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Registration number: 04362455

Mermaid Trawler Company Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 31 December 2023

 

Mermaid Trawler Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Mermaid Trawler Company Limited

(Registration number: 04362455)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

761,551

783,905

Tangible assets

5

1,265,815

1,241,303

 

2,027,366

2,025,208

Current assets

 

Stocks

6

15,000

15,000

Debtors

7

48,710

284,087

Cash at bank and in hand

 

-

60,832

 

63,710

359,919

Creditors: Amounts falling due within one year

8

(812,378)

(329,609)

Net current (liabilities)/assets

 

(748,668)

30,310

Total assets less current liabilities

 

1,278,698

2,055,518

Creditors: Amounts falling due after more than one year

8

(531,288)

(960,806)

Provisions for liabilities

(281,992)

(281,992)

Net assets

 

465,418

812,720

Capital and reserves

 

Called up share capital

100

100

Retained earnings

465,318

812,620

Shareholders' funds

 

465,418

812,720

 

Mermaid Trawler Company Limited

(Registration number: 04362455)
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.

Directors' responsibilities:
The members have not required the company to obtain an audit of its accounts for the period in
question in accordance with section 476;
and
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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Board on 26 July 2024 and signed on its behalf by:
 

Mr A D J Spear
Director

   
     
 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Coombe Fisheries
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 26 July 2024.

2

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 forseeable future. Therefore, these accounts have been prepared on a going concern basis.

 

Mermaid Trawler Company Limited

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.

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

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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

Fishing vessels

5% straight line

Plant and machinery

5% straight line

Fixtures, fittings and equipment

10% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Fishing licences

2% straight line

 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

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 group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 group 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.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

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

A 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 3 (2022 - 3).

4

Intangible assets

Fishing licences
 £

Total
£

Cost or valuation

At 1 September 2022

838,284

838,284

At 31 December 2023

838,284

838,284

Amortisation

At 1 September 2022

54,379

54,379

Amortisation charge

22,354

22,354

At 31 December 2023

76,733

76,733

Carrying amount

At 31 December 2023

761,551

761,551

At 31 August 2022

783,905

783,905

 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

5

Tangible assets

Fixtures, fittings and equipment
£

Fishing vessels, plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

20,537

1,693,062

5,038

1,718,637

Additions

639

119,134

4,048

123,821

At 31 December 2023

21,176

1,812,196

9,086

1,842,458

Depreciation

At 1 September 2022

18,610

454,708

4,016

477,334

Charge for the period

359

98,604

346

99,309

At 31 December 2023

18,969

553,312

4,362

576,643

Carrying amount

At 31 December 2023

2,207

1,258,884

4,724

1,265,815

At 31 August 2022

1,927

1,238,354

1,022

1,241,303

6

Stocks

2023
£

2022
£

Other inventories

15,000

15,000

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

8,918

36,234

Amounts owed by related parties

10

-

175,000

Other debtors

 

21,681

11,261

Prepayments

 

18,111

36,853

Accrued income

 

-

24,739

 

48,710

284,087

 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

8

Creditors

Due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

402,278

135,708

Trade creditors

 

121,800

181,142

Amounts owed to related parties

 

278,000

-

Accruals and deferred income

 

10,300

12,759

 

812,378

329,609

The loans and borrowings are secured against the tangible and intangible assets of the company.

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

531,288

960,806

Current loans and borrowings

2023
£

2022
£

Bank borrowings

392,876

135,708

Bank overdrafts

9,402

-

402,278

135,708

The loans and borrowings are secured against the tangible and intangible assets of the company.

 

Mermaid Trawler Company Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

10

Related party transactions

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

105,797

2022

Other related parties
£

Purchase of goods

68,491

Loans from related parties

2022

Other related parties
£

Total
£

At start of period

25,000

25,000

Advanced

130,000

130,000

Repaid

(155,000)

(155,000)

At end of period

-

-

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

1,321,092

2022

Other related parties
£

Sale of goods

810,907

11

Parent and ultimate parent undertaking

The ultimate controlling parties in the period to 30 March 2023 were A D J Spear, R A C Spear and I S Spear. From 31 March 2023, the ultimate controlling parties were A D J Spear and R A C Spear. On 21 June 2023, A D J Spear became the ultimate controlling party.

 The company's immediate parent is Coombefish Holdings Ltd (formerly Spearco Limited), incorporated in England and Wales.