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REGISTERED NUMBER: 02891813 (England and Wales)











Financial Statements for the Year Ended 31 December 2023

for

Victory Fishing Limited

Victory Fishing Limited (Registered number: 02891813)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Victory Fishing Limited (Registered number: 02891813)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 744,172 745,423
Investments 5 92,020 121,801
836,192 867,224

CURRENT ASSETS
Stocks 5,036 13,036
Cash at bank 35,109 23,514
40,145 36,550
CREDITORS
Amounts falling due within one year 6 206,455 210,410
NET CURRENT LIABILITIES (166,310 ) (173,860 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

669,882

693,364

PROVISIONS FOR LIABILITIES 7 171,640 135,442
NET ASSETS 498,242 557,922

CAPITAL AND RESERVES
Called up share capital 337 337
Share premium 8 504,205 504,205
Fair value reserve 8 3,293 -
Retained earnings 8 (9,593 ) 53,380
SHAREHOLDERS' FUNDS 498,242 557,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Victory Fishing Limited (Registered number: 02891813)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:




A L Hayes - Director



Mrs C J Hayes - Director


Victory Fishing Limited (Registered number: 02891813)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Victory Fishing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02891813

Registered office: Briar Cottage
Winchester Road
Shedfield
Southampton
Hampshire
SO32 2JA

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

No depreciation is provided on fishing vessels. It is the company's practice to maintain its fishing vessels in a continual state of sound repair and accordingly the director considers that the residual values would be sufficiently high that depreciation is insignificant. Any permanent diminution in the value of fishing vessels is charged to the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments
Investments in shares are included at fair value where the fair value can be measured reliably. Otherwise they are included at cost less impairment. Movements in fair value are recognised in profit or loss.

Victory Fishing Limited (Registered number: 02891813)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fishing Plant and
vessels machinery Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 740,421 71,483 811,904
DEPRECIATION
At 1 January 2023 - 66,481 66,481
Charge for year - 1,251 1,251
At 31 December 2023 - 67,732 67,732
NET BOOK VALUE
At 31 December 2023 740,421 3,751 744,172
At 31 December 2022 740,421 5,002 745,423

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 121,801
Disposals (34,777 )
Revaluations 4,691
Exchange differences 305
At 31 December 2023 92,020
NET BOOK VALUE
At 31 December 2023 92,020
At 31 December 2022 121,801

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2019 24,778
Valuation in 2020 (15,203 )
Valuation in 2021 3,137
Valuation in 2022 (13,013 )
Valuation in 2023 4,691
Cost 87,630
92,020

Victory Fishing Limited (Registered number: 02891813)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 87,630 122,102

Fixed asset investments were valued on an open market basis on 31 December 2023 by Seven Investment Management .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,594 13,369
Taxation and social security (725 ) (2,513 )
Other creditors 204,586 199,554
206,455 210,410

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 171,640 135,442

Deferred
tax
£   
Balance at 1 January 2023 135,442
Accelerated capital allowances 350
Fair value gains on investment 1,173
Tax losses carried forward (8,096 )
Increase in tax rate 42,771
Balance at 31 December 2023 171,640

8. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 53,380 504,205 - 557,585
Deficit for the year (59,680 ) (59,680 )
Gain/loss on revaln of invs (3,293 ) - 3,293 -
At 31 December 2023 (9,593 ) 504,205 3,293 497,905

The fair value reserve represents the cumulative unrealised fair value gains and losses, including the associated deferred tax, on investments.