Maxwell Fisheries Limited NI622773 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is marine fishing, project management and property rental. Digita Accounts Production Advanced 6.30.9574.0 true NI622773 2023-03-01 2024-02-29 NI622773 2024-02-29 NI622773 bus:Director1 1 2024-02-29 NI622773 bus:OrdinaryShareClass1 2024-02-29 NI622773 core:RetainedEarningsAccumulatedLosses 2024-02-29 NI622773 core:ShareCapital 2024-02-29 NI622773 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 NI622773 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 NI622773 core:CurrentFinancialInstruments 2024-02-29 NI622773 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 NI622773 core:Non-currentFinancialInstruments 2024-02-29 NI622773 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 NI622773 core:FurnitureFittingsToolsEquipment 2024-02-29 NI622773 core:MotorVehicles 2024-02-29 NI622773 core:OtherPropertyPlantEquipment 2024-02-29 NI622773 bus:SmallEntities 2023-03-01 2024-02-29 NI622773 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI622773 bus:FullAccounts 2023-03-01 2024-02-29 NI622773 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI622773 bus:RegisteredOffice 2023-03-01 2024-02-29 NI622773 bus:Director1 2023-03-01 2024-02-29 NI622773 bus:Director1 1 2023-03-01 2024-02-29 NI622773 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 NI622773 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI622773 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI622773 core:MotorVehicles 2023-03-01 2024-02-29 NI622773 core:OfficeEquipment 2023-03-01 2024-02-29 NI622773 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 NI622773 core:PlantMachinery 2023-03-01 2024-02-29 NI622773 1 2023-03-01 2024-02-29 NI622773 countries:NorthernIreland 2023-03-01 2024-02-29 NI622773 2023-02-28 NI622773 bus:Director1 1 2023-02-28 NI622773 core:FurnitureFittingsToolsEquipment 2023-02-28 NI622773 core:MotorVehicles 2023-02-28 NI622773 core:OtherPropertyPlantEquipment 2023-02-28 NI622773 2022-03-01 2023-02-28 NI622773 2023-02-28 NI622773 bus:Director1 1 2023-02-28 NI622773 bus:OrdinaryShareClass1 2023-02-28 NI622773 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI622773 core:ShareCapital 2023-02-28 NI622773 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 NI622773 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 NI622773 core:CurrentFinancialInstruments 2023-02-28 NI622773 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI622773 core:Non-currentFinancialInstruments 2023-02-28 NI622773 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI622773 core:FurnitureFittingsToolsEquipment 2023-02-28 NI622773 core:MotorVehicles 2023-02-28 NI622773 core:OtherPropertyPlantEquipment 2023-02-28 NI622773 bus:Director1 1 2022-03-01 2023-02-28 NI622773 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI622773

Maxwell Fisheries Limited

Filleted Financial Statements

for the Year Ended 29 February 2024

 

Maxwell Fisheries Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Maxwell Fisheries Limited

Company Information

Director

Mr Finbar Maxwell

Registered office

60 Old Court
Strangford
Co Down
BT30 7NG

 

Maxwell Fisheries Limited

(Registration number: NI622773)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

39,451

64,927

Investment property

6

385,647

385,647

 

425,098

450,574

Current assets

 

Debtors

160

-

Cash at bank and in hand

 

27,992

28,009

 

28,152

28,009

Creditors: Amounts falling due within one year

7

(154,864)

(149,439)

Net current liabilities

 

(126,712)

(121,430)

Total assets less current liabilities

 

298,386

329,144

Creditors: Amounts falling due after more than one year

7

(150,507)

(165,271)

Net assets

 

147,879

163,873

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

147,869

163,863

Shareholders' funds

 

147,879

163,873

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Maxwell Fisheries Limited

(Registration number: NI622773)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 29 March 2024
 

.........................................
Mr Finbar Maxwell
Director

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
60 Old Court
Strangford
Co Down
BT30 7NG
Northern Ireland

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 the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

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 sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

33.33% straight line

Motor Vehicle

25% reducing balance

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 measured at amortised cost using the effective interest method, less provision 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.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

9,593

14,788

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

52,317

45,526

6,181

104,024

Disposals

-

(43,026)

-

(43,026)

At 29 February 2024

52,317

2,500

6,181

60,998

Depreciation

At 1 March 2023

8,623

25,968

4,506

39,097

Charge for the year

6,554

2,620

419

9,593

Eliminated on disposal

-

(27,143)

-

(27,143)

At 29 February 2024

15,177

1,445

4,925

21,547

Carrying amount

At 29 February 2024

37,140

1,055

1,256

39,451

At 28 February 2023

43,694

19,558

1,675

64,927

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Investment properties

2024
£

At 1 March

385,647

At 29 February

385,647

There has been no valuation of investment property by an independent valuer.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

16,198

17,433

Taxation and social security

 

8,341

1,596

Accruals and deferred income

 

5,317

4,185

Other creditors

 

125,008

126,225

 

154,864

149,439

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

150,507

165,271

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

150,507

164,724

Hire purchase contracts

-

547

150,507

165,271

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,651

16,704

Hire purchase contracts

547

729

16,198

17,433

Bank borrowings

The bank loan is denominated in £ with a nominal interest rate of 4.00%/2.5% plus base. The carrying amount at year end is £166,159 (2023 - £181,427).

An amount of £153,694 (2023: £164,344) is secured by a charge over the property at 2,4 & 6A Kildare Street, Strangford.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Repayments to director
£

At 29 February 2024
£

Mr Finbar Maxwell

Director's loan account

125,425

(417)

125,008

       
     

 

2023

At 1 March 2022
£

Advances from director
£

At 28 February 2023
£

Mr Finbar Maxwell

Director's loan account

63,805

61,620

125,425

       
     

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

10

10

10

10