Acorah Software Products - Accounts Production 14.6.300 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09398530 T J Downey T J Downey true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09398530 2023-02-28 09398530 2024-02-29 09398530 2023-03-01 2024-02-29 09398530 frs-core:Non-currentFinancialInstruments 2024-02-29 09398530 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 09398530 frs-core:MotorVehicles 2023-03-01 2024-02-29 09398530 frs-core:PlantMachinery 2023-03-01 2024-02-29 09398530 frs-core:ShareCapital 2024-02-29 09398530 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09398530 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09398530 frs-bus:AbridgedAccounts 2023-03-01 2024-02-29 09398530 frs-bus:SmallEntities 2023-03-01 2024-02-29 09398530 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09398530 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09398530 1 2023-03-01 2024-02-29 09398530 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-02-28 09398530 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-02-29 09398530 frs-bus:Director1 2023-03-01 2024-02-29 09398530 frs-countries:EnglandWales 2023-03-01 2024-02-29 09398530 2022-02-28 09398530 2023-02-28 09398530 2022-03-01 2023-02-28 09398530 frs-core:Non-currentFinancialInstruments 2023-02-28 09398530 frs-core:ShareCapital 2023-02-28 09398530 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 09398530 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-02-28
Registered number: 09398530
Downey Fishing Company Ltd
ABRIDGED Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 09398530
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 50,000 -
Tangible Assets 5 84,294 65,897
Investment Properties 6 260,000 260,000
394,294 325,897
CURRENT ASSETS
Stocks - 18,768
Debtors 873 5,619
Cash at bank and in hand 24,168 6,022
25,041 30,409
Creditors: Amounts Falling Due Within One Year (70,091 ) (28,426 )
NET CURRENT ASSETS (LIABILITIES) (45,050 ) 1,983
TOTAL ASSETS LESS CURRENT LIABILITIES 349,244 327,880
Creditors: Amounts Falling Due After More Than One Year 7 (171,597 ) (182,230 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,458 ) -
NET ASSETS 175,189 145,650
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 1,802 1,802
Profit and Loss Account 173,287 143,748
SHAREHOLDERS' FUNDS 175,189 145,650
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
T J Downey
Director
21st October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Downey Fishing Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09398530 . The registered office is 3 St Leonards Close, Denton, Newhaven, East Sussex, BN9 0RW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10 year straight line
Motor Vehicles 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Total
£
Cost
As at 1 March 2023 -
Additions 50,000
As at 29 February 2024 50,000
Net Book Value
As at 29 February 2024 50,000
As at 1 March 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 March 2023 125,668
Additions 38,848
As at 29 February 2024 164,516
Depreciation
As at 1 March 2023 59,771
Provided during the period 20,451
As at 29 February 2024 80,222
Net Book Value
As at 29 February 2024 84,294
As at 1 March 2023 65,897
Page 4
Page 5
6. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 260,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 257,775 257,775
The property was valued by the director on 29 February 2024 on an open market basis.
7. Creditors: amounts falling due after five years
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Other Creditors 160,397 163,089
8. Secured Creditors
Of the creditors the following amounts are secured.
The bank loan is secured by a fixed and floating charge over the assets of the company.
The other loan is secured by a fixed charge over the investment property and a floating charge over the assets of the company.
2024 2023
£ £
Bank loans and overdrafts 19,180 27,073
Other Creditors 160,397 163,089
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 March 2023 1,802
As at 29 February 2024 1,802
11. Ultimate Controlling Party
The company's ultimate controlling party is T J Downey by virtue of his ownership of 100% of the issued share capital in the company.
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