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Company No: 00222672 (England and Wales)

EXE VALLEY FISHERY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

EXE VALLEY FISHERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

EXE VALLEY FISHERY LIMITED

BALANCE SHEET

As at 30 September 2024
EXE VALLEY FISHERY LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Restated
Fixed assets
Tangible assets 4 289,295 282,626
Investment property 5 90,000 90,000
379,295 372,626
Current assets
Stocks 6 239,891 257,589
Debtors 7 125,009 101,654
Cash at bank and in hand 8 981 11,254
365,881 370,497
Creditors: amounts falling due within one year 9 ( 148,886) ( 172,448)
Net current assets 216,995 198,049
Total assets less current liabilities 596,290 570,675
Creditors: amounts falling due after more than one year 10 ( 152,140) ( 187,845)
Provision for liabilities ( 75,677) ( 55,720)
Net assets 368,473 327,110
Capital and reserves
Called-up share capital 7,825 7,825
Fair value reserve 88,000 88,000
Capital redemption reserve 1,175 1,175
Profit and loss account 271,473 230,110
Total shareholders' funds 368,473 327,110

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Exe Valley Fishery Limited (registered number: 00222672) were approved and authorised for issue by the Board of Directors on 21 January 2025. They were signed on its behalf by:

A B Maund
Director
EXE VALLEY FISHERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
EXE VALLEY FISHERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 year, unless otherwise stated.

General information and basis of accounting

Exe Valley Fishery 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 Exe Valley Fishery, Exebridge, Dulverton, TA22 9AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of fish is recognised when the fish are physically delivered 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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 7 - 50 years straight line
Plant and machinery 6.67 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line
Office equipment 6.67 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Also within stock is £216,200 (2023: £230,000) of current biological assets not held for continuing use within the business. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise of fish.

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. 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.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 30 September 2024 and has restated the comparative year amounts.

Reconciliation of equity

01.10.2022 30.09.2023
£ £
Capital and reserves (as previously stated) 100,822 293,710
Reclassification of freehold property at cost 0 (2,000)
Depreciation of freehold property i 0 1,120
Reclassification of investment property at cost 0 2,000
Fair value revalutaion 0 88,000
Deferred tax 0 (55,720)
Capital and reserves (as restated) 100,822 327,110

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 October 2023 259,705 167,080 118,761 33,159 15,672 594,377
Additions 0 35,230 0 0 0 35,230
At 30 September 2024 259,705 202,310 118,761 33,159 15,672 629,607
Accumulated depreciation
At 01 October 2023 55,925 134,752 73,081 32,710 15,283 311,751
Charge for the financial year 5,773 10,850 11,420 449 69 28,561
At 30 September 2024 61,698 145,602 84,501 33,159 15,352 340,312
Net book value
At 30 September 2024 198,007 56,708 34,260 0 320 289,295
At 30 September 2023 203,780 32,328 45,680 449 389 282,626

5. Investment property

Investment property
£
Valuation
As at 01 October 2023 90,000
As at 30 September 2024 90,000

6. Stocks

2024 2023
£ £
Livestock 216,200 230,000
Other stock 23,691 27,589
239,891 257,589

Livestock consists of current biological assets not held for continuing use within the business, being fish.

7. Debtors

2024 2023
£ £
Trade debtors 84,963 46,392
Other debtors 40,046 55,262
125,009 101,654

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 981 11,254
Less: Bank overdrafts ( 24,241) ( 816)
(23,260) 10,438

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured £ 17,049) 46,370 14,176
Trade creditors 46,628 80,601
Taxation and social security 30,363 24,573
Obligations under finance leases and hire purchase contracts (secured) 16,210 15,539
Other creditors 9,315 37,559
148,886 172,448

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

2024 2023
£ £
Bank loans 149,372 168,868
Obligations under finance leases and hire purchase contracts (secured) 2,768 18,977
152,140 187,845

Within bank loans £122,520 is secured against the land and buildings held on the balance sheet.

Hire purchase agreements are secured against the asset to which they relate.

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

2024 2023
£ £
Bank loans (repayable by instalments) 6,532 13,838

11. Related party transactions

Transactions with the entity's directors

Advances

The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2023, the balance owed by the director was £48,307. During the year £66,602 was advanced to the director, and £89,375 was repaid by the director. At 30 September 2024, the balance owed by the director was £24,994.

At 1 October 2022, the balance owed to the director was £184,416. During the year £245,968 was advanced to the director, and £13,245 was repaid by the director. At 30 September 2023, the balance owed by the director was £48,307.