DW Fisheries Limited 09007969 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is marine fishing. Digita Accounts Production Advanced 6.30.9574.0 true 09007969 2023-04-01 2024-03-31 09007969 2024-03-31 09007969 bus:Director1 1 2024-03-31 09007969 core:RetainedEarningsAccumulatedLosses 2024-03-31 09007969 core:ShareCapital 2024-03-31 09007969 core:CurrentFinancialInstruments 2024-03-31 09007969 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09007969 core:Non-currentFinancialInstruments 2024-03-31 09007969 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09007969 core:Goodwill 2024-03-31 09007969 core:MoreThanFiveYears 1 2024-03-31 09007969 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 09007969 core:FurnitureFittingsToolsEquipment 2024-03-31 09007969 core:LandBuildings 2024-03-31 09007969 core:MotorVehicles 2024-03-31 09007969 core:OtherPropertyPlantEquipment 2024-03-31 09007969 bus:SmallEntities 2023-04-01 2024-03-31 09007969 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09007969 bus:FullAccounts 2023-04-01 2024-03-31 09007969 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09007969 bus:RegisteredOffice 2023-04-01 2024-03-31 09007969 bus:Director1 2023-04-01 2024-03-31 09007969 bus:Director1 1 2023-04-01 2024-03-31 09007969 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09007969 bus:Agent1 2023-04-01 2024-03-31 09007969 core:Goodwill 2023-04-01 2024-03-31 09007969 core:LicencesFranchises 2023-04-01 2024-03-31 09007969 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 09007969 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09007969 core:LandBuildings 2023-04-01 2024-03-31 09007969 core:LeaseholdImprovements 2023-04-01 2024-03-31 09007969 core:MotorVehicles 2023-04-01 2024-03-31 09007969 core:OfficeEquipment 2023-04-01 2024-03-31 09007969 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09007969 core:PlantMachinery 2023-04-01 2024-03-31 09007969 core:ShipsBoats 2023-04-01 2024-03-31 09007969 countries:AllCountries 2023-04-01 2024-03-31 09007969 2023-03-31 09007969 bus:Director1 1 2023-03-31 09007969 core:Goodwill 2023-03-31 09007969 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 09007969 core:FurnitureFittingsToolsEquipment 2023-03-31 09007969 core:LandBuildings 2023-03-31 09007969 core:MotorVehicles 2023-03-31 09007969 core:OtherPropertyPlantEquipment 2023-03-31 09007969 2022-04-01 2023-03-31 09007969 2023-03-31 09007969 bus:Director1 1 2023-03-31 09007969 core:RetainedEarningsAccumulatedLosses 2023-03-31 09007969 core:ShareCapital 2023-03-31 09007969 core:CurrentFinancialInstruments 2023-03-31 09007969 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09007969 core:Non-currentFinancialInstruments 2023-03-31 09007969 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09007969 core:MoreThanFiveYears 1 2023-03-31 09007969 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 09007969 core:FurnitureFittingsToolsEquipment 2023-03-31 09007969 core:LandBuildings 2023-03-31 09007969 core:MotorVehicles 2023-03-31 09007969 core:OtherPropertyPlantEquipment 2023-03-31 09007969 bus:Director1 1 2022-04-01 2023-03-31 09007969 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09007969

DW Fisheries Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

DW Fisheries Limited
(Registration number: 09007969)

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

DW Fisheries Limited
(Registration number: 09007969)

Company Information

Director

Mr D Welsh

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Bankers

National Westminster Bank

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
DW Fisheries Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DW Fisheries Limited for the year ended 31 March 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of DW Fisheries Limited, as a body, in accordance with the terms of our engagement letter dated 16 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of DW Fisheries Limited and state those matters that we have agreed to state to the Board of Directors of DW Fisheries Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DW Fisheries Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that DW Fisheries Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of DW Fisheries Limited. You consider that DW Fisheries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of DW Fisheries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

23 September 2024

 

DW Fisheries Limited
(Registration number: 09007969)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

162,000

-

Tangible assets

6

2,514,898

1,470,144

 

2,676,898

1,470,144

Current assets

 

Stocks

29,620

21,205

Debtors

7

152,790

164,797

Cash at bank and in hand

 

70,367

141,423

 

252,777

327,425

Creditors: Amounts falling due within one year

8

(514,278)

(359,884)

Net current liabilities

 

(261,501)

(32,459)

Total assets less current liabilities

 

2,415,397

1,437,685

Creditors: Amounts falling due after more than one year

8

(1,951,440)

(846,462)

Provisions for liabilities

(232,605)

(241,921)

Net assets

 

231,352

349,302

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

231,252

349,202

Total equity

 

231,352

349,302

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

DW Fisheries Limited
(Registration number: 09007969)

Balance Sheet as at 31 March 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 September 2024
 

.........................................
Mr D Welsh
Director

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

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 sales/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.

Tax

The tax expense for the period comprises deferred 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.

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Boat

10% straight line basis

Plant and machinery

10% straight line basis

Motor vehicles

25% straight line basis

Office equipment

33.3% straight line basis

Leasehold Improvements

10% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

License

Over 10 years

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.

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade 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 company 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

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 the director) during the year was 2 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

336,361

197,969

Amortisation expense

18,000

-

5

Intangible assets

Licences
£

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

Additions acquired separately

180,000

180,000

At 31 March 2024

230,000

230,000

Amortisation

At 1 April 2023

50,000

50,000

Amortisation charge

18,000

18,000

At 31 March 2024

68,000

68,000

Carrying amount

At 31 March 2024

162,000

162,000

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Boat
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

98,073

8,978

44,065

1,775,718

84,270

2,011,104

Additions

10,824

1,406

-

1,285,292

85,035

1,382,557

Disposals

-

-

-

-

(1,800)

(1,800)

At 31 March 2024

108,897

10,384

44,065

3,061,010

167,505

3,391,861

Depreciation

At 1 April 2023

16,709

5,967

40,723

464,962

12,599

540,960

Charge for the year

10,890

2,050

571

306,101

16,751

336,363

Eliminated on disposal

-

-

-

-

(360)

(360)

At 31 March 2024

27,599

8,017

41,294

771,063

28,990

876,963

Carrying amount

At 31 March 2024

81,298

2,367

2,771

2,289,947

138,515

2,514,898

At 31 March 2023

81,364

3,011

3,342

1,310,756

71,671

1,470,144

Included within the net book value of land and buildings above is £76,077 (2023 - £81,364) in respect of freehold land and buildings.
 

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

30,837

-

Other debtors

94,400

150,190

Prepayments and accrued income

27,553

14,607

Total current trade and other debtors

152,790

164,797

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

221,343

73,118

Trade creditors

 

82,883

30,180

Taxation and social security

 

-

46,419

Other creditors

 

14,665

18,922

Accrued expenses

 

12,011

12,023

Deferred income

 

183,376

179,222

 

514,278

359,884

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £221,343 (2023 - £73,118).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,951,440

846,462

2024
£

2023
£

Due after more than five years

After more than five years by instalments

1,066,067

553,990

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,951,440 (2023 - £846,462).

 

DW Fisheries Limited
(Registration number: 09007969)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

60,000

60,000

Other borrowings

161,343

13,118

221,343

73,118

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

670,603

721,694

Other borrowings

1,280,837

124,768

1,951,440

846,462

10

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr D Welsh

Interest free loan repayable on demand

69,987

119,688

(114,688)

74,987

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr D Welsh

Interest free loan repayable on demand

-

103,085

(33,098)

69,987