COMPANY REGISTRATION NUMBER:
07624004
Filleted Unaudited Financial Statements |
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Owlett Fishing Limited |
|
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owlett Fishing Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Owlett Fishing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Owlett Fishing Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owlett Fishing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Owlett Fishing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Owlett Fishing Limited. You consider that Owlett Fishing 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 financial statements of Owlett Fishing 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 financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
1 May 2025
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
4 |
152,946 |
152,946 |
|
|
|
|
Current assets
Stocks |
500 |
500 |
Cash at bank and in hand |
82,300 |
62,656 |
|
-------- |
-------- |
|
82,800 |
63,156 |
|
|
|
Creditors: amounts falling due within one year |
5 |
138,676 |
139,969 |
|
--------- |
--------- |
Net current liabilities |
55,876 |
76,813 |
|
--------- |
--------- |
Total assets less current liabilities |
97,070 |
76,133 |
|
-------- |
-------- |
Net assets |
97,070 |
76,133 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
96,970 |
76,033 |
|
-------- |
-------- |
Shareholders funds |
97,070 |
76,133 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
30 April 2025
, and are signed on behalf of the board by:
Company registration number:
07624004
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skelton Grange Road, Stourton, Leeds, LS10 1RZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The statement of financial position at the year end date reflects a net current liability position. The total net asset position is, however, positive. The financial statements have been prepared on a going concern basis. This basis assumes that the company will be able to service its debts as they fall due. The principal creditor at the period end date is a loan repayable to Linkway Distribution Services Ltd. The latter company has indicated its ongoing support in terms of this loan account and, on that basis, the director of Owlett Fishing Ltd believes it appropriate to continue to adopt the going concern basis of accounting. No adjustments have therefore been made to recognise a position where the going concern basis would not remain appropriate.
Revenue recognition
Turnover shown in the profit and loss account represents gross takings for the year, recognised on receipt.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
All fixed assets are initially recorded at cost. No depreciation is provided on the freehold land.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Freehold land |
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
152,946 |
|
--------- |
Depreciation |
|
At 1 June 2023 and 31 May 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
152,946 |
|
--------- |
At 31 May 2023 |
152,946 |
|
--------- |
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
4,912 |
6,846 |
Other creditors |
133,764 |
133,123 |
|
--------- |
--------- |
|
138,676 |
139,969 |
|
--------- |
--------- |
|
|
|
6.
Related party transactions
A loan exists between Linkway Distribution Services Limited and
Owlett Fishing Limited
. At the balance sheet date, Owlett Fishing Limited
was indebted to linkway Distribution Services Limited, in this respect, in the sum of £133,044 (2023 £131,683). Linkway Distribution Services Limited is a company under the control of individuals related to both the director and shareholder of Owlett Fishing Limited
. There are no formal terms for repayments and interest is not being charged.