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Registered number: 02147074
















BRIXHAM TRAWLER AGENTS LIMITED



ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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BRIXHAM TRAWLER AGENTS LIMITED

 
COMPANY INFORMATION


DIRECTORS
A S Mudge 
M J Bailey 
N Watson 
B C Young 




COMPANY SECRETARY
A S Mudge



REGISTERED NUMBER
02147074



REGISTERED OFFICE
New Fish Quay

Brixham

Devon

TQ5 8AW




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS




BANKERS
National Westminster Bank Plc
15 Victoria Street

Paignton

Devon

TQ4 5DE






BRIXHAM TRAWLER AGENTS LIMITED


CONTENTS



Page
Strategic report
 
Directors' report
 
Independent auditors' report
 
Statement of comprehensive income
 
Statement of financial position
 
Statement of changes in equity
 
Statement of cash flows
 
Analysis of net debt
 
Notes to the financial statements
 


BRIXHAM TRAWLER AGENTS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
The directors present their strategic report for the financial year ended 31 December 2023.
BUSINESS REVIEW INCORPORATING PRINCIPAL RISKS AND UNCERTAINTIES AND KPI'S
The year ended 31 December 2023 started positively. Even in the first months we could see that fish prices were excellent, there was a good run of weather, and boats were fishing well. By the end of the first quarter landings were up on 2022 by £1,000,000 so predictions were very positive.
Volumes were also increasing as we continued to bring more product back from the South and South East coasts. Fishermen were recognising that Brixham fish auction offered a good service and prices were good. This continued to increase throughout the year, especially as new fridges were placed in Hastings, Ramsgate and Southwold.
Summer refits, breakdowns and some very poor weather slowed the year up in quarters 2 and 3. It soon became apparent that matching the record breaking 2022 year would be difficult.
The value of fish landed in 2023 was a very good £59,143,755 (2022: £60,808,686). Although not a record high we are very proud of the achievement. Once again this was a massive effort from all staff and their hard work is greatly appreciated, not only by the company, but by the fishing industry generally.
Turnover fell in 2023 to £17,470,599 (2022: £20,628,966) but this reflects the lower fuel price. In general expenses all increased. The two major expenses to mention are wages and utilities. We had to considerably increase wages in 2023, both by increasing rates and by taking on new staff to cover additional volumes ensuring we worked efficiently. As we all are aware all utilities considerably increased in the year which also has a knock-on effect of increasing many other expenses. Our net profit after taxation in 2023 was £120,782 (2023: £834,640). We consider that this level of profit is strong, but we must be aware of the ever increasing expenses.
The directors are pleased to be able to report that the business continues to be strong despite the loss made in 2019, covid and Brexit, and based on this the directors will continue to look further for growth and investment. The directors can also ensure that Brixham Fish Market stays at the forefront of the fishing industry in the South and South West of England, and remains England’s largest fishing port by value of fish landed.
Commissions are monitored by the value of fish landed and as noted above, the value was similar to the previous year. The value of the fish landed is dependent on many things including the prices (which fluctuate regularly), each species seasonal volumes, and the actual amounts landed which will also vary dependent on many different things including the weather and number of vessels fishing. Fuel is monitored by the litreage taken by the fishing vessels and the price of fuel which is determined on a weekly basis using PLATTS. In 2023 the total litreage used in the Brixham tanks was 17,010,315 (2022: 16,721,720). There is also fuel delivered direct into boats fishing in other areas and landing in other ports.
Also, a major indicator of expenses is wages as it is the largest cost. Market wages are regularly monitored comparing with value of fish sales as volumes of fish dictate the amount of labour required.
Despite several years of profits (with exception of 2020) the directors are continually evaluating the risks to the business. To be able to trade successfully and profitably we must ensure that we continue to bring fish to Brixham. This means that we must ensure a steady supply to meet the demand. There are concerns over fishing regulations, especially with Brexit rules and regulations in the next few years, and that is why the directors are constantly looking at other ways to sell fish on our auction clock. We must also ensure that we can continue to supply fuel to the fleet and that there are no environmental issues with doing this. This is reviewed regularly in conjunction with our landlords. The directors recognise that the company must ensure that we are health and safety compliant, especially as the site has many areas of risk.
One area we must be aware of is space. With additional product coming to the port, we must ensure there is a good and safe space for us to carry out the required work in the market. We are aware of Torbay Borough Council’s successful application for government Levelling Up Funding, and we currently await their plans.
Another area of concern is the rising expenditures we face. Wages, utilities, repairs and many other expenses continue to increase. These expenses will be monitored closely as we move forward.
 


