Company Registration No. 2571452 (England and Wales)
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
140,357
169,852
Current assets
Stocks
120,379
169,006
Debtors
5
4,622,797
3,610,925
Cash at bank and in hand
43,898
567,910
4,787,074
4,347,841
Creditors: amounts falling due within one year
6
(2,173,022)
(1,084,960)
Net current assets
2,614,052
3,262,881
Total assets less current liabilities
2,754,409
3,432,733
Provisions for liabilities
(21,279)
(23,885)
Net assets
2,733,130
3,408,848
Capital and reserves
Called up share capital
8
200,000
200,000
Profit and loss reserves
2,533,130
3,208,848
Total equity
2,733,130
3,408,848
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 11 August 2017
Aloysius Lobo
Director
Company Registration No. 2571452
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 2 -
1
Accounting policies
Company information
LOBO SEAFOOD LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2017
are the
first
financial statements of LOBO SEAFOOD LIMITED prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
products sold
in the normal course of business
, and
is shown net of VAT and
trade discounts. Turnover is recognised at the point of sale.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
10% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and
net realisable value
. Cost comprises direct
purchase costs
and those overheads that have been incurred in bringing the stocks to their present location and condition.
Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents deferred tax.
Current tax
On the basis of these financial statements no provision has been made for corporation tax.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 12).
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
(49,373)
55,671
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
3
Taxation
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
(2,606)
(3,230)
Total tax (credit)/charge
(51,979)
52,441
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2016
189,634
338,944
528,578
Additions
-
14,376
14,376
Disposals
-
(29,458)
(29,458)
At 28 February 2017
189,634
323,862
513,496
Depreciation and impairment
At 1 March 2016
189,634
169,092
358,726
Depreciation charged in the year
-
33,012
33,012
Eliminated in respect of disposals
-
(18,599)
(18,599)
At 28 February 2017
189,634
183,505
373,139
Carrying amount
At 28 February 2017
-
140,357
140,357
At 29 February 2016
-
169,852
169,852
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts due from group undertakings
713,650
1,531,701
Other debtors
3,909,147
2,079,224
4,622,797
3,610,925
Other debtors include an amount of £1,930,055 (2016: £1,980,609) due by Lobo Investments Limited , £252 (2016: £nil) due by Lobo Investment & Developments Limited, £1,9
42,999
(2016: £nil) due by Holtmead Limited and £343 (2016: £nil) due by Property Deals London Limited.
Lobo Investments Limited is controlled by Aloysius Lobo and members of his immediate family. Holtmead Limited is under the control of Aloysius Lobo and Christine Lobo. Lobo Investment & Developments Limited is controlled by the director's daughter
,
Dr Cheryl Lobo. Property Deals London Limited is controlled by the director's son, Keith Xavier Lobo.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,680,674
343,033
Trade creditors
135,791
373,307
Corporation tax
(3,702)
94,803
Other taxation and social security
906
1,800
Other creditors
359,353
272,017
2,173,022
1,084,960
Included in other creditors is the sum of £
132,876
(2016: £85,029) owed to The Lobo Pension Fund. Mr A Lobo and Mrs C Lobo are members of the Lobo Pension Fund and act with another as trustees.
Also included in other creditors is an amount of £30,090 due to Lobo Investment (UK) Limited, a company controlled by the director's son Keith Xavier Lobo. Last year, Lobo Investment (UK) Limited owed the company £30,000.
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities at 1 March 2016
23,885
23,885
Movement for the year
(2,606)
-
Deferred tax liabilities at 28 February 2017
21,279
23,885
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
200,000 Ordinary shares of £1 each
200,000
200,000
9
Related party transactions
The premises from which the company operates are owned by Lobo Investments Limited, a company controlled by the director and members of his immediate family, and The Lobo Pension Fund. Mr and Mrs Lobo are the only members of the Pension Fund and act with another as trustees. During the year rental payments, at market value, totalling £20,000 (2016: £107,905) and £
65,849
(2016: £173,932) were paid to Lobo Investments Limited and The Lobo Pension Fund respectively.
During the previous year, the company wrote off £185,335 due by Radinor Limited (In Liquidation) as unrecoverable loan and £55,738 of that amount was recovered during the current year. This company was under the control of the director's son, Keith Xavier Lobo.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 7 -
10
Parent company
The ultimate parent company is Lacelin Holdings Limited, a company registered in England and Wales.