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Registration number: NI622773

Maxwell Fisheries Limited

Filleted Financial Statements

for the Year Ended 28 February 2025

 

Maxwell Fisheries Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Maxwell Fisheries Limited

Company Information

Director

Mr Finbar Maxwell

Registered office

60 Old Court
Strangford
Co Down
BT30 7NG

 

Maxwell Fisheries Limited

(Registration number: NI622773)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

34,079

39,451

Investment property

6

429,649

385,647

 

463,728

425,098

Current assets

 

Debtors

1,276

160

Cash at bank and in hand

 

3,911

27,992

 

5,187

28,152

Creditors: Amounts falling due within one year

7

(210,152)

(154,864)

Net current liabilities

 

(204,965)

(126,712)

Total assets less current liabilities

 

258,763

298,386

Creditors: Amounts falling due after more than one year

7

(135,948)

(150,507)

Net assets

 

122,815

147,879

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

122,805

147,869

Shareholders' funds

 

122,815

147,879

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Maxwell Fisheries Limited

(Registration number: NI622773)
Balance Sheet as at 28 February 2025

Approved and authorised by the director on 12 May 2025
 

.........................................
Mr Finbar Maxwell
Director

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
60 Old Court
Strangford
Co Down
BT30 7NG
Northern Ireland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

33.33% straight line

Motor Vehicle

25% reducing balance

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

6,286

9,593

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2024

52,317

2,500

6,181

60,998

Additions

915

-

-

915

At 28 February 2025

53,232

2,500

6,181

61,913

Depreciation

At 1 March 2024

15,177

1,445

4,925

21,547

Charge for the year

5,709

264

314

6,287

At 28 February 2025

20,886

1,709

5,239

27,834

Carrying amount

At 28 February 2025

32,346

791

942

34,079

At 29 February 2024

37,140

1,055

1,256

39,451

6

Investment properties

2025
£

At 1 March

385,647

Additions

44,002

At 28 February

429,649

There has been no valuation of investment property by an independent valuer.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

15,376

16,198

Taxation and social security

 

41

8,341

Accruals and deferred income

 

4,944

5,317

Other creditors

 

189,791

125,008

 

210,152

154,864

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

135,948

150,507

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

135,948

150,507

Current loans and borrowings

2025
£

2024
£

Bank borrowings

15,376

15,651

Hire purchase contracts

-

547

15,376

16,198

Bank borrowings

The bank loan is denominated in £ with a nominal interest rate of 4.00%/2.5% plus base. The carrying amount at year end is £151,324 (2024 - £166,159).

An amount of £143,317 (2024: £153,694) is secured by a charge over the property at 2,4 & 6A Kildare Street, Strangford.

 

Maxwell Fisheries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Related party transactions

Transactions with the director

2025

At 1 March 2024
£

Advances from director
£

At 28 February 2025
£

Mr Finbar Maxwell

Director's loan account

125,008

64,782

189,791

       
     

 

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Mr Finbar Maxwell

Director's loan account

125,425

(417)

125,008

       
     

 

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary share of £1 each

10

10

10

10