Company registration number 00524207 (England and Wales)
LOWER ITCHEN FISHERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LOWER ITCHEN FISHERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
LOWER ITCHEN FISHERY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,141
4,141
Tangible assets
5
57,430
40,813
Investment property
6
2,250,000
2,250,000
2,311,571
2,294,954
Current assets
Debtors
7
382,872
334,997
Cash at bank and in hand
162,151
175,976
545,023
510,973
Creditors: amounts falling due within one year
8
(426,886)
(422,458)
Net current assets
118,137
88,515
Total assets less current liabilities
2,429,708
2,383,469
Creditors: amounts falling due after more than one year
9
(288,376)
(326,413)
Provisions for liabilities
(184,273)
(206,684)
Net assets
1,957,059
1,850,372
Capital and reserves
Called up share capital
600
600
Other reserves
1,027,539
1,027,539
Profit and loss reserves
928,920
822,233
Total equity
1,957,059
1,850,372
LOWER ITCHEN FISHERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Miss L C Farmiloe
Director
Company registration number 00524207 (England and Wales)
LOWER ITCHEN FISHERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
600
624,941
745,675
1,371,216
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
479,156
479,156
Transfers
-
557,537
(402,598)
154,939
Other movements
-
(154,939)
-
(154,939)
Balance at 31 October 2023
600
1,027,539
822,233
1,850,372
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
106,687
106,687
Balance at 31 October 2024
600
1,027,539
928,920
1,957,059
LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

Lower Itchen Fishery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from the sale of fishing equipment is recognised when the title, along with the risks and rewards of ownership. have passed to the customer. The provision of associated services are recognised on an accruals basis when the service takes place and is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

 

Rental income is recognised on an accruals basis on the period in which the rentals relate, they can be measured reliably and that it is probable that the economic benefits will flow to the company.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fishing rights
No amortisation
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
No depreciation
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
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 current liabilities.

1.8
Financial instruments

The company only enters into Basic financial instrument transactions.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

 

 

 

LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
4
Intangible fixed assets
Fishing rights
£
Cost
At 1 November 2023 and 31 October 2024
4,141
Amortisation and impairment
At 1 November 2023 and 31 October 2024
-
0
Carrying amount
At 31 October 2024
4,141
At 31 October 2023
4,141
LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
5
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
30,591
10,162
12,696
-
0
53,449
Additions
-
0
612
-
0
18,395
19,007
At 31 October 2024
30,591
10,774
12,696
18,395
72,456
Depreciation and impairment
At 1 November 2023
-
0
7,585
5,051
-
0
12,636
Depreciation charged in the year
-
0
515
1,875
-
0
2,390
At 31 October 2024
-
0
8,100
6,926
-
0
15,026
Carrying amount
At 31 October 2024
30,591
2,674
5,770
18,395
57,430
At 31 October 2023
30,591
2,577
7,645
-
0
40,813
6
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
2,250,000

The fair value of the investment property has been calculated at the year end on a yield basis by the directors. The valuation was made giving due consideration to current market evidence of transaction prices for similar properties.

 

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,554
9,308
Amounts owed by group undertakings
375,689
325,689
Other debtors
3,629
-
0
382,872
334,997
LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,497
37,497
Obligations under finance leases
4,788
-
0
Trade creditors
11,185
19,276
Corporation tax
14,461
12,899
Other taxation and social security
2,401
1,908
Deferred income
1,527
2,541
Other creditors
326,724
320,134
Accruals and deferred income
28,303
28,203
426,886
422,458
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
277,090
299,931
Obligations under finance leases
11,286
-
0
Other borrowings
-
0
26,482
288,376
326,413
Creditors which fall due after five years are payable as follows:
Payable by instalments
127,102
192,738

The bank loan is secured over the freehold property of the company.

10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
209,190
211,940
LOWER ITCHEN FISHERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
11
Directors' transactions

Mr G & Miss L Farmiloe - Directors

 

At the balance sheet date, the company owed the directors £276,605 (2023: £276,605).

 

Miss L Farmiloe - Director

 

During the year the company maintained a current account with the director, the cumulative total of advances made were £22,520 (2023: £5,028), and repayments totalled £2,356 (2023: £1,682).

 

At the balance sheet date, the company owed the director £45,301 (2023: £65,465).

 

Interest of £139 (2023: £596) was charged to the company by Miss L Farmiloe on her loan to the company.

12
Parent company

The ultimate parent company is LIF Holdings Limited, a company incorporated in England and Wales.

2024-10-312023-11-01falsefalsefalse11 July 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMiss L C FarmiloeMr G H FarmiloeMiss L C Farmiloe005242072023-11-012024-10-31005242072024-10-31005242072023-10-3100524207core:PatentsTrademarksLicencesConcessionsSimilar2024-10-3100524207core:PatentsTrademarksLicencesConcessionsSimilar2023-10-3100524207core:LandBuildingscore:OwnedOrFreeholdAssets2024-10-3100524207core:PlantMachinery2024-10-3100524207core:FurnitureFittings2024-10-3100524207core:MotorVehicles2024-10-3100524207core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3100524207core:PlantMachinery2023-10-3100524207core:FurnitureFittings2023-10-3100524207core:MotorVehicles2023-10-3100524207core:ShareCapital2024-10-3100524207core:ShareCapital2023-10-3100524207core:OtherMiscellaneousReserve2024-10-3100524207core:OtherMiscellaneousReserve2023-10-3100524207core:RetainedEarningsAccumulatedLosses2024-10-3100524207core:RetainedEarningsAccumulatedLosses2023-10-3100524207core:ShareCapital2022-10-3100524207core:RetainedEarningsAccumulatedLosses2022-10-3100524207bus:CompanySecretaryDirector12023-11-012024-10-3100524207core:RetainedEarningsAccumulatedLosses2022-11-012023-10-31005242072022-11-012023-10-3100524207core:RetainedEarningsAccumulatedLosses2023-11-012024-10-3100524207core:IntangibleAssetsOtherThanGoodwill2023-11-012024-10-3100524207core:PatentsTrademarksLicencesConcessionsSimilar2023-11-012024-10-3100524207core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-012024-10-3100524207core:PlantMachinery2023-11-012024-10-3100524207core:FurnitureFittings2023-11-012024-10-3100524207core:MotorVehicles2023-11-012024-10-3100524207core:PatentsTrademarksLicencesConcessionsSimilar2023-10-3100524207core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3100524207core:PlantMachinery2023-10-3100524207core:FurnitureFittings2023-10-3100524207core:MotorVehicles2023-10-31005242072023-10-3100524207core:CurrentFinancialInstruments2024-10-3100524207core:CurrentFinancialInstruments2023-10-3100524207core:Non-currentFinancialInstruments2024-10-3100524207core:Non-currentFinancialInstruments2023-10-3100524207bus:PrivateLimitedCompanyLtd2023-11-012024-10-3100524207bus:SmallCompaniesRegimeForAccounts2023-11-012024-10-3100524207bus:FRS1022023-11-012024-10-3100524207bus:AuditExemptWithAccountantsReport2023-11-012024-10-3100524207bus:Director12023-11-012024-10-3100524207bus:Director22023-11-012024-10-3100524207bus:CompanySecretary12023-11-012024-10-3100524207bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP