REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
M W Smith Shellfish Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
M W Smith Shellfish Limited |
M W Smith Shellfish Limited (Registered number: 03986154) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
M W Smith Shellfish Limited (Registered number: 03986154) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Debtors | 7 |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 9 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | 11 |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
M W Smith Shellfish Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for amortisation and depreciation, as described below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts, rebates and Value Added Tax. Revenue is recognised upon delivery. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
Tangible fixed assets |
Plant and machinery | - |
Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Amortisation |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The amortisation charge is included within administrative expenses in the Statement of Income and Retained Earnings. |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
7. | Debtors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed by group undertakings |
8. | Creditors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Accrued expenses |
9. | Provisions for liabilities |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | Provisions for liabilities - continued |
Deferred tax |
£ |
Provided during year |
Balance at 31 March 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | 1,000 | 1,000 | 1,000 |
11. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
M W Smith Shellfish Limited (Registered number: 03986154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | Ultimate controlling party |
The company's immediate parent undertaking is Lynn Shellfish Limited. Lynn Shellfish Limited does not prepare consolidated financial statements. |
The smallest group preparing consolidated accounts is headed by Holland Shellfish International UK Limited, a company incorporated in England and Wales. Its Registered Office is 68 Argyle Street, Birkenhead, Wirral, United Kingdom, CH41 6AF. |
The company's ultimate parent undertaking is The Lenger Seafoods Group B.V., a company incorporated in The Netherlands. It has included the results of the company in its consolidated group accounts, copies of which are available from P.O. Box 55, 4400 AB Yerseke, The Netherlands. |
The company's ultimate controlling party is Mr S A Lenger, as majority shareholder in the ultimate parent company of the group, during both the current and previous year. |