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REGISTERED NUMBER: 04484223 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

Scerene Fishing Company Limited

Scerene Fishing Company Limited (Registered number: 04484223)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Scerene Fishing Company Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J J Colam
A C Pillar
L G Colam





SECRETARY: Mrs R A Colam





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Wallsend Industrial Estate
Cattedown Road
Cattedown
Plymouth
Devon
PL4 0RW





REGISTERED NUMBER: 04484223 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Scerene Fishing Company Limited (Registered number: 04484223)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,564,233 14,564,233
Investments 5 - 2
14,564,233 14,564,235

CURRENT ASSETS
Debtors 6 2,673,101 -
Cash at bank 425,794 1,313
3,098,895 1,313
CREDITORS
Amounts falling due within one year 7 10,932,902 8,005,397
NET CURRENT LIABILITIES (7,834,007 ) (8,004,084 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,730,226

6,560,151

PROVISIONS FOR LIABILITIES 1,051,169 1,051,169
NET ASSETS 5,679,057 5,508,982

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,679,056 5,508,981
SHAREHOLDERS' FUNDS 5,679,057 5,508,982

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 18 September 2024 and were signed on its behalf by:





J J Colam - Director


Scerene Fishing Company Limited (Registered number: 04484223)

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

1. STATUTORY INFORMATION

Scerene Fishing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents the amount derived from the provision of services and entitlements which fall within the company's ordinary activities, stated net of value added tax.

Intangible fixed assets
No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the director there has been no impairment in their value during the year and the director does not envisage any impairment arising in the foreseeable future. The director has based his assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

The company has also rebutted the presumption that intangible assets should be amortised on the grounds that this is necessary to give a true and fair view.

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.

Going concern
Having made appropriate enquiries, the Director considers that the Company has adequate resources to continue in business for the foreseeable future and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Scerene Fishing Company Limited (Registered number: 04484223)

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

4. INTANGIBLE FIXED ASSETS
Boat
Licences
and
entitlements
£   
COST
At 1 January 2023
and 31 December 2023 14,564,233
NET BOOK VALUE
At 31 December 2023 14,564,233
At 31 December 2022 14,564,233

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 2
Disposals (2 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 2,173,101 -
Tax 500,000 -
2,673,101 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 9,819,241 6,113,611
Taxation and social security 1,110,115 1,888,379
Other creditors 3,546 3,407
10,932,902 8,005,397

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

Scerene Fishing Company Limited (Registered number: 04484223)

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

9. CONTINGENT LIABILITIES

The company has provided a guarantee in respect of bank borrowings of other group undertakings which at 31 December 2023 was Nil.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.