FOR THE YEAR ENDED 31 DECEMBER 2024
BRIXHAM TRAWLER AGENTS LIMITED
COMPANY INFORMATION
BRIXHAM TRAWLER AGENTS LIMITED
CONTENTS
BRIXHAM TRAWLER AGENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
INTRODUCTION
The directors present their strategic report for the financial year ended 31 December 2024.
BUSINESS REVIEW INCORPORATING PRINCIPAL RISKS AND UNCERTAINTIES AND KPI'S
There was a difficult start to 2024. Although landings were slightly up on the previous year thanks to a good Trevose season there were many additional costs including repairs to the market, repairs to the fuel system, and new grader parts. Added to this fuel profits decreased with boats away from Brixham and utility bills were increasing. We were also ensuring employee numbers were sufficient to deal with additional fish from the South and South East coasts and day boats from Plymouth following the very sad demise of PTA. Quarter 1 and 2 results showed losses but predictions were strong for the remainder of the year.
The second half of the year proved to be stronger with the fleet back in Brixham. Commission on new boats had been increased and then the difficult decision to increase commission to 6% on all boats under 15 metres in length was taken, effective from 4 November 2024. The labour element had increased significantly and to be able to cover this cost it was decided that the small boats would need to pay a little extra. A return to profits was achieved by the year end.
Throughout the year Transport sales were increasing, especially in the UK and we were very pleased to see that the hard work and time invested in this was paying off.
The value of fish landed in 2024 was a record £62,238,307 (2023: £59,143,755). We should be very proud of the achievement. Once again this was a massive effort from all staff and their hard work is greatly appreciated, not only by the company, but by the fishing industry generally. Brixham has become the market of choice for many fishermen all along the South Coast.
Turnover fell in 2024 to £16,927,214 (2023: £17,470,599) but this reflects the lower fuel price. In general expenses all increased. The two major expenses to mention are wages and utilities. We had to considerably increase wages in 2024, both by increasing hourly rates, taking on new market staff to ensure our service remained at a high standard, and taking on drivers to cover additional work being won. As we all are aware all utilities considerably increased in the year which also has a knock-on effect of increasing many other expenses. Our net profit after taxation in 2024 as £63,166 (2023: £120,782).
The directors are pleased to be able to report that the business continues to be strong and based on this the directors will continue to look further for growth and investment. The directors can also ensure that Brixham Fish Market stays at the forefront of the fishing industry in the South and South West of England, and remains England’s largest fishing port by value of fish landed.
Commissions are monitored by the value of fish landed and as noted above, there was an increase in 2024. The value of the fish landed is dependent on many things including the prices (which fluctuate regularly), each species seasonal volumes, and the actual amounts landed which will also vary dependent on many different things including the weather and number of vessels fishing. Fuel is monitored by the litreage taken by the fishing vessels and the price of fuel which is determined on a weekly basis using PLATTS. In 2024 the total litreage used in the Brixham tanks was 16,533,114 (2023: 17,010,315). There is also fuel delivered direct into boats fishing in other areas and landing in other ports and in 2024 this increased to 3,836,776 (2023: 1,1745,632).
Also, a major indicator of expenses is wages as it is the largest cost. Market wages are regularly monitored comparing with value of fish sales as volumes of fish dictate the amount of labour required. The number of day boats has increased during 2024 and, therefore, additional wage costs have been incurred to service these vessels.
Despite several years of profits (with exception of 2020) the directors are continually evaluating the risks to the business. To be able to trade successfully and profitably we must ensure that we continue to bring fish to Brixham. This means that we must ensure a steady supply to meet the demand. There are concerns over fishing regulations, especially with Brexit rules and regulations in the next few years, and that is why the directors are constantly looking at other ways to sell fish on our auction clock. We must also ensure that we can continue to supply fuel to the fleet and that there are no environmental issues with doing this. This is reviewed regularly in conjunction with our landlords. The directors recognise that the company must ensure that we are health and
The directors present their strategic report for the financial year ended 31 December 2024.
BUSINESS REVIEW INCORPORATING PRINCIPAL RISKS AND UNCERTAINTIES AND KPI'S
There was a difficult start to 2024. Although landings were slightly up on the previous year thanks to a good Trevose season there were many additional costs including repairs to the market, repairs to the fuel system, and new grader parts. Added to this fuel profits decreased with boats away from Brixham and utility bills were increasing. We were also ensuring employee numbers were sufficient to deal with additional fish from the South and South East coasts and day boats from Plymouth following the very sad demise of PTA. Quarter 1 and 2 results showed losses but predictions were strong for the remainder of the year.