BRIXHAM TRAWLER AGENTS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

To summarise, the directors are very pleased with the year’s results. We continually look at improvements and reinvestment opportunities which will keep Brixham serving the fishing industry to the best of our abilities.
POST BALANCE SHEET EVENTS
2024 has already started very strongly with many £1,000,000 weeks in value of fish landed in the first quarter. Despite some poor weather Quarter 1 has seen values of fish landed increase by £600,000 over 2022. Fish prices are higher than 2022 and we are hoping for a good summer weather wise. 


This report was approved by the board on 6 June 2024 and signed on its behalf.



B C Young
Director


BRIXHAM TRAWLER AGENTS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £120,782 (2022: £834,640).

Dividends paid in the year amounted to £546,500 (2022: £46,500).

DIRECTORS

The directors who served during the year were:

A S Mudge 
M J Bailey 
N Watson 
B C Young 


BRIXHAM TRAWLER AGENTS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS

The company intends to continue its business strategy of growth and development of its business activities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






B C Young
Director
A S Mudge
Director


Date: 6 June 2024
Date: 6 June 2024

New Fish Quay
Brixham
Devon
TQ5 8AW


BRIXHAM TRAWLER AGENTS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED
OPINION


We have audited the financial statements of Brixham Trawler Agents Limited (the 'Company') for the year ended 31 December 2023, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report and Financial StatementsOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.




BRIXHAM TRAWLER AGENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.




BRIXHAM TRAWLER AGENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment, and business performance   including the design of remuneration policies;
We have considered the results of enquiries with management, the directors in relation to their own identification and assessment of the risks of irregularities within the entity: and
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding on the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, health and safety, tax legislation and the Environmental act.

We identified revenue recognition and cut off as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litgation claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias an evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.




BRIXHAM TRAWLER AGENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Mark Munro FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS

10 June 2024


BRIXHAM TRAWLER AGENTS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,470,599
20,628,966

Cost of sales
  
(15,127,732)
(17,944,691)

GROSS PROFIT
  
2,342,867
2,684,275

Administrative expenses
  
(2,287,141)
(1,980,131)

Other operating income
 5 
135,678
210,972

OPERATING PROFIT
  
191,404
915,116

Interest receivable and similar income
 10 
6,018
1,986

Interest payable and similar expenses
 11 
(3,692)
(1,466)

PROFIT BEFORE TAX
  
193,730
915,636

Tax on profit
 12 
(72,948)
(80,996)

PROFIT FOR THE FINANCIAL YEAR
  
120,782
834,640

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  

Actuarial gains on defined benefit pension scheme
  
(73,000)
268,000

Pension surplus not recognised
  
73,000
(268,000)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
120,782
834,640

The notes on  form part of these financial statements.



BRIXHAM TRAWLER AGENTS LIMITED
REGISTERED NUMBER:02147074

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
1,107,534
1,101,440

  
1,107,534
1,101,440

CURRENT ASSETS
  

Stocks
 15 
116,468
109,388

Debtors: amounts falling due within one year
 16 
1,031,795
1,514,356

Cash at bank and in hand
 17 
3,182,297
2,869,939

  
4,330,560
4,493,683

Creditors: amounts falling due within one year
 18 
(2,079,434)
(1,797,475)

NET CURRENT ASSETS
  
 
 
2,251,126
 
 
2,696,208

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,358,660
3,797,648

Creditors: amounts falling due after more than one year
 19 
(192,189)
(224,510)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(132,229)
(113,178)

  
 
 
(132,229)
 
 
(113,178)

NET ASSETS
  
3,034,242
3,459,960


CAPITAL AND RESERVES
  

Called up share capital 
 22 
186,000
186,000

Profit and loss account
  
2,848,242
3,273,960

  
3,034,242
3,459,960


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





B C Young
A S Mudge
Director
Director


Date: 6 June 2024
Date:6 June 2024

The notes on  form part of these financial statements.


