Registration number:
Coombefish Holdings Ltd
(formerly Spearco Limited)
for the Period from 1 September 2022 to 31 December 2023
Coombefish Holdings Ltd
(formerly
Contents
Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Accounts of
Coombefish Holdings Ltd
for the Period Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coombefish Holdings Ltd for the period ended 31 December 2023 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements.
This report is made solely to the Board of Directors of Coombefish Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Coombefish Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Coombefish Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coombefish Holdings Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Coombefish Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coombefish Holdings Ltd. You consider that Coombefish Holdings Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Coombefish Holdings Ltd. 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 accounts.
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Chartered Accountants
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
Coombefish Holdings Ltd
(formerly
Statement of Comprehensive Income for the Period from 1 September 2022 to 31 December 2023
2023 |
2022 |
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Profit/(loss) for the period |
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( |
Unrealised gain on discounting of interest free loan |
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- |
Total comprehensive income for the period |
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( |
Coombefish Holdings Ltd
(formerly
(Registration number: 09689753)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,065,118 |
176 |
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Capital redemption reserve |
58 |
- |
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Retained earnings |
417,091 |
173,160 |
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Shareholders' funds |
2,482,267 |
173,336 |
Coombefish Holdings Ltd
(formerly
(Registration number: 09689753)
Balance Sheet as at 31 December 2023
For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
............................
Director
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as Spearco Limited.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of the disclosure exemption given by Financial Reporting Standard 102 1A to not disclose transacations with other group companies that are wholly owned by the group.
Going concern
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the foreseeable future. Therefore, these accounts have been prepared on a going concern basis.
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Turnover also includes dividends received from subsidiary companies.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants are recognised in the financial statements when there is reasonable assurance that the entity
will comply with the conditions attached to them and the grants will be received. Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are initially recognised as deferred revenue and then released to
the profit and loss account over the expected useful life of the assets. Grants towards revenue
expenditure are released to the profit and loss account as the related expenditure is incurred.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% straight line |
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Motor vehicles |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the period was
Tangible assets |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 December 2023 |
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Depreciation |
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At 1 September 2022 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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- |
- |
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Investments |
Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2022 |
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Additions |
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Disposals |
( |
At 31 December 2023 |
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Provision |
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At 31 August 2021 and 31 December 2023 |
- |
Carrying amount |
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At 31 December 2023 |
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At 31 August 2022 |
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Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Coombe Fisheries Riverside Road
England and Wales |
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The principal activity of Girl Rona Holdings Limited is |
The principal activity of Pamela Jill Limited is |
The principal activity of Mermaid Trawler Company Limited is |
The principal activity of North Devon Trawlers Limited is |
The principal activity of WCS Fishing Limited is |
The principal activity of Coombe Fisheries Limited is |
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Details of non-current trade and other debtors
£221,680 (2022 - £219,778) of loans are classified as non-current.
Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Creditors |
Due within one year |
Note |
2023 |
2022 |
Loans and borrowings |
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Amounts due to related parties |
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- |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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- |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:
Retained earnings |
Total |
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Unrealised gain/loss on cash flow hedges |
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Coombefish Holdings Ltd
(formerly
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Other borrowings |
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- |
Current loans and borrowings
2023 |
2022 |
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Other borrowings |
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Related party transactions |
Key management personnel
During the period, A D J Spear, a director of the company, made an interest free loan to the company of £542,612 (2022: £nil).
During the period, A D J Spear and R A C Spear each made a loan to the company of £12,503. At the period end, the aggregate amount owed by the company was £25,006 (2022: £nil).
Summary of transactions with associates