The second half of the year proved to be stronger with the fleet back in Brixham. Commission on new boats had been increased and then the difficult decision to increase commission to 6% on all boats under 15 metres in length was taken, effective from 4 November 2024. The labour element had increased significantly and to be able to cover this cost it was decided that the small boats would need to pay a little extra. A return to profits was achieved by the year end.
Throughout the year Transport sales were increasing, especially in the UK and we were very pleased to see that the hard work and time invested in this was paying off.
The value of fish landed in 2024 was a record £62,238,307 (2023: £59,143,755). We should be very proud of the achievement. Once again this was a massive effort from all staff and their hard work is greatly appreciated, not only by the company, but by the fishing industry generally. Brixham has become the market of choice for many fishermen all along the South Coast.
Turnover fell in 2024 to £16,927,214 (2023: £17,470,599) but this reflects the lower fuel price. In general expenses all increased. The two major expenses to mention are wages and utilities. We had to considerably increase wages in 2024, both by increasing hourly rates, taking on new market staff to ensure our service remained at a high standard, and taking on drivers to cover additional work being won. As we all are aware all utilities considerably increased in the year which also has a knock-on effect of increasing many other expenses. Our net profit after taxation in 2024 as £63,166 (2023: £120,782).
The directors are pleased to be able to report that the business continues to be strong and based on this the directors will continue to look further for growth and investment. The directors can also ensure that Brixham Fish Market stays at the forefront of the fishing industry in the South and South West of England, and remains England’s largest fishing port by value of fish landed.
Commissions are monitored by the value of fish landed and as noted above, there was an increase in 2024. The value of the fish landed is dependent on many things including the prices (which fluctuate regularly), each species seasonal volumes, and the actual amounts landed which will also vary dependent on many different things including the weather and number of vessels fishing. Fuel is monitored by the litreage taken by the fishing vessels and the price of fuel which is determined on a weekly basis using PLATTS. In 2024 the total litreage used in the Brixham tanks was 16,533,114 (2023: 17,010,315). There is also fuel delivered direct into boats fishing in other areas and landing in other ports and in 2024 this increased to 3,836,776 (2023: 1,1745,632).
Also, a major indicator of expenses is wages as it is the largest cost. Market wages are regularly monitored comparing with value of fish sales as volumes of fish dictate the amount of labour required. The number of day boats has increased during 2024 and, therefore, additional wage costs have been incurred to service these vessels.
Despite several years of profits (with exception of 2020) the directors are continually evaluating the risks to the business. To be able to trade successfully and profitably we must ensure that we continue to bring fish to Brixham. This means that we must ensure a steady supply to meet the demand. There are concerns over fishing regulations, especially with Brexit rules and regulations in the next few years, and that is why the directors are constantly looking at other ways to sell fish on our auction clock. We must also ensure that we can continue to supply fuel to the fleet and that there are no environmental issues with doing this. This is reviewed regularly in conjunction with our landlords. The directors recognise that the company must ensure that we are health and
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BRIXHAM TRAWLER AGENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
safety compliant, especially as the site has many areas of risk.
One area we must be aware of is space. With additional product coming to the port, we must ensure there is a good and safe space for us to carry out the required work in the market. We are aware of Torbay Borough Council’s successful application for government Levelling Up Funding, and we are still awaiting confirmation of their plans.
Another area of concern is the rising expenditures we face. Wages, utilities, repairs and many other expenses continue to increase. These expenses will be monitored closely as we move forward.
To summarise, the directors are pleased with the year’s results. We continually look at improvements and reinvestment opportunities which will keep Brixham serving the fishing industry to the best of our abilities.
POST BALANCE SHEET EVENTS
2025 has already started very strongly with many £1,000,000 weeks in value of fish landed in the first quarter. A particularly good Trevose season and some fine weather already puts values ahead of 2024.
On 1 January 2025 commissions increased to buyers. This difficult decision was made to cover additional expenditure, especially wage costs, and to ensure profits will be sufficient to cover investments going forward.
