REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Global Fisheries Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fishing vessel | - |
Marine equipment | - |
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 |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
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 |
At 31 December 2022 |
DEPRECIATION |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
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. |