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Registered number: 03696578
Leedale Trawlers Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Dawes Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 03696578
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 50,000 50,000
Tangible Assets 5 488,350 400,709
Investments 6 - 100
538,350 450,809
CURRENT ASSETS
Stocks 7 12,000 25,000
Debtors 8 4,058 17,210
Cash at bank and in hand - 100
16,058 42,310
Creditors: Amounts Falling Due Within One Year 9 (169,458 ) (101,911 )
NET CURRENT ASSETS (LIABILITIES) (153,400 ) (59,601 )
TOTAL ASSETS LESS CURRENT LIABILITIES 384,950 391,208
Creditors: Amounts Falling Due After More Than One Year 10 (329,879 ) (308,708 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 12 (97,670 ) (80,282 )
NET (LIABILITIES)/ASSETS (42,599 ) 2,218
CAPITAL AND RESERVES
Called up share capital 14 100 100
Profit and Loss Account (42,699 ) 2,118
SHAREHOLDERS' FUNDS (42,599) 2,218
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Leanne Rogers
Director
Mr Steven Rogers
Director
15/08/2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Leedale Trawlers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03696578 . The registered office is 15 Wayside, Brixham, Devon, TQ5 8PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis

Fishing Licences & quota Not amortised as the residual value is expected to equate to cost and therefore any amortisation charge would not be material

2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 6.67% Straight line
Motor Vehicles 20% Straight line
Fixtures & Fittings 25% Straight line
Fishing Vessals Over useful economic life of 15 years

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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the 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.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Financial Instruments
Financial instruments
The company has elected to apply the provisions of Section 1 1 '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.

2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.9. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 50,000
As at 31 December 2023 50,000
Net Book Value
As at 31 December 2023 50,000
As at 1 January 2023 50,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 22,431 49,895 380,079 452,405
Additions - - 107,212 107,212
Disposals - (3,500 ) - (3,500 )
As at 31 December 2023 22,431 46,395 487,291 556,117
Depreciation
As at 1 January 2023 13,561 5,535 32,600 51,696
Provided during the period 3,021 2,000 13,690 18,711
Disposals - (2,640 ) - (2,640 )
As at 31 December 2023 16,582 4,895 46,290 67,767
Net Book Value
As at 31 December 2023 5,849 41,500 441,001 488,350
As at 1 January 2023 8,870 44,360 347,479 400,709
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6. Investments
Listed
£
Cost
As at 1 January 2023 100
Disposals (100 )
As at 31 December 2023 -
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 100
7. Stocks
2023 2022
£ £
Materials 12,000 25,000
8. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 177 380
Purchase Ledger Control account 544 3,280
Loan to Directors - S & L Rogers - 8,417
Corporation tax recoverable assets 1,441 -
VAT 1,896 5,133
4,058 17,210
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,694 3,580
Bank loans and overdrafts 80,852 59,866
Other loans 15,000 15,000
Corporation tax 35 2,941
Other taxes and social security - 2,736
Accruals and deferred income 12,560 17,788
Directors' loan accounts 53,317 -
169,458 101,911
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10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 229,109 238,420
Bounce Back Loan 22,667 26,389
Accruals and deferred income 78,103 43,899
329,879 308,708
11. Capital Grants
2023 2022
£ £
Balance at 1 January 2023 51,062 22,018
Increase / (Decrease) in the year 37,326 29,044
Balance at 31 December 2023 88,388 51,062
Capital grants arising from Government Grants are released over the useful life of the asset to which they relate. 
12. Deferred Taxation
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2023 2022
£ £
Other timing differences 97,670 80,282
13. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 80,282 80,282
Deferred taxation 17,388 17,388
Balance at 31 December 2023 97,670 97,670
14. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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15. Other Commitments
Operating lease payments represent amounts payable by the company for lease of a Ford Transit van.
2023 2022
£ £
Not later than one year 4,193 4,193
Later than one year and not later than five years 5,940 10,133
10,133 14,326
16. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Leanne Rogers 4,208 - 4,208 - -
Mr Steven Rogers 4,209 - 4,209 - -
The above loan is unsecured, bears interest at a commercial rate and is repayable on demand but expected to be repaid within nine months of the accounting year end.
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