Unaudited Financial Statements
Glenluce Fishing Co. Limited
For the Year Ended 31 March 2024
Registered number: NI018229
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Glenluce Fishing Co. Limited
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Company Information
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12 - 15 Donegall Square West
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Glenluce Fishing Co. Limited
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Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Independent Accountant's Report to the directors of the unaudited financial statements of Glenluce Fishing Co. Limited for the Year Ended 31 March 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Glenluce Fishing Co. Limited for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Glenluce Fishing Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Glenluce Fishing Co. Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenluce Fishing Co. Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 31 March 2024 and you have acknowledged on the Balance Sheet as at 31 March 2024 your duty to ensure that Glenluce Fishing Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Glenluce Fishing Co. Limited is exempt from the statutory audit requirement for the year ended 31 March 2024.
We have not been instructed to carry out an audit or review the financial statements of Glenluce Fishing Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
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Date: 19 August 2024
Page 1
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Glenluce Fishing Co. Limited
Registered number:NI018229
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Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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Page 2
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Glenluce Fishing Co. Limited
Registered number:NI018229
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Balance Sheet (continued)
As at 31 March 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2024.
The notes on pages 5 to 13 form part of these financial statements.
Page 3
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Glenluce Fishing Co. Limited
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Statement of Changes in Equity
For the Year Ended 31 March 2024
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Capital redemption reserve
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Dividends: Equity capital
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Statement of Changes in Equity
For the Year Ended 31 March 2023
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Capital redemption reserve
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Dividends: Equity capital
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Shares issued during the year
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Transfer: Shares isssued during the year
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The notes on pages 5 to 13 form part of these financial statements.
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Page 4
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
Glenluce Fishing Co. Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 218 Kilkeel Road, Annalong, Newry, BT34 4TW.
The principal activity of the company is that of marine fishing.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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:
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 5
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
Page 6
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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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 balance sheet 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 balance sheet 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 balance sheet date.
License and quotas acquired by the Company are stated at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is charged to the profit or loss on a straight line basis over the estimated useful lives of the licenses and quotas to their residual values. Intangible assets are amortised from the date they are available for use. The estimated useful life is 10 years.
Amortisation methods, useful lives and residual values are reviewed if there is an indication of a significant change in any of these since the last annual reporting date.
Page 7
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model 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 both the straight line and reducing balance methods.
Depreciation is provided on the following basis:
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Long-term leasehold property
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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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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.
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.
Page 8
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets and intangible assets
The annual depreciation/amortisation charge for tangible/intangible assets is sensitive to changes in the
estimated useful economic lives and residual values of the assets. The useful economic lives and residual
values are re-assessed annually. They are amended when necessary to reflect current estimates, based on
future investments, economic utilisation and the physical condition of the assets
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The average monthly number of employees, including directors, during the year was 18 (2023 - 18).
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Page 9
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
Page 10
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Page 11
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Rolled over capital gains
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Allotted, called up and fully paid
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75 (2023 - 75) 'A' Ordinary shares of £1.00 each
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15 (2023 - 15) 'B' Ordinary shares of £1.00 each
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675 (2023 - 675) 'C' Ordinary shares of £1.00 each
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Page 12
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Glenluce Fishing Co. Limited
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Notes to the Financial Statements
For the Year Ended 31 March 2024
Capital redemption reserve
Includes the nominal value of shares repurchased by the company.
Profit and loss account
This includes all current and prior period retained profit and losses.
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Commitments under operating leases
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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During the year £34,250 was recognised as an expense in the profit and loss account in respect of vessel and equipment's operating lease (2022: £34,250).
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Related party transactions
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There are no related party transactions requiring disclosure in these financial statements.
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The ultimate controlling party is Andrew Orr by virtue of his shareholding.
Page 13
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