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Company No: 09807683 (England and Wales)

SOUTH WEST TRAWLERS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

SOUTH WEST TRAWLERS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

SOUTH WEST TRAWLERS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
SOUTH WEST TRAWLERS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 38,501 40,334
Tangible assets 4 1,180,994 1,194,000
1,219,495 1,234,334
Current assets
Debtors 5 67,139 72,574
67,139 72,574
Creditors: amounts falling due within one year 6 ( 179,407) ( 182,985)
Net current liabilities (112,268) (110,411)
Total assets less current liabilities 1,107,227 1,123,923
Creditors: amounts falling due after more than one year 7 ( 1,084,173) ( 1,129,763)
Provision for liabilities ( 31,540) ( 24,324)
Net liabilities ( 8,486) ( 30,164)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 8,488 ) ( 30,166 )
Total shareholder's deficit ( 8,486) ( 30,164)

For the financial year ending 31 August 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 financial statements of South West Trawlers Ltd (registered number: 09807683) were approved and authorised for issue by the Director on 21 May 2025. They were signed on its behalf by:

Derek Barry Meredith
Director
SOUTH WEST TRAWLERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
SOUTH WEST TRAWLERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

South West Trawlers Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £8,486. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 30 years straight line
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 is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery 30 years straight line
Vehicles 25 % reducing balance
Other property, plant and equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 September 2023 55,000 55,000
At 31 August 2024 55,000 55,000
Accumulated amortisation
At 01 September 2023 14,666 14,666
Charge for the financial year 1,833 1,833
At 31 August 2024 16,499 16,499
Net book value
At 31 August 2024 38,501 38,501
At 31 August 2023 40,334 40,334

4. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 September 2023 17,494 82,184 1,196,726 1,296,404
Additions 997 0 45,592 46,589
Disposals 0 ( 12,500) 0 ( 12,500)
At 31 August 2024 18,491 69,684 1,242,318 1,330,493
Accumulated depreciation
At 01 September 2023 7,587 23,301 71,516 102,404
Charge for the financial year 1,528 11,509 39,891 52,928
Disposals 0 ( 5,833) 0 ( 5,833)
At 31 August 2024 9,115 28,977 111,407 149,499
Net book value
At 31 August 2024 9,376 40,707 1,130,911 1,180,994
At 31 August 2023 9,907 58,883 1,125,210 1,194,000

5. Debtors

2024 2023
£ £
Trade debtors 8,263 5,177
Amounts owed by director 0 7,716
VAT recoverable 7,290 6,264
Other debtors 51,586 53,417
67,139 72,574

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 86,786 104,825
Trade creditors 15,196 17,118
Accruals 2,675 2,498
Obligations under finance leases and hire purchase contracts (secured) 7,023 7,023
Other creditors 67,727 51,521
179,407 182,985

Bank loans shown above are secured by a fixed charge over the company's assets.

Hire purchase liabilities are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,048,538 1,089,324
Obligations under finance leases and hire purchase contracts (secured) 35,635 40,439
1,084,173 1,129,763

Bank loans shown above are secured by a fixed charge over the company's assets.

Hire purchase liabilities are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 587,262 629,445

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Owed by the director to the company 0 7,716