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REGISTERED NUMBER: 12741183 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

55 FISHERIES LIMITED

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


55 FISHERIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr. A Dixon
Mr. S N Smith



REGISTERED OFFICE: 71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



REGISTERED NUMBER: 12741183 (England and Wales)



ACCOUNTANTS: Read, Milburn & Co
71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



BANKERS: National Westminster Bank plc
29 Newgate Street
Bishop Auckland
DL14 7ET



SOLICITORS: Hay & Kilner
Merchant House
30 Cloth Market
Newcastle upon Tyne
NE1 1EE

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 88,833 101,833
Tangible assets 5 346,250 270,972
Investments 6 90,000 90,000
525,083 462,805

CURRENT ASSETS
Stocks 184,644 131,917
Debtors 7 794,571 896,853
Cash at bank and in hand 231,171 286,625
1,210,386 1,315,395
CREDITORS
Amounts falling due within one year 8 1,413,163 1,554,594
NET CURRENT LIABILITIES (202,777 ) (239,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

322,306

223,606

CREDITORS
Amounts falling due after more than one
year

9

(37,881

)

-

PROVISIONS FOR LIABILITIES (29,527 ) (8,687 )
NET ASSETS 254,898 214,919

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Retained earnings 214,898 174,919
254,898 214,919

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2024 and were signed on its behalf by:





Mr. A Dixon - Director


55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

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

1. STATUTORY INFORMATION

55 Fisheries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - in accordance with the property
Plant and machinery - 15% on cost
Motor vehicles - 25% on cost

Government grants
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets.

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors
Trade and other debtors (including prepayments) are recognised at the settlement amount due or amount prepaid) net of any trade discounts.

Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments.

Creditors
Trade and other creditors (including accruals) are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount net of any trade discounts.

Financial instruments
Investments are included at fair value. All other financial assets and financial liabilities qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 130,000
AMORTISATION
At 1 January 2023 28,167
Charge for year 13,000
At 31 December 2023 41,167
NET BOOK VALUE
At 31 December 2023 88,833
At 31 December 2022 101,833

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 216,454 104,036 320,490
Additions - 124,510 124,510
Disposals - (5,000 ) (5,000 )
At 31 December 2023 216,454 223,546 440,000
DEPRECIATION
At 1 January 2023 12,511 37,007 49,518
Charge for year 8,194 38,746 46,940
Eliminated on disposal - (2,708 ) (2,708 )
At 31 December 2023 20,705 73,045 93,750
NET BOOK VALUE
At 31 December 2023 195,749 150,501 346,250
At 31 December 2022 203,943 67,029 270,972

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 90,000
NET BOOK VALUE
At 31 December 2023 90,000
At 31 December 2022 90,000

Entitlements are stated at fair value which, in the opinion of the directors, is equivalent to open market value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 737,123 829,243
Other debtors 57,448 67,610
794,571 896,853

55 FISHERIES LIMITED (REGISTERED NUMBER: 12741183)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 830,850 993,877
Taxation and social security 1,048 35,495
Other creditors 581,265 525,222
1,413,163 1,554,594

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other creditors 37,881 -

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 4,654 4,654
Between one and five years 12,411 23,254
17,065 27,908

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 108,000