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REGISTERED NUMBER: NI640751 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

FISHING TACKLE AND BAIT LIMITED

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 9

FISHING TACKLE AND BAIT LIMITED

COMPANY INFORMATION
for the Year Ended 31 OCTOBER 2024







DIRECTORS: Mr David John Burleigh
Mrs Diane Julie Burleigh



REGISTERED OFFICE: Unit 3 Old Scotch Stores
Sligo Road
Enniskillen
Co. Fermanagh
BT74 7JY



REGISTERED NUMBER: NI640751 (Northern Ireland)



ACCOUNTANTS: Patton Rainey Stenson Limited
Chartered Accountants
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT



BANKERS: Bank of Ireland
141 Main Street
Lisnaskea
BT92 0JE

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

BALANCE SHEET
31 OCTOBER 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 15,754 23,459
15,754 23,459

CURRENT ASSETS
Stocks 6 545,833 520,933
Cash in hand 20,937 17,279
566,770 538,212
CREDITORS
Amounts falling due within one year 7 340,844 329,268
NET CURRENT ASSETS 225,926 208,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

241,680

232,403

CREDITORS
Amounts falling due after more than one year 8 (26,017 ) (17,775 )

PROVISIONS FOR LIABILITIES 11 (3,346 ) (3,864 )
NET ASSETS 212,317 210,764

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 212,217 210,664
SHAREHOLDERS' FUNDS 212,317 210,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

BALANCE SHEET - continued
31 OCTOBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





Mr David John Burleigh - Director


FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2024


1. STATUTORY INFORMATION

Fishing Tackle and Bait Limited is a private company, limited by shares , registered in Northern Ireland. 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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

Tangible fixed assets
All fixed assets are initially recorded at cost.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its estimated useful life as follows:-

Short leasehold - 10% straight line
Plant and machinery - 15% reducing balance
Fixtures and fittings - 10% straight line

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants received
Grants are credited to the profit and loss account when received in accordance with the performance method. They are funding for advertising and marketing.

Brexit
We recognise that the current trade negotiations between the UK and the EU with regard to establishing trading relations and applicable tariffs and levies is at a very early stage. The director has taken all reasonable steps to mitigate the impact of these potential levies and tariffs on the business.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 100,000
AMORTISATION
At 1 November 2023
and 31 October 2024 100,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 November 2023
and 31 October 2024 7,885 8,148 65,978 82,011
DEPRECIATION
At 1 November 2023 4,728 6,022 47,802 58,552
Charge for year 788 319 6,598 7,705
At 31 October 2024 5,516 6,341 54,400 66,257
NET BOOK VALUE
At 31 October 2024 2,369 1,807 11,578 15,754
At 31 October 2023 3,157 2,126 18,176 23,459

6. STOCKS
31.10.24 31.10.23
£    £   
Stocks 545,833 520,933

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts (see note 9) 103,786 70,472
Trade creditors 156,807 187,765
Tax 9,087 2,002
Social security and other taxes 1,756 3,123
VAT 49,788 35,835
Directors' current accounts 10,970 21,800
Accruals and deferred income 8,650 8,271
340,844 329,268

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans (see note 9) 26,017 17,775

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024


9. LOANS

An analysis of the maturity of loans is given below:

31.10.24 31.10.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 39,148 60,872
Bank loans 64,638 9,600
103,786 70,472

Amounts falling due between one and two years:
Bank loans - 1-2 years 26,017 9,600

Amounts falling due between two and five years:
Bank loans - 2-5 years - 8,175

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Bank overdrafts 39,148 60,872
Bank loans 90,655 27,375
129,803 88,247

The company has an overdraft facility in place which is secured by way of a personal guarantee.

11. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax 3,346 3,864

Deferred
tax
£   
Balance at 1 November 2023 3,864
Provided during year (518 )
Balance at 31 October 2024 3,346

FISHING TACKLE AND BAIT LIMITED (REGISTERED NUMBER: NI640751)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
100 Ordinary £1 100 100

FISHING TACKLE AND BAIT LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
FISHING TACKLE AND BAIT LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 October 2024 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Patton Rainey Stenson Limited
Chartered Accountants
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT


31 March 2025