Registered number: 07511253
FISHERMANS RETURN LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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FISHERMANS RETURN LTD
CONTENTS
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Notes to the Financial Statements
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FISHERMANS RETURN LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FISHERMANS RETURN LTD
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 financial statements of Fishermans Return Ltd for the year ended 31 March 2023 which comprise the Balance Sheet and the related notes 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 https://www.icaew.com /regulation.
This report is made solely to the director of Fishermans Return Ltd in accordance with the terms of our engagement letter dated 14 June 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Fishermans Return Ltd and state those matters that we have agreed to state to the director of Fishermans Return Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fishermans Return Ltd and its director for our work or for this report.
It is your duty to ensure that Fishermans Return Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fishermans Return Ltd. You consider that Fishermans Return Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Fishermans Return Ltd. 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 financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
NR1 4DJ
27 November 2023
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FISHERMANS RETURN LTD
REGISTERED NUMBER: 07511253
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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FISHERMANS RETURN LTD
REGISTERED NUMBER: 07511253
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.
The notes on pages 4 to 8 form part of these financial statements.
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FISHERMANS RETURN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The trading location is in Winterton, Norfolk.
The company's principal activity is that of a public house.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of that of a public house. Turnover over is measured as the fair value of the consideration received, exclusive of value added tax and recognised on an accruals basis.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
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FISHERMANS RETURN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Asset class and method:
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Leasehold property improvements
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase, and other costs incurred in bringing stock to its present location and condition.
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The average monthly number of employees, including directors, during the year was 18 (2022 - 18).
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FISHERMANS RETURN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Leasehold property improve -ments
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Charge for the year on owned assets
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Prepayments and accrued income
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FISHERMANS RETURN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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1 (2022 - 1) Ordinary share of £1.00
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Contributions totalling £5 (2022: £846) were payable to the fund at the balance sheet date and are included in creditors.
10.Financial commitments
The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £3,747 (2022: £87,916).
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FISHERMANS RETURN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Transactions with directors
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The company has provided a guarantee to The Royal Bank of Scotland Plc in regards to the loan taken out by the director for the leasehold improvements shown as assets within the company. The Royal Bank of Scotland Plc has a fixed charge, in the form of a debenture, over the leasehold improvements, plant and machinery and goodwill and a floating charge over all other assets, property and rights.
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Related party transactions
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The balance on the director's loan account at 1 April 2022 was £69,086 owing to the company from the director. During the year, the company advanced £444,844 to the director and the director introduced funds into the company of £171,488. The balance on the director's loan account as at 31 March 2023 was £342,442 owing to the company from the director as included in other debtors note 5 above. The loan is repayable on demand and interest of £5,999 was charged at a rate of 2% on the overdrawn balances.
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