Registrar
Registration number:
for the Year Ended
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB
Nishikoi Aquaculture Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Nishikoi Aquaculture Limited
Company Information
Directors |
J H Finbow |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Nishikoi Aquaculture Limited
(Registration number: 02594828)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
J H Finbow
Director
Page 2 |
Nishikoi Aquaculture Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
25% reducing balance method |
Portable building |
25% reducing balance method |
Plant and machinery |
50% straight line and 25% reducing balance method |
Office equipment |
25% reducing balance method |
Motor vehicles |
25% reducing balance method |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Page 3 |
Nishikoi Aquaculture Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Stock consists of raw materials and finished goods.
Raw materials are valued at the lower of purchase price and net realisable value.
Finished goods are valued at the lower of purchase price and net realisable value based on the components that make up the product, no adjustment is made for labour or overheads.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
Nishikoi Aquaculture Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
- |
- |
Tangible assets |
Land and buildings |
Office equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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- |
- |
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Disposals |
- |
( |
- |
- |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Page 5 |
Nishikoi Aquaculture Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
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Stocks |
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231,243 |
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
31,206 |
24,390 |
Deferred tax |
20,365 |
27,520 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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loans and borrowing |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
- |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Page 6 |
Nishikoi Aquaculture Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Hire purchase contracts |
- |
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2019 |
2018 |
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Current loans and borrowings |
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HP and finance lease liabilities |
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Page 7 |