Britannia Shellfish Limited - Period Ending 2018-03-31

Britannia Shellfish Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 03035006

Britannia Shellfish Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Britannia Shellfish Limited

Company Information

Directors

Mr N Hutchings Mrs A L Hutchings

Registered office

The Viviers Beesands Kingsbridge TQ7 2EH

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Torquay TQ2 7FF

Page 1

Britannia Shellfish Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	83,966	85,906
Current assets
Stocks		1,854	1,161
Debtors	5	53,528	29,451
Cash at bank and in hand		29,900	15,030
		85,282	45,642
Creditors: Amounts falling due within one year	6	(53,241)	(48,990)
Net current assets/(liabilities)		32,041	(3,348)
Total assets less current liabilities		116,007	82,558
Creditors: Amounts falling due after more than one year	6	-	(32,738)
Net assets		116,007	49,820
Capital and reserves
Called up share capital		255	255
Profit and loss account		115,752	49,565
Total equity		116,007	49,820

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Britannia Shellfish Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2018 and signed on its behalf by:
 

......................................... Mr N Hutchings Director

......................................... Mrs A L Hutchings Director

Company Registration Number: 03035006

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Viviers
Beesands
Kingsbridge
TQ7 2EH

These financial statements were authorised for issue by the Board on 23 August 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Buildings	Straight line over 15 or 20 years
Equipment	15% straight line
Vivier tanks and shed	10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 4).

Page 6

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	169,582	115,405	61,793	346,780
Additions	-	4,157	-	4,157
At 31 March 2018	169,582	119,562	61,793	350,937
Depreciation
At 1 April 2017	91,749	107,332	61,793	260,874
Charge for the year	3,880	2,217	-	6,097
At 31 March 2018	95,629	109,549	61,793	266,971
Carrying amount
At 31 March 2018	73,953	10,013	-	83,966
At 31 March 2017	77,833	8,073	-	85,906

Included within the net book value of land and buildings above is £73,953 (2017 - £77,833) in respect of freehold land and buildings.
 

5

Debtors

	2018  £	2017  £
Trade debtors	28,186	26,663
Other debtors	25,342	1,672
Prepayments	-	1,116
	53,528	29,451

Page 7

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	7	-	2,469
Trade creditors		14,914	7,775
Corporation tax		15,471	14,934
Outstanding defined contribution pension costs		2	5
Other creditors		19,979	22,182
Accrued expenses		2,875	1,625
		53,241	48,990

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	-	32,738

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	-	2,469

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	-	32,738

Security given for the company's bank loan is that of the property and related assets owned by the company.

Page 8

Britannia Shellfish Limited

Notes to the Financial Statements

Year Ended 31 March 2018

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
A Ordinary shares of £0.01 each	10,000	100.00	10,000	100.00
B Ordinary shares of £0.01 each	2,500	25.00	2,500	25.00
C Ordinary shares of £0.01 each	13,011	130.11	13,011	130.11
	25,511	255	25,511	255

Page 9