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REGISTERED NUMBER: 05960454 (England and Wales)






















SH90 Limited

Unaudited Financial Statements for the Year Ended 29th March 2024






SH90 Limited (Registered number: 05960454)






Contents of the Financial Statements
for the year ended 29th March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SH90 Limited

Company Information
for the year ended 29th March 2024







DIRECTOR: D J Normandale





SECRETARY: D J Normandale





REGISTERED OFFICE: Tides Out
Barrow Road
Barton Upon Humber
North Lincolnshire
DN18 6DA





REGISTERED NUMBER: 05960454 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

SH90 Limited (Registered number: 05960454)

Balance Sheet
29th March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,557,110 1,368,502
Tangible assets 5 104,802 185,451
Investments 6 10 10
1,661,922 1,553,963

CURRENT ASSETS
Stocks 13,000 31,000
Debtors 7 440,017 4,846
Cash at bank 269 3,650
453,286 39,496
CREDITORS
Amounts falling due within one year 8 432,797 488,490
NET CURRENT ASSETS/(LIABILITIES) 20,489 (448,994 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,682,411

1,104,969

CREDITORS
Amounts falling due after more than one
year

9

(572,170

)

(571,151

)

PROVISIONS FOR LIABILITIES (184,112 ) -
NET ASSETS 926,129 533,818

CAPITAL AND RESERVES
Called up share capital 11 64 64
Revaluation reserve 1,436,062 1,124,842
Retained earnings (509,997 ) (591,088 )
SHAREHOLDERS' FUNDS 926,129 533,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SH90 Limited (Registered number: 05960454)

Balance Sheet - continued
29th March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27th March 2025 and were signed by:





D J Normandale - Director


SH90 Limited (Registered number: 05960454)

Notes to the Financial Statements
for the year ended 29th March 2024

1. STATUTORY INFORMATION

SH90 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Fishing licences are being amortised over their estimated useful life of ten years.

Fishing quotas are revalued by the director. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Fishing quota's are traded on an active market and therefore have an easily ascertainable market value.

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
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

MFV Allegiance5% on reducing balance
MFV Ardent5% on reducing balance
Plant & machinery5% on reducing balance
Fishing gear5% on reducing balance
Motor vehicles20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


SH90 Limited (Registered number: 05960454)

Notes to the Financial Statements - continued
for the year ended 29th March 2024

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern
The accounts have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support of the company's creditors. The director has therefore concluded that it is appropriate for the financial statements to be prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

SH90 Limited (Registered number: 05960454)

Notes to the Financial Statements - continued
for the year ended 29th March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 30th March 2023 1,433,581
Disposals (180,855 )
Revaluations 311,220
At 29th March 2024 1,563,946
AMORTISATION
At 30th March 2023 65,079
Charge for year 21,504
Eliminated on disposal (79,747 )
At 29th March 2024 6,836
NET BOOK VALUE
At 29th March 2024 1,557,110
At 29th March 2023 1,368,502

Cost or valuation at 29th March 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2018 1,087,174
Valuation in 2024 311,220
Cost 165,552
1,563,946

SH90 Limited (Registered number: 05960454)

Notes to the Financial Statements - continued
for the year ended 29th March 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor MFV
machinery vehicles Ardent Totals
£    £    £    £   
COST
At 30th March 2023 153,719 44,035 105,754 303,508
Additions - - 2,290 2,290
Disposals (149,719 ) - - (149,719 )
At 29th March 2024 4,000 44,035 108,044 156,079
DEPRECIATION
At 30th March 2023 80,622 13,512 23,923 118,057
Charge for year 3,655 8,807 4,130 16,592
Eliminated on disposal (83,372 ) - - (83,372 )
At 29th March 2024 905 22,319 28,053 51,277
NET BOOK VALUE
At 29th March 2024 3,095 21,716 79,991 104,802
At 29th March 2023 73,097 30,523 81,831 185,451

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 30th March 2023
and 29th March 2024 10
NET BOOK VALUE
At 29th March 2024 10
At 29th March 2023 10

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 440,017 4,846

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 82,978 80,976
Trade creditors 177,286 202,502
Taxation and social security 70,655 1,255
Other creditors 101,878 203,757
432,797 488,490

SH90 Limited (Registered number: 05960454)

Notes to the Financial Statements - continued
for the year ended 29th March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 464,385 535,746
Other creditors 107,785 35,405
572,170 571,151

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 272,010 304,436

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 547,363 616,722

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
64 Ordinary shares £1 64 64

12. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£ £
Amounts due (from)/to related parties (257,498 ) 210,142