LYME BAY FISHERMAN'S CIC

Company limited by guarantee

Company Registration Number:
14085755 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2024

Period of accounts

Start date: 1 November 2023

End date: 31 October 2024

LYME BAY FISHERMAN'S CIC

Contents of the Financial Statements

for the Period Ended 31 October 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LYME BAY FISHERMAN'S CIC

Balance sheet

As at 31 October 2024

Notes 2024 18 months to 31 October 2023


£

£
Fixed assets
Tangible assets: 3 12,253 16,339
Total fixed assets: 12,253 16,339
Current assets
Stocks: 4 814 831
Debtors: 5 25,047 7,535
Cash at bank and in hand: 2,706 325
Total current assets: 28,567 8,691
Creditors: amounts falling due within one year: 6 ( 20,749 ) ( 11,765 )
Net current assets (liabilities): 7,818 (3,074)
Total assets less current liabilities: 20,071 13,265
Provision for liabilities: ( 2,243 ) ( 2,521 )
Total net assets (liabilities): 17,828 10,744
Members' funds
Profit and loss account: 17,828 10,744
Total members' funds: 17,828 10,744

The notes form part of these financial statements

LYME BAY FISHERMAN'S CIC

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 August 2025
and signed on behalf of the board by:

Name: Mr M Newton
Status: Director

The notes form part of these financial statements

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 probably the future economic benefits will flow to the entity; And specific criteria have been met for each of the company’s activities.

    Tangible fixed assets depreciation policy

    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: Fixtures and fittings– 20% reducing balance basis Office equipment – 20% reducing balance basis Motor vehicles – 20% reducing balance basis

    Other accounting policies

    Tax The tax expense for the period comprises current and deferred 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 country operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated deprecation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that 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. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. 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 dies 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. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for services, the excess is recognised as a prepayment.

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

  • 2. Employees

    2024 18 months to 31 October 2023
    Average number of employees during the period 2 2

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 November 2023 2,087 19,700 21,787
Additions
Disposals
Revaluations
Transfers
At 31 October 2024 2,087 19,700 21,787
Depreciation
At 1 November 2023 523 4,925 5,448
Charge for year 392 3,694 4,086
On disposals
Other adjustments
At 31 October 2024 915 8,619 9,534
Net book value
At 31 October 2024 1,172 11,081 12,253
At 31 October 2023 1,564 14,775 16,339

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

4. Stocks

2024 18 months to 31 October 2023
£ £
Stocks 814 831
Total 814 831

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

5. Debtors

2024 18 months to 31 October 2023
£ £
Trade debtors 20,215 2,811
Prepayments and accrued income 4,107 4,724
Other debtors 725
Total 25,047 7,535

LYME BAY FISHERMAN'S CIC

Notes to the Financial Statements

for the Period Ended 31 October 2024

6. Creditors: amounts falling due within one year note

2024 18 months to 31 October 2023
£ £
Trade creditors 70 1,244
Taxation and social security 4,167 4,572
Accruals and deferred income 15,108 5,941
Other creditors 1,404 8
Total 20,749 11,765

COMMUNITY INTEREST ANNUAL REPORT

LYME BAY FISHERMAN'S CIC

Company Number: 14085755 (England and Wales)

Year Ending: 31 October 2024

Company activities and impact

The Lyme Bay Fisherman’s CIC is a not-for-profit organisation made up of fishermen from the four ports of Axmouth, Beer, Lyme Regis, and West Bay. Our mission is to support coastal communities and champion the inshore fishing industry across Lyme Bay. Through our Fisheries Education Outreach Programme, we engage children and the general public in learning about sustainable fishing methods and the diverse species of fish and shellfish found in Lyme Bay. We bring the sea to life through hands-on experiences and storytelling that connect people to the heritage and future of our local fisheries. In addition to education, we run community seafood trails and scavenger hunts. Fun, interactive experiences that invite families and visitors to explore our ports, discover local seafood, and meet the people behind the catch. These trails celebrate our coastal culture, promote local businesses, and foster a deeper appreciation for the role of inshore fishermen in preserving marine ecosystems. Together, these initiatives form a vibrant tapestry of outreach, education, and community connection. Anchored in the values of sustainability, tradition, and local pride.

Consultation with stakeholders

The primary stakeholders of the Lyme Bay Fisherman’s CIC are the fishermen working across the four ports of Axmouth, Beer, Lyme Regis, and West Bay. Their voices shape the direction of the CIC, and they are regularly consulted on matters affecting the organisation and the wider fishing community. Over the past year, the CIC held four stakeholder meetings, providing a platform for open dialogue, feedback, and collaborative decision-making. To ensure accessibility for all members, especially those unable to attend in person, the CIC invested in a web camera system that enabled remote participation. Meeting minutes were shared via email and are also available in the private members’ area, ensuring transparency and continued engagement. Feedback received during these meetings is proactively reviewed and acted upon by the CIC’s management team, reinforcing our commitment to inclusive and responsive governance.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 August 2025

And signed on behalf of the board by:
Name: Mr M Newton
Status: Director