FOR THE YEAR ENDED 31 DECEMBER 2024
SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
COMPANY INFORMATION
SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
CONTENTS
SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
GROUP 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: £120,664).
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: £120,664).
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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
GROUP 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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) 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 Group strategic report, the Directors' report and the consolidated 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 Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
The company intends to continue its business strategy of growth and development of its business activities.
There have been no significant events affecting the Group since the year end.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
We have audited the financial statements of South West Trawler Agents (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Company 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 Group 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 Group's or the parent 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.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST TRAWLER AGENTS (HOLDINGS) 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 Group 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 of risk 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 Group by discussions with directors and by updating our understanding of the sector in which the Group operated in. Laws and regulations that are of direct significance to the Group, 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 Group’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 Group by discussions with directors and by updating our understanding of the sector in which the Group operated in. Laws and regulations that are of direct significance to the Group, 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 Group’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 litigation 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 and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of 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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST TRAWLER AGENTS (HOLDINGS) 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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
REGISTERED NUMBER:11691776
CONSOLIDATED 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 16 to 34 form part of these financial statements.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
REGISTERED NUMBER:11691776
COMPANY 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 16 to 34 form part of these financial statements.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
South West Trawler Agents (Holdings) Limited is a private limited company incorporated in England. The registered office is New Fish Quay, Brixham, Devon, TQ5 8AW. The registered number is 11691776.
The principal activity of the company was that of a holdings company.
The principal activity of the company was that of a holdings company.
2.ACCOUNTING POLICIES
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statement incorporate the results of business combinations in the prior period using the merger accounting method.
The carrying values of the assets and liabilities of the parties to the combination in the prior period were not required to be adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange is shown as a movement on other reserves in the Consolidated financial statements.
The consolidated financial statement incorporate the results of business combinations in the prior period using the merger accounting method.
The carrying values of the assets and liabilities of the parties to the combination in the prior period were not required to be adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange is shown as a movement on other reserves in the Consolidated financial statements.
The directors have concluded that the accounts should be prepared on a going concern basis. The directors have assessed this with reference to all current ongoing challenges arising, and deemed it to be reasonable.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
Depreciation is provided on the following basis:
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.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Short term debtors are measured at transaction price, less any impairment.
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.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Depreciation
The Group 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 13 for the carrying amount of the intangible assets and note 2.5 for the useful economic lives for each class of assets.
Analysis of turnover by country of destination:
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.TAXATION (CONTINUED)
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.DEFERRED TAXATION (CONTINUED)
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group 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 Group 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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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.PENSION COMMITMENTS (CONTINUED)
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.PENSION COMMITMENTS (CONTINUED)
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SOUTH WEST TRAWLER AGENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
No related party transactions occured during the year.
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