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REGISTERED NUMBER: NI684242 (Northern Ireland)















Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Global Fisheries Limited

Global Fisheries Limited (Registered number: NI684242)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Global Fisheries Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Mr D Minihane
Mr R Hermida
Miss M D C Hermida.
Mr A I Lodeiro
Mr C Minihane
Mr R Minihane





REGISTERED OFFICE: 53 Chimera Wood
Helens Bay
Bangor
Co. Down
BT19 1XX





REGISTERED NUMBER: NI684242 (Northern Ireland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Global Fisheries Limited (Registered number: NI684242)

Balance Sheet
31 December 2022

Notes £    £   
FIXED ASSETS
Intangible assets 4 600,000
Tangible assets 5 2,881,430
3,481,430

CURRENT ASSETS
Debtors 6 420,989
Cash at bank 172,287
593,276
CREDITORS
Amounts falling due within one year 7 1,829,047
NET CURRENT LIABILITIES (1,235,771 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,245,659

CREDITORS
Amounts falling due after more than one
year

8

(1,974,583

)

PROVISIONS FOR LIABILITIES (68,822 )
NET ASSETS 202,254

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 202,154
202,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Global Fisheries Limited (Registered number: NI684242)

Balance Sheet - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 October 2023 and were signed on its behalf by:





Mr D Minihane - Director


Global Fisheries Limited (Registered number: NI684242)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Global Fisheries Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for fish sales provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets
Intangible assets comprise fishing licence and quota. After initial recognition, the licence and quota is measured at estimated market valuation. Any gains and losses on revaluation are recognised through the profit & loss account or as other comprehensive income in line with relevant accounting standards.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 12.5% on cost and 5% on cost
Marine equipment - 12.5% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

Global Fisheries Limited (Registered number: NI684242)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 600,000
At 31 December 2022 600,000
NET BOOK VALUE
At 31 December 2022 600,000

Intangible assets comprise fishing licence and quota which is stated at current market valuation.

5. TANGIBLE FIXED ASSETS
Fishing Marine
vessel equipment Totals
£    £    £   
COST
Additions 2,996,038 61,642 3,057,680
At 31 December 2022 2,996,038 61,642 3,057,680
DEPRECIATION
Charge for year 171,333 4,917 176,250
At 31 December 2022 171,333 4,917 176,250
NET BOOK VALUE
At 31 December 2022 2,824,705 56,725 2,881,430

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 419,385
Other debtors 1,604
420,989

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 343,667
Trade creditors 1,467,659
Other creditors 17,721
1,829,047

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans 1,974,583

Global Fisheries Limited (Registered number: NI684242)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
£   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 599,916

9. RELATED PARTY DISCLOSURES

The balance of creditors includes amounts owing to the owners of the company totalling £1,431,787 comprising: Dawn Ross Fishing Limited £1,307,131, Seacombe Limited £62,222 and Global Pesca Limited £62,434. Whilst the loans are considered short term there are no fixed terms of repayment and no interest is accrued.

During the course of the reporting period goods and services were provided to the company by the company owner related party entities and the value of the transactions were as follows:

Dawn Ross Fishing Ltd: Crew wages costs £118,603
Dawn Ross Fishing Ltd: Boat repair costs £139,926
Dawn Ross Fishing Ltd: Capital expenditure fixed assets £29,454
Global Pesca Limited: Quota rental costs £74,750

All transactions were undertaken on normal commercial terms.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the company of Dawn Ross Fishing Limited.