BRIXHAM TRAWLER AGENTS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
186,000
2,486,820
2,672,820


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
834,640
834,640

Actuarial losses on pension scheme
-
(1,000)
(1,000)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
833,640
833,640


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(46,500)
(46,500)



At 31 December 2022
186,000
3,273,960
3,459,960


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
120,782
120,782
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
120,782
120,782


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(546,500)
(546,500)


AT 31 DECEMBER 2023
186,000
2,848,242
3,034,242


The notes on  form part of these financial statements.



BRIXHAM TRAWLER AGENTS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) for the financial year
120,782
834,640

ADJUSTMENTS FOR:

Depreciation of tangible assets
360,274
324,572

Government grants
(27,083)
(99,396)

Interest paid
3,692
1,466

Interest received
(6,018)
(1,986)

Taxation charge
72,948
80,996

(Increase) in stocks
(7,080)
(14,085)

Decrease/(increase) in debtors
479,151
(439,662)

Increase/(decrease) in creditors
401,410
(38,825)

Corporation tax (paid)/received
(162,446)
-

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,235,630
647,720


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(366,368)
(214,996)

Government grants received
27,083
99,396

Interest received
6,018
1,986

NET CASH FROM INVESTING ACTIVITIES

(333,267)
(113,614)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of/new finance leases
(43,223)
(29,051)

Dividends paid
(546,500)
(46,500)

Interest paid
(3,692)
(1,466)

NET CASH USED IN FINANCING ACTIVITIES
(593,415)
(77,017)

INCREASE IN CASH AND CASH EQUIVALENTS
308,948
457,089

Cash and cash equivalents at beginning of year
2,873,349
2,416,260

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
3,182,297
2,873,349


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
3,182,297
2,873,349

3,182,297
2,873,349



BRIXHAM TRAWLER AGENTS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,873,349

308,948

3,182,297

Finance leases

(78,949)

43,223

(35,726)



2,794,400
352,171
3,146,571

The notes on  form part of these financial statements.


BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Brixham Trawler Agents Limited is a private limited company incorporated in England. The registered office is New Fish Quay, Brixham, Devon, TQ5 8AW. The registered number is 02147074.
The principal activity of the company during the year was wholly concerned with the fishing industry in the important port of Brixham, the fleet operating from it, and the needs of visiting boats and commercial vessels. 
The company acts as agents to all commercial fishing vessels and operates the daily online fish auction. It is also the principal supplier of diesel oil within the port. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have concluded that the accounts should be prepared on a going concern basis. The directors has assessed this with reference to all current ongoing challenges arising, and deemed it to be reasonable. 

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets 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, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
5 to 20 years
Motor vehicles
-
3 years
Computers, equipment and fixtures
-
3 to 10 years

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.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. 

  
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

GOVERNMENT GRANTS

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 comprehensive income in the same period as the related expenditure.

 
2.11

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

 
2.13

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to


BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


LEASED ASSETS: THE COMPANY AS LESSEE (CONTINUED)

future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.15

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

DEFINED BENEFIT PENSION PLAN

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

 
2.16

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.17

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation 
Brixham Trawler Agents has tangible fixed assets which are depreciated over their useful lives. The useful life of an asset is subject to judgement which can affect the net book value of the asset held on the balance sheet. See note 12 for the carrying amount of the intangible assets and note 2.4 for the useful economic lives for each class of assets.  



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
13,927,028
16,918,678

Commissions receivable
3,543,571
3,710,288

17,470,599
20,628,966


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
17,299,495
20,460,651

Europe
171,104
168,315

17,470,599
20,628,966



5.


OTHER OPERATING INCOME

2023
2022
£
£

Grant income
27,083
99,396

Government grants receivable
108,595
111,576

135,678
210,972



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
360,274
324,572

Other operating lease rentals
133,236
173,948

Defined contribution pension cost
126,481
93,238



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,118
13,125

8.


EMPLOYEES

2023
2022
£
£

Wages and salaries
2,306,448
1,976,944

Social security costs
218,946
198,457

Cost of defined contribution scheme
201,319
158,575

2,726,713
2,333,976


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
12
12



All other staff
51
45

63
57


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
430,782
333,150

Company contributions to defined contribution pension schemes
126,481
93,238

557,263
426,388


During the year retirement benefits were accruing to no directors (2022: NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £153,628 (2022: £114,229).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,864 (2022: £17,622).



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


INTEREST RECEIVABLE

2023
2022
£
£


Bank and other interest receivable
6,018
1,986

6,018
1,986


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Finance leases and hire purchase contracts
3,692
1,466

3,692
1,466

12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
52,954
163,389

Adjustments in respect of previous periods
943
(943)


53,897
162,446


TOTAL CURRENT TAX
53,897
162,446

DEFERRED TAX


Origination and reversal of timing differences
19,051
(61,962)

Changes to tax rates
-
(19,488)

TOTAL DEFERRED TAX
19,051
(81,450)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
72,948
80,996


BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 25% (2022: 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
193,730
915,636


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022: 19.00%)
45,566
173,971

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,873
1,276

Capital allowances for year in excess of depreciation
19,484
(73,569)

Changes in provisions leading to an increase (decrease) in the tax charge
943
(943)

Dividends from UK companies
-
(251)

Remeasurement of deferred tax to average rate
1,128
(19,488)

Other permanent differences
214
-

Marginal relief
(260)
-

TOTAL TAX CHARGE FOR THE YEAR
72,948
80,996


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

From the 1 April 2023, the main rate of corporation tax will increase from 19% to up to 25%.


13.


DIVIDENDS

2023
2022
£
£


Dividends
546,500
46,500

546,500
46,500



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Computers, equipment and fixtures
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
2,622,006
142,253
327,463
3,091,722


Additions
353,847
1,256
11,265
366,368


Disposals
-
-
(17,195)
(17,195)



At 31 December 2023

2,975,853
143,509
321,533
3,440,895



DEPRECIATION


At 1 January 2023
1,698,946
47,600
243,736
1,990,282


Charge for the year on owned assets
289,304
43,794
27,176
360,274


Disposals
-
-
(17,195)
(17,195)



At 31 December 2023

1,988,250
91,394
253,717
2,333,361



NET BOOK VALUE



At 31 December 2023
987,603
52,115
67,816
1,107,534



At 31 December 2022
923,060
94,653
83,727
1,101,440


15.


STOCKS

2023
2022
£
£

Raw materials and consumables
116,468
109,388

116,468
109,388




BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


DEBTORS

2023
2022
£
£


Trade debtors
758,497
622,802

Other debtors
209,418
773,361

Prepayments and accrued income
63,880
80,159

Grants receivable
-
38,034

1,031,795
1,514,356



17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
3,182,297
2,869,939

3,182,297
2,869,939



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
536,244
476,053

Amounts owed to group undertakings
500,000
-

Corporation tax
53,897
162,446

Other taxation and social security
133,905
120,771

Obligations under finance lease and hire purchase contracts
16,189
45,345

Other creditors
767,042
798,522

Accruals and deferred income
72,157
194,338

2,079,434
1,797,475


Secured creditors
The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
19,537
33,604

Accruals and deferred income
172,652
190,906

192,189
224,510


Secured creditors
The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.


