Registration number: 03369600

Fishing Matters Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 11

Fishing Matters Limited

Company Information

Directors

Mrs S A Hamnett Mr M J Hamnett Mr M J Tyne

Registered office

3 Lawrence House Yard Southgate Road Wincanton Somerset BA9 9EB

Accountants

Lanham & Francis Chartered Accountants 77a Cheap Street Sherborne Dorset DT9 3BA

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fishing Matters Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fishing Matters Limited for the year ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fishing Matters Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fishing Matters Limited and state those matters that we have agreed to state to the Board of Directors of Fishing Matters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fishing Matters Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fishing Matters Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fishing Matters Limited. You consider that Fishing Matters Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fishing Matters Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

4 October 2023

Fishing Matters Limited

(Registration number: 03369600)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	4,337	5,340
Current assets
Stocks	5	408,121	411,591
Debtors	6	55,162	76,249
Cash at bank and in hand		5,068	3,759
		468,351	491,599
Creditors: Amounts falling due within one year	7	(463,990)	(481,960)
Net current assets		4,361	9,639
Total assets less current liabilities		8,698	14,979
Creditors: Amounts falling due after more than one year	7	(63,333)	(90,833)
Net liabilities		(54,635)	(75,854)
Capital and reserves
Called up share capital	8	1,000	1,000
Share premium reserve		49,000	49,000
Retained earnings		(104,635)	(125,854)
Shareholders' deficit		(54,635)	(75,854)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Fishing Matters Limited

(Registration number: 03369600)
Balance Sheet as at 31 March 2023 (continued)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:

Mr M J Hamnett

Director

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Lawrence House Yard
Southgate Road
Wincanton
Somerset
BA9 9EB

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's financial situation is gradually improving and the directors are confident that this situation will continue. The going concern assumption relies on the continued support of the company's creditors. If the company were unable to continue in operational existence, adjustments would have to be made to reclassify fixed assets and long term liabilities as current assets and liabilities respectively, and make provision for other costs which may be incurred.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the average exchange rate ruling each month at the rates published by HM Revenue and Customs. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date if there is a material difference in the rates applicable. All exchange differences are included in the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Over the period of the lease
Plant and machinery	20% on reducing balance, calculated monthly
Office equipment	33% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Goodwill in connection with the acquisition of a business is being amortised over ten years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently reviewed for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

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.

Trade creditors are recognised at the transaction price.

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 14).

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2022	4,500	38,001	42,501
Additions	-	269	269
Disposals	(4,500)	-	(4,500)
At 31 March 2023	-	38,270	38,270
Depreciation
At 1 April 2022	4,500	32,661	37,161
Charge for the year	-	1,272	1,272
Eliminated on disposal	(4,500)	-	(4,500)
At 31 March 2023	-	33,933	33,933
Carrying amount
At 31 March 2023	-	4,337	4,337
At 31 March 2022	-	5,340	5,340

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

	2023 £	2022 £
Other inventories	408,121	411,591

6

Debtors

	2023 £	2022 £
Trade debtors	45,322	60,730
Prepayments	9,840	15,519
	55,162	76,249

Fishing Matters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6	Debtors (continued)

Current	2023 £	2022 £
Trade debtors	45,322	60,730
Prepayments	9,840	15,519
	55,162	76,249

7

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	9	57,079	46,996
Trade creditors		52,857	78,971
Taxation and social security		4,570	11,064
Accruals and deferred income		9,635	20,462
Other creditors		339,849	324,467
		463,990	481,960