Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Michael Gavin Sharp 26/07/2021 15 October 2024 The principal activity of the Company during the financial period was that of commercial fishing. 13529736 2024-03-31 13529736 bus:Director1 2024-03-31 13529736 2023-03-31 13529736 core:CurrentFinancialInstruments 2024-03-31 13529736 core:CurrentFinancialInstruments 2023-03-31 13529736 core:Non-currentFinancialInstruments 2024-03-31 13529736 core:Non-currentFinancialInstruments 2023-03-31 13529736 core:ShareCapital 2024-03-31 13529736 core:ShareCapital 2023-03-31 13529736 core:RetainedEarningsAccumulatedLosses 2024-03-31 13529736 core:RetainedEarningsAccumulatedLosses 2023-03-31 13529736 core:OtherResidualIntangibleAssets 2023-03-31 13529736 core:OtherResidualIntangibleAssets 2024-03-31 13529736 core:OfficeEquipment 2023-03-31 13529736 core:OtherPropertyPlantEquipment 2023-03-31 13529736 core:OfficeEquipment 2024-03-31 13529736 core:OtherPropertyPlantEquipment 2024-03-31 13529736 core:ImmediateParent core:CurrentFinancialInstruments 2024-03-31 13529736 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 13529736 core:CurrentFinancialInstruments core:Secured 2024-03-31 13529736 core:MoreThanFiveYears 2024-03-31 13529736 core:MoreThanFiveYears 2023-03-31 13529736 bus:OrdinaryShareClass1 2024-03-31 13529736 2023-04-01 2024-03-31 13529736 bus:FilletedAccounts 2023-04-01 2024-03-31 13529736 bus:SmallEntities 2023-04-01 2024-03-31 13529736 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13529736 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13529736 bus:Director1 2023-04-01 2024-03-31 13529736 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 13529736 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 13529736 core:OfficeEquipment 2023-04-01 2024-03-31 13529736 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 13529736 2022-08-01 2023-03-31 13529736 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13529736 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 13529736 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 13529736 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13529736 bus:OrdinaryShareClass1 2022-08-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13529736 (England and Wales)

MOLLIE JAYNE FISHING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MOLLIE JAYNE FISHING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOLLIE JAYNE FISHING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MOLLIE JAYNE FISHING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 613,883 648,519
Tangible assets 4 1,171,959 1,187,307
1,785,842 1,835,826
Current assets
Debtors 5 18,541 9,169
Cash at bank and in hand 72,050 33,560
90,591 42,729
Creditors: amounts falling due within one year 6 ( 703,283) ( 958,812)
Net current liabilities (612,692) (916,083)
Total assets less current liabilities 1,173,150 919,743
Creditors: amounts falling due after more than one year 7 ( 829,880) ( 871,268)
Provision for liabilities ( 22,237) ( 22,237)
Net assets 321,033 26,238
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 321,032 26,237
Total shareholder's funds 321,033 26,238

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 financial statements of Mollie Jayne Fishing Limited (registered number: 13529736) were approved and authorised for issue by the Director on 15 October 2024. They were signed on its behalf by:

Michael Gavin Sharp
Director
MOLLIE JAYNE FISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOLLIE JAYNE FISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Mollie Jayne Fishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is Marina House, Heath Road, Brixham, TQ5 9AU.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

Reporting period length in the prior year was shortened to an 8 month period to bring it in line with other group companies. As a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other 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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a either a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance
Other property, plant and equipment 30 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.03.2024
Period from
01.08.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 671,610 671,610
At 31 March 2024 671,610 671,610
Accumulated amortisation
At 01 April 2023 23,091 23,091
Charge for the financial year 34,636 34,636
At 31 March 2024 57,727 57,727
Net book value
At 31 March 2024 613,883 613,883
At 31 March 2023 648,519 648,519

4. Tangible assets

Office equipment Other property, plant
and equipment
Total
£ £ £
Cost
At 01 April 2023 1,874 1,204,958 1,206,832
Additions 542 0 542
At 31 March 2024 2,416 1,204,958 1,207,374
Accumulated depreciation
At 01 April 2023 442 19,083 19,525
Charge for the financial year 425 15,465 15,890
At 31 March 2024 867 34,548 35,415
Net book value
At 31 March 2024 1,549 1,170,410 1,171,959
At 31 March 2023 1,432 1,185,875 1,187,307

5. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by Group undertakings 9,637 0
Amounts owed by Parent undertakings 1 1
VAT recoverable 8,903 9,168
18,541 9,169

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 111,872 105,021
Trade creditors 39,426 67,110
Amounts owed to Group undertakings 551,883 786,681
Other creditors 102 0
703,283 958,812

The bank loans are secured against the assets of the group.

7. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 829,880 871,268

Bank loans are secured against the assets of the group.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.03.2024 31.03.2023
£ £
Bank loans (repayable by instalments) 382,991 451,186

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Mollie Jayne Fishing Limited has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.