20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
16,189
45,345

Between 1-5 years
19,537
33,604

35,726
78,949



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(113,178)
(194,628)


Charged to profit or loss
(19,051)
81,450



AT END OF YEAR
(132,229)
(113,178)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(147,874)
(123,137)

Short term timing differences
15,645
9,959

(132,229)
(113,178)


22.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



186,000 (2022: 186,000) Ordinary shares of £1.00 each
186,000
186,000




BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The net assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £126,481 (2022: £93,238). Contributions totalling £101,254 (2022: £59,289) were payable to the fund at the balance sheet date and are included in creditors.

The Company operates a defined benefit pension scheme.

The pension cost and provision for the year ended 31 December 2023 are based on the advice of a professionally qualified actuary. The FRS102 valuation as at 31 December 2023 was signed by the actuary on 22 February 2024.



Reconciliation of present value of plan liabilities:


2023
2022
£
£

RECONCILIATION OF PRESENT VALUE OF PLAN LIABILITIES


At the beginning of the year
528,000
837,000

Interest income
26,000
14,000

Actuarial (gains)/losses
73,000
(268,000)

Benefits paid
(52,000)
(55,000)

AT THE END OF THE YEAR
575,000
528,000


Composition of plan liabilities:



TOTAL PLAN LIABILITIES



Reconciliation of present value of plan assets:


2023
2022
£
£


At the beginning of the year
528,000
837,000

Interest income
33,000
15,000

Actuarial (gains)/losses
48,000
(180,000)

Benefits paid
(52,000)
(55,000)

Previously unrecognised surplus deducted
139,000
50,000

(Derecognition)/recognition of assets due to asset ceiling
(121,000)
(139,000)

AT THE END OF THE YEAR
575,000
528,000


BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.PENSION COMMITMENTS (CONTINUED)


Composition of plan assets:


2023
2022
£
£


Equities
466,320
473,570

Property
69,600
73,370

Cash
-
6,670

Corporate bonds
97,440
46,690

Gilts
62,640
66,700

TOTAL PLAN ASSETS
696,000
667,000

2023
2022
£
£


Fair value of plan assets (net of asset ceiling adjustment)
575,000
528,000

Present value of plan liabilities
(575,000)
(528,000)

NET PENSION SCHEME LIABILITY
-
-


The amounts recognised in the Statement of Comprehensive Income are as follows:

2023
2022
£
£


Remeasurement of defined benefit obligations
73,000
(268,000)

Return on plan assets, excluding amounts included in net interest on the recognised defined benefit liability/(asset)
(48,000)
180,000

Losses on curtailments and settlements
(25,000)
88,000

TOTAL
-
-




BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.PENSION COMMITMENTS (CONTINUED)





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.7

5.1
 
Future salary increases


2.3

2.5
 
Future pension increases


3.0

3.0
 
Proportion of employees opting for early retirement


2.8

3.0
 
Inflation assumption


2.3

2.5
 
Mortality rates



 
- for a male aged 65 now


19.6

19.3
 
- at 65 for a male aged 45 now


20.9

20.6
 
- for a female aged 65 now


21.8

21.4
 
- at 65 for a female member aged 45 now


23.2

22.8
 






24.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
50,214
40,978

Later than 1 year and not later than 5 years
62,005
11,561

Non Land and Buildings
112,219
52,539

2023
2022

£
£


Not later than 1 year
85,861
85,861

Later than 1 year and not later than 5 years
343,444
343,444

Later than 5 years
141,656
227,517

Land and Buildings
570,961
656,822



BRIXHAM TRAWLER AGENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


IMMEDIATE PARENT UNDERTAKING AND ULTIMATE HOLDING COMPANY

The immediate parent undertaking and ultimate holding company is South West Trawler Agents (Holdings) Limited. Financial statements for South West Trawler Agents (Holdings) Limited can be obtained from the registered office which is New Fish Quay, Brixham, Devon, TQ5 8AW.


26.


RELATED PARTY TRANSACTIONS

During the year a Director's loan account relating to Mr B Young totalling £9,500 was fully repaid, leaving a nil balance at year end.