .............................................

FIXED ASSETS

Tangible assets

4

6,411

7,711

Investment property

5

1,800,000

1,800,000

1,806,411

1,807,711

CURRENT ASSETS

Stocks

42,117

97,487

Debtors

102,995

174,388

Cash at bank and in hand

62,187

358,364

207,299

630,239

CREDITORS

Amounts falling due within one year

698,488

1,057,952

NET CURRENT LIABILITIES

(491,189

)

(427,713

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,315,222

1,379,998

PROVISIONS FOR LIABILITIES

6

66,583

62,068

NET ASSETS

1,248,639

1,317,930

CAPITAL AND RESERVES

Called up share capital

7

100

100

Fair value reserve

8

278,482

278,482

Retained earnings

8

970,057

1,039,348

SHAREHOLDERS' FUNDS

1,248,639

1,317,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2018 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 8 August 2018 and were signed on its behalf by:

Mr E Osman - Director

1.	STATUTORY INFORMATION

Quality Fish 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and

estimates. The items in the financial statements where these judgements and estimates have been

made include:

Investment properties.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the customer takes delivery of their goods and in the case of rent and

franchise when the company obtains the right to the consideration.

Turnover is derived from the ordinary activities of the business.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

FF & equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost of stocks is valued using the first in first out stock valuation method. Net realisable value is the

estimated selling price less cost to sell.

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 statement of financial position date.

Deferred tax

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

the statement of financial position 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 statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Going concern

In the director's assessment of the company's ability to continue as a going concern, there are no

material uncertainties that may cast significant doubt about the company's ability to continue as a

going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

360,078

Additions

837

At 31 March 2018

360,915

DEPRECIATION

At 1 April 2017

352,367

Charge for year

2,137

At 31 March 2018

354,504

NET BOOK VALUE

At 31 March 2018

6,411

At 31 March 2017

7,711

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

1,800,000

NET BOOK VALUE

At 31 March 2018

1,800,000

At 31 March 2017

1,800,000

The investment property were valued by directors at 31st March 2018. In the opinion of the directors

there have not been significant changes in the value of the investment properties during the period

from 1st April 2017 to 31st March 2018.

Fair value at 31 March 2018 is represented by:

£

Valuation in 2015

1,706,480

Valuation in 2016

93,520

1,800,000

If the investment property had not been revalued it would have been included at the following

historical cost:

2018

2017

£

£

Cost

1,451,898

1,451,898

Investment property was valued on fair value basis on 31 March 2018 by Mr E Osman, the director .

6.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

66,583

62,068

Deferred

tax

£

Balance at 1 April 2017

62,068

Charge to Abridged Income Statement during year

4,515

Balance at 31 March 2018

66,583

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2017

1,039,348

278,482

1,317,830

Deficit for the year

(69,291

)

(69,291

)

At 31 March 2018

970,057

278,482

1,248,539

9.	RELATED PARTY DISCLOSURES

Mr E Osman

A director and 50% shareholder of the company.

Company owes £661,408 (2017 - £752,429) at the year end.

St Matthews Commercial Property Ltd

Mr E Osman is a director and shareholder of the company.

Included in debtors is an amount of £78,000 due from St Matthews Commercial Property Ltd at the

balance sheet date.

10.	ULTIMATE CONTROLLING PARTY

The company was controlled by the director, Mr E Osman and Mrs D Osman who between them own

100% share capital of the company.