One area we must be aware of is space. With additional product coming to the port, we must ensure there is a good and safe space for us to carry out the required work in the market. We are aware of Torbay Borough Council’s successful application for government Levelling Up Funding, and we are still awaiting confirmation of their plans.
Another area of concern is the rising expenditures we face. Wages, utilities, repairs and many other expenses continue to increase. These expenses will be monitored closely as we move forward.
To summarise, the directors are pleased with the year’s results. We continually look at improvements and reinvestment opportunities which will keep Brixham serving the fishing industry to the best of our abilities.
POST BALANCE SHEET EVENTS
2025 has already started very strongly with many £1,000,000 weeks in value of fish landed in the first quarter. A particularly good Trevose season and some fine weather already puts values ahead of 2024.
On 1 January 2025 commissions increased to buyers. This difficult decision was made to cover additional expenditure, especially wage costs, and to ensure profits will be sufficient to cover investments going forward.
This report was approved by the board and signed on its behalf.
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BRIXHAM TRAWLER AGENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £63,166 (2023: £120,782).
Dividends paid in the year amounted to £18,600 (2023: £546,500).
The directors who served during the year were:
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BRIXHAM TRAWLER AGENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company intends to continue its business strategy of growth and development of its business activities.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BRIXHAM TRAWLER AGENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED
We have audited the financial statements of Brixham Trawler Agents Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity, analysis of net debt, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BRIXHAM TRAWLER AGENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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BRIXHAM TRAWLER AGENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment, and business performance including the design of remuneration policies;
∙We have considered the results of enquiries with management, the directors in relation to their own identification and assessment of the risks of irregularities within the entity: and
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included the Environment Act, health and safety regulations and employment legislation.
We identified revenue recognition and cut off as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included the Environment Act, health and safety regulations and employment legislation.
We identified revenue recognition and cut off as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litgation claims;
enquiring of management concerning actual and potential litgation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias an evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
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BRIXHAM TRAWLER AGENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIXHAM TRAWLER AGENTS LIMITED (CONTINUED)
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Brook House, Winslade Park
Manor Drive
Clyst St Mary
EX5 1GD
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BRIXHAM TRAWLER AGENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
REGISTERED NUMBER:02147074
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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BRIXHAM TRAWLER AGENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Brixham Trawler Agents Limited is a private limited company incorporated in England. The registered office is New Fish Quay, Brixham, Devon, TQ5 8AW. The registered number is 02147074.
The principal activity of the company during the year was wholly concerned with the fishing industry in the important port of Brixham, the fleet operating from it, and the needs of visiting boats and commercial vessels.
The company acts as agents to all commercial fishing vessels and operates the daily online fish auction. It is also the principal supplier of diesel oil within the port.
The principal activity of the company during the year was wholly concerned with the fishing industry in the important port of Brixham, the fleet operating from it, and the needs of visiting boats and commercial vessels.
The company acts as agents to all commercial fishing vessels and operates the daily online fish auction. It is also the principal supplier of diesel oil within the port.
2.ACCOUNTING POLICIES
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have concluded that the accounts should be prepared on a going concern basis. The directors has assessed this with reference to all current ongoing challenges arising, and deemed it to be reasonable.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation
Brixham Trawler Agents has tangible fixed assets which are depreciated over their useful lives. The useful life of an asset is subject to judgement which can affect the net book value of the asset held on the balance sheet. See note 14 for the carrying amount of the tangible assets and note 2.4 for the useful economic lives for each class of assets.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.TAXATION (CONTINUED)
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The net assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £90,590 (2023: £126,481). Contributions totalling £32,128 (2023: £101,254 ) were payable to the fund at the balance sheet date and are included in creditors.
The Company operates a defined benefit pension scheme.
The pension cost and provision for the year ended 31 December 2024 are based on the advice of a professionally qualified actuary. The FRS102 valuation as at 31 December 2024 was signed by the actuary on 28 February 2025.
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.PENSION COMMITMENTS (CONTINUED)
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.PENSION COMMITMENTS (CONTINUED)
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BRIXHAM TRAWLER AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking and ultimate holding company is South West Trawler Agents (Holdings) Limited . Financial statements for South West Trawler Agents (Holdings) Limited can be obtained from the registered office which is New Fish Quay, Brixham, Devon, TQ5 8AW.
No related party transactions occured during the year.
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