Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30No description of principal activityfalse2022-12-01false00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12306899 2022-12-01 2023-11-30 12306899 2021-12-01 2022-11-30 12306899 2023-11-30 12306899 2022-11-30 12306899 c:Director1 2022-12-01 2023-11-30 12306899 d:MotorVehicles 2022-12-01 2023-11-30 12306899 d:MotorVehicles 2023-11-30 12306899 d:MotorVehicles 2022-11-30 12306899 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12306899 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 12306899 d:ComputerEquipment 2022-12-01 2023-11-30 12306899 d:ComputerEquipment 2023-11-30 12306899 d:ComputerEquipment 2022-11-30 12306899 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12306899 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 12306899 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 12306899 d:OtherPropertyPlantEquipment 2023-11-30 12306899 d:OtherPropertyPlantEquipment 2022-11-30 12306899 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12306899 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 12306899 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12306899 d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 12306899 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-11-30 12306899 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-11-30 12306899 d:CurrentFinancialInstruments 2023-11-30 12306899 d:CurrentFinancialInstruments 2022-11-30 12306899 d:Non-currentFinancialInstruments 2023-11-30 12306899 d:Non-currentFinancialInstruments 2022-11-30 12306899 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 12306899 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12306899 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 12306899 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 12306899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 12306899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 12306899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 12306899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 12306899 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-11-30 12306899 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 12306899 d:ShareCapital 2023-11-30 12306899 d:ShareCapital 2022-11-30 12306899 d:RetainedEarningsAccumulatedLosses 2023-11-30 12306899 d:RetainedEarningsAccumulatedLosses 2022-11-30 12306899 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 12306899 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 12306899 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 12306899 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 12306899 c:FRS102 2022-12-01 2023-11-30 12306899 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12306899 c:FullAccounts 2022-12-01 2023-11-30 12306899 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12306899 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 12306899 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 12306899 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 12306899 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 12306899 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-11-30 12306899 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-11-30 12306899 d:LeasedAssetsHeldAsLessee 2023-11-30 12306899 d:LeasedAssetsHeldAsLessee 2022-11-30 12306899 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-12-01 2023-11-30 12306899 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 12306899


ZEUS FISHING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




















img326c.png

 
ZEUS FISHING LIMITED
REGISTERED NUMBER:12306899

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
39,000
40,500

Tangible assets
 5 
647,397
610,319

  
686,397
650,819

Current assets
  

Debtors: amounts falling due within one year
 6 
6,232
16,053

  
6,232
16,053

Creditors: amounts falling due within one year
 8 
(293,288)
(348,388)

Net current liabilities
  
 
 
(287,056)
 
 
(332,335)

Total assets less current liabilities
  
399,341
318,484

Creditors: amounts falling due after more than one year
 9 
(272,065)
(285,107)

Provisions for liabilities
  

Deferred tax
 12 
(22,244)
(4,231)

  
 
 
(22,244)
 
 
(4,231)

Net assets
  
105,032
29,146


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
104,932
29,046

  
105,032
29,146


Page 1

 
ZEUS FISHING LIMITED
REGISTERED NUMBER:12306899
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers 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 director acknowledges his 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 income and retained earnings 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 30 August 2024.




................................................
J Reid
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Zeus Fishing Limited is a private company, limited by shares, domiciled in England and Wales. The registered office is Unit 22 Northfields Industrial Estate, Brixham, Devon, England, TQ5 8UA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director confirms that, having considered their expectations and intentions for the next twelve months the director has provided their full support. Therefore the company is a going concern.

 
2.3

Revenue

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.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Government grants

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 income and retained earnings in the same period as the related expenditure.

 
2.6

Finance costs

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

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.

Page 4

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:


Fishing Licences                                   -  3.3% straight line

 
2.10

Tangible fixed assets

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 the straight-line method.

Depreciation is provided on the following basis:

Fishing vessels
-
3.3% straight line (50% residual value)
Computer equipment
-
25% straight line
Motor vehicle
-
20% reducing balance

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.

 
2.11

Debtors

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.

 
2.12

Creditors

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.

Page 5

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 7

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Fishing Licence

£



Cost


At 1 December 2022
45,000



At 30 November 2023

45,000



Amortisation


At 1 December 2022
4,500


Charge for the year on owned assets
1,500



At 30 November 2023

6,000



Net book value



At 30 November 2023
39,000



At 30 November 2022
40,500



Page 8

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Fishing Vessels
Computer equipment
Motor vehicle
Total

£
£
£
£



Cost or valuation


At 1 December 2022
634,972
622
-
635,594


Additions
34,958
750
40,560
76,268


Disposals
(19,570)
-
-
(19,570)



At 30 November 2023

650,360
1,372
40,560
692,292



Depreciation


At 1 December 2022
25,119
156
-
25,275


Charge for the year on owned assets
11,490
344
98
11,932


Charge for the year on financed assets
-
-
8,014
8,014


Disposals
(326)
-
-
(326)



At 30 November 2023

36,283
500
8,112
44,895



Net book value



At 30 November 2023
614,077
872
32,448
647,397



At 30 November 2022
609,853
466
-
610,319

Page 9

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicle
32,056
-

32,056
-


6.


Debtors

2023
2022
£
£


Trade debtors
4,779
-

Other debtors
1,453
2,385

Prepayments and accrued income
-
13,668

6,232
16,053



7.


Cash and cash equivalents

2023
2022
£
£

Less: bank overdrafts
(25,008)
(24,053)

(25,008)
(24,053)


Page 10

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
25,008
24,053

Bank loans
18,041
16,893

Trade creditors
163,465
240,755

Obligations under finance lease and hire purchase contracts
20,207
-

Other creditors
61,802
63,725

Accruals and deferred income
4,765
2,962

293,288
348,388


The following liabilities were secured:

2023
2022
£
£



Bank loans
18,041
16,893

18,041
16,893

Details of security provided:

Loans totalling £18,041 (2022: £16,893) are secured against the motor fishing vessel "Nancy Margaret" formerly known as "Charles Edward".

Page 11

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
263,645
285,107

Net obligations under finance leases and hire purchase contracts
8,420
-

272,065
285,107


The following liabilities were secured:

2023
2022
£
£



Bank loans
263,645
285,107

263,645
285,107

Details of security provided:

Loans totalling £263,645 (2022: £285,107) are secured against the motor fishing vessel "Nancy Margaret" formerly known as "Charles Edward".

Page 12

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
18,041
16,893


18,041
16,893

Amounts falling due 1-2 years

Bank loans
19,502
18,262


19,502
18,262

Amounts falling due 2-5 years

Bank loans
58,077
64,169


58,077
64,169

Amounts falling due after more than 5 years

Bank loans
186,066
202,676

186,066
202,676

281,686
302,000



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
20,207
-

Between 1-5 years
8,420
-

28,627
-

Page 13

 
ZEUS FISHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Deferred taxation




2023


£






At beginning of year
(4,231)


Charged to profit or loss
(18,013)



At end of year
(22,244)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(62,547)
(39,741)

Tax losses carried forward
40,303
35,510

(22,244)
(4,231)

 
Page 14