REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
FISHING TACKLE AND BAIT LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
AMORTISATION |
At 1 November 2023 |
and 31 October 2024 |
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 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
6. | STOCKS |
31.10.24 | 31.10.23 |
£ | £ |
Stocks |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 49,788 | 35,835 |
Directors' current accounts | 10,970 | 21,800 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans (see note 9) |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.24 | 31.10.23 |
£ | £ |
Bank overdrafts |
Bank loans |
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 |
Provided during year | ( |
) |
Balance at 31 October 2024 |
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: | £ | £ |
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. |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |