Company Registration No. NI007512 (Northern Ireland)
SILVER STREAM FISHERIES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
SILVER STREAM FISHERIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SILVER STREAM FISHERIES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,819
56,074
Current assets
Stocks
4
74,310
104,900
Debtors
5
10,039
19,829
Cash at bank and in hand
27,900
1,444
112,249
126,173
Creditors: amounts falling due within one year
6
(17,669)
(30,027)
Net current assets
94,580
96,146
Total assets less current liabilities
141,399
152,220
Creditors: amounts falling due after more than one year
7
(27,686)
(43,249)
Provisions for liabilities
(6,305)
(5,517)
Net assets
107,408
103,454
Capital and reserves
Called up share capital
10
11,450
11,450
Profit and loss reserves
95,958
92,004
Total equity
107,408
103,454
The notes on pages 3 to 8 form part of these financial statements
Compiled without audit or independent verification
SILVER STREAM FISHERIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
Directors' statement in respect of the financial statements
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr Hugh Delargy
..............................
Mr Hugh Delargy
Director
Company Registration No. NI007512
The notes on pages 3 to 8 form part of these financial statements
Compiled without audit or independent verification
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
1.1
General information and basis of preparation
Silver Stream Fisheries Limited is a private company limited by shares incorporated in Northern Ireland. The registered office and business address is Old Corby Mill, Clough, Ballymena, BT44 9RX.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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 £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
nil
Plant and machinery
25% reducing balance
Fish farms
10% straight line
Motor vehicles
25% reducing balance
1.4
Asset finance commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.5
Stocks
Stock of live fish is stated at the cost of fish eggs and feeding stuff utilised in bringing them to their current weight and condition. Stock of feeding stuffs and other consumable stores is stated at the lower of cost and net realisable value.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Capital instruments
Shares are included in the shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
1.12
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
3
3
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fish farms
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
12,471
196,351
52,292
64,702
325,816
Additions
2,200
2,200
At 30 June 2023
12,471
198,551
52,292
64,702
328,016
Depreciation
At 1 July 2022
173,020
52,292
44,430
269,742
Depreciation charged in the year
6,387
5,068
11,455
At 30 June 2023
179,407
52,292
49,498
281,197
Net book value
At 30 June 2023
12,471
19,144
15,204
46,819
At 30 June 2022
12,471
23,331
20,272
56,074
4
Stocks
2023
2022
£
£
Fish stocks and consumables
74,310
104,900
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,723
17,562
Other debtors
1,316
2,267
10,039
19,829
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,600
10,648
Accruals
4,702
5,012
Directors current account
3,367
14,367
17,669
30,027
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
27,686
43,249
8
Loans and overdrafts
2023
2022
£
£
Bank loans
37,286
46,878
Bank overdrafts
7,019
37,286
53,897
Payable within one year
9,600
10,648
Payable after one year
27,686
43,249
9
Provisions for liabilities
Total
£
Balance at 1 July 2017
5,517
Increase in year
789
At 30 June 2023
6,305
The deferred tax liability is made up as follows:
2023
2022
£
£
Accelerated capital allowances
6,305
5,517
6,305
5,517
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Allotted, called up & fully paid
11,450 Ordinary shares of £1 each
11,450
11,450
11,450
11,450
SILVER STREAM FISHERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
11
Capital commitments
The company had no capital commitments or contingent liabilities of which the directors are aware at 30 June 2023 and 30 June 2022.
12
Control
The directors control the company.
13
Financial commitments
On 23 October 2017 the company entered into a charge in the amount of £150,000 over the land and buildings at Old Corby Mill owned by the company in favour of a shareholder of the company.
2023-06-302022-07-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Hugh DelargyMr Mark NultyMr Ian McGrathNI0075122022-07-012023-06-30NI0075122023-06-30NI0075122022-06-30NI007512core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-30NI007512core:PlantMachinery2023-06-30NI007512core:FurnitureFittings2023-06-30NI007512core:MotorVehicles2023-06-30NI007512core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-30NI007512core:PlantMachinery2022-06-30NI007512core:FurnitureFittings2022-06-30NI007512core:MotorVehicles2022-06-30NI007512core:CurrentFinancialInstruments2023-06-30NI007512core:CurrentFinancialInstruments2022-06-30NI007512core:ShareCapital2023-06-30NI007512core:ShareCapital2022-06-30NI007512core:RetainedEarningsAccumulatedLosses2023-06-30NI007512core:RetainedEarningsAccumulatedLosses2022-06-30NI007512core:ShareCapitalOrdinaryShares2023-06-30NI007512core:ShareCapitalOrdinaryShares2022-06-30NI007512bus:Director12022-07-012023-06-30NI007512core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-30NI007512core:PlantMachinery2022-07-012023-06-30NI007512core:FurnitureFittings2022-07-012023-06-30NI007512core:MotorVehicles2022-07-012023-06-30NI0075122021-07-012022-06-30NI007512core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-30NI007512core:PlantMachinery2022-06-30NI007512core:FurnitureFittings2022-06-30NI007512core:MotorVehicles2022-06-30NI0075122022-06-30NI007512core:Non-currentFinancialInstruments2023-06-30NI007512core:Non-currentFinancialInstruments2022-06-30NI007512bus:OrdinaryShareClass12022-07-012023-06-30NI007512bus:OrdinaryShareClass12023-06-30NI007512bus:PrivateLimitedCompanyLtd2022-07-012023-06-30NI007512bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30NI007512bus:FRS1022022-07-012023-06-30NI007512bus:AuditExemptWithAccountantsReport2022-07-012023-06-30NI007512bus:Director22022-07-012023-06-30NI007512bus:CompanySecretary12022-07-012023-06-30NI007512bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP