Company Registration No. 2571452 (England and Wales)
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
109,879
140,357
Current assets
Stocks
5,300
120,379
Debtors
5
882,194
4,622,797
Cash at bank and in hand
514,676
43,898
1,402,170
4,787,074
Creditors: amounts falling due within one year
6
(251,559)
(2,173,022)
Net current assets
1,150,611
2,614,052
Total assets less current liabilities
1,260,490
2,754,409
Provisions for liabilities
(18,894)
(21,279)
Net assets
1,241,596
2,733,130
Capital and reserves
Called up share capital
9
200,000
200,000
Profit and loss reserves
1,041,596
2,533,130
Total equity
1,241,596
2,733,130
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 April 2018
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 2018
- 3 -
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.
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents deferred tax.
Current tax
On the basis of these financial statements no provision has been made for corporation tax.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
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.
1.8
Retirement benefits
The company operates two define contribution schemes for the benefit of its employees. Payments to the schemes are charged as an expense as they fall due.
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
Exceptional costs/(income)
2018
2017
£
£
Connected company balance previously w/off partly recovered
-
(55,738)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2017
189,634
323,862
513,496
Additions
3,144
196
3,340
Disposals
(189,634)
-
(189,634)
At 28 February 2018
3,144
324,058
327,202
Depreciation and impairment
At 1 March 2017
189,634
183,505
373,139
Depreciation charged in the year
1,048
32,770
33,818
Eliminated in respect of disposals
(189,634)
-
(189,634)
At 28 February 2018
1,048
216,275
217,323
Carrying amount
At 28 February 2018
2,096
107,783
109,879
At 28 February 2017
-
140,357
140,357
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
14,558
-
Amounts due from group undertakings
826,766
713,650
Other debtors
40,870
3,909,147
882,194
4,622,797
Last year's other debtors include
d
an amount of £1,930,055 due by Lobo Investments Limited , £252 due by Lascaux Limited (previously : Lobo Investment and Developments Limited) and £343 due by Property Deals London Limited. Lobo Investments Limited is controlled by Aloysius Lobo and members of his immediate family. Lascaux Limited is controlled by the director's daughter, Dr Cheryl Taylor. Property Deals London Limited is controlled by the director's son, Keith Xavier Lobo.
Also included in last year's other debtors
wa
s the sum of £1,942,999 due by Holtmead Limited. The latter is controlled by Aloysius and Christine Lobo.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
1,680,674
Trade creditors
213,223
135,791
Corporation tax
-
(3,702)
Other taxation and social security
1,875
906
Other creditors
36,461
359,353
251,559
2,173,022
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company and personal guarantees given by the director and close members of his family.
The facilities are also guaranteed by charges over the assets of Lobo Investments Limited, a company in which
Aloysius
and
Christine
Lobo has a controlling interest.
Last year's other creditors include the sum of £132,878 owed to Lobo Pension Fund. Aloysius Lobo and Christine Lobo are members of the Lobo Pension Fund and act with another as trustees.
The comparative
figures of
other creditors also include an amount of £30,090 due to Lobo Investment (UK) Limited, a company controlled by the director's son Keith Xavier Lobo.
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities at 1 March 2016
21,279
23,885
Movement for the year
(2,385)
(2,606)
Deferred tax liabilities at 28 February 2017
18,894
21,279
8
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
239
-
The company operates
two
defined contribution pension scheme
s
for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
LOBO SEAFOOD LIMITED
T/A LOBO FISHERIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 7 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200,000 Ordinary shares of £1 each
200,000
200,000
200,000
200,000
10
Related party transactions
The premises from which the company operates are owned by Holmead Limited, Lobo Investments Limited and Lobo Pension Fund. The two companies are controlled by the director and members of his immediate family and
,
Aloysius and Christine Lobo are the only members of the Scheme and act with another as trustees. During the year rental payments, at market value, totalling £45,296 (2017: £nil), £20,000 (2017: £20,000) and £155,793 (2017: £65,849) were paid to Holtmead Limited, Lobo Investments Limited and Lobo Pension Fund respectively.
11
Parent company
The ultimate parent company is Lacelin Holdings Limited, a company registered in England and Wales.