KEARNEY TRAWLERS LTD

Company Registration Number:
NI062680 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

KEARNEY TRAWLERS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

KEARNEY TRAWLERS LTD

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 6 33,769
Tangible assets: 4 2,731,157 2,812,942
Total fixed assets: 2,731,163 2,846,711
Current assets
Debtors:   130,677 139,633
Cash at bank and in hand: 10,314 14,848
Total current assets: 140,991 154,481
Creditors: amounts falling due within one year:   (554,473) (532,679)
Net current assets (liabilities): (413,482) (378,198)
Total assets less current liabilities: 2,317,681 2,468,513
Creditors: amounts falling due after more than one year:   (955,188) (1,038,198)
Provision for liabilities: (390,432) (358,712)
Total net assets (liabilities): 972,061 1,071,603
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 972,059 1,071,601
Shareholders funds: 972,061 1,071,603

The notes form part of these financial statements

KEARNEY TRAWLERS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 September 2024
and signed on behalf of the board by:

Name: J Kearney
Status: Director

The notes form part of these financial statements

KEARNEY TRAWLERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognition The turnover comprises gross fish sales and is recognised upon landing the fish and registering the sale with a fish merchant.

Tangible fixed assets and depreciation policy

Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant & equipment-15% reducing balance Fishing vessel-5% reducing balance

Intangible fixed assets and amortisation policy

Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Licence & quota - 10-100% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Goodwill Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Other accounting policies

Basis of preparation The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The abridged financial statements are prepared in sterling, which is the functional currency of the entity. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

KEARNEY TRAWLERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 52 36

KEARNEY TRAWLERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible Assets

Total
Cost £
At 01 January 2023 1,495,191
At 31 December 2023 1,495,191
Amortisation
At 01 January 2023 1,461,422
Charge for year 33,763
At 31 December 2023 1,495,185
Net book value
At 31 December 2023 6
At 31 December 2022 33,769

KEARNEY TRAWLERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible Assets

Total
Cost £
At 01 January 2023 4,138,612
Additions 47,072
At 31 December 2023 4,185,684
Depreciation
At 01 January 2023 1,325,670
Charge for year 128,857
At 31 December 2023 1,454,527
Net book value
At 31 December 2023 2,731,157
At 31 December 2022 2,812,942

KEARNEY TRAWLERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Related party transactions

Name of the related party:
Relationship:
Director
Description of the Transaction: Related party transactions At the balance sheet date the amount of £108,963 (2022 £84,563) was owed to the directors. This creditor is recorded in the financial statements as a joint directors' current account. In 2017 director funds of £100,000 were postponed under the terms of agreement with the bank and are recorded within creditors due after 1 year. Also during 2017 a transfer of £650,000 of the loans owed to the directors was made to the John and Sarah Kearney Settlement Trust (2017). Similarly, these funds of £650,000 are not repayable until released by the bank. All of these loans are currently on an 0% interest basis reviewable annually. The Directors J Kearney and A Kearney have provided personal guarantees to secure company bank borrowings.
£
Balance at 01 January 2023 84,563
Balance at 31 December 2023 108,963