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Company No: 04106191 (England and Wales)

YOUNG ELIZABETH QUOTA TRADING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

YOUNG ELIZABETH QUOTA TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

YOUNG ELIZABETH QUOTA TRADING LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
YOUNG ELIZABETH QUOTA TRADING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR E C Stevenson
REGISTERED OFFICE Frenchmans Watch
Elms Close Terrace
Newlyn
Penzance
Cornwall
TR18 5AU
United Kingdom
COMPANY NUMBER 04106191 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
YOUNG ELIZABETH QUOTA TRADING LIMITED

BALANCE SHEET

As at 31 December 2023
YOUNG ELIZABETH QUOTA TRADING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 720,000 720,000
Tangible assets 4 1,458 1,715
721,458 721,715
Current assets
Debtors 5 50,099 50,836
Cash at bank and in hand 135,193 100,856
185,292 151,692
Creditors: amounts falling due within one year 6 ( 10,904) ( 3,842)
Net current assets 174,388 147,850
Total assets less current liabilities 895,846 869,565
Provision for liabilities ( 56,431) ( 43,003)
Net assets 839,415 826,562
Capital and reserves
Called-up share capital 7 1 1
Revaluation reserve 357,181 370,658
Profit and loss account 482,233 455,903
Total shareholder's funds 839,415 826,562

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

Director's responsibilities:

The financial statements of Young Elizabeth Quota Trading Limited (registered number: 04106191) were approved and authorised for issue by the Director on 10 April 2024. They were signed on its behalf by:

E C Stevenson
Director
YOUNG ELIZABETH QUOTA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
YOUNG ELIZABETH QUOTA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Young Elizabeth Quota Trading Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Frenchmans Watch, Elms Close Terrace, Newlyn,, Penzance, Cornwall, TR18 5AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets comprise fishing quota. Whilst the quota is amortised as stated below, each year the director considers its value and this is then adjusted back to the director's opinion of market value.

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 720,000 720,000
At 31 December 2023 720,000 720,000
Accumulated amortisation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 720,000 720,000
At 31 December 2022 720,000 720,000

As noted in the accounting policy, these assets are amortised over their expected useful lives taking into account their residual value, which the director has assigned to be equal to the current market value of the assets.

4. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 01 January 2023 15,961 7,359 23,320
At 31 December 2023 15,961 7,359 23,320
Accumulated depreciation
At 01 January 2023 15,961 5,644 21,605
Charge for the financial year 0 257 257
At 31 December 2023 15,961 5,901 21,862
Net book value
At 31 December 2023 0 1,458 1,458
At 31 December 2022 0 1,715 1,715

5. Debtors

2023 2022
£ £
Other debtors 50,099 50,836

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 9,534 2,546
Other creditors 1,370 1,296
10,904 3,842

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Director Loan balance 38,174 38,739

During the year the company loaned funds to Mrs E C Stevenson, Interest continued to be charged at 2.5% (2022 2.5%). At the balance sheet date the amount due from Mrs E C Stevenson was as outlined above.