McLeod Trawlers Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 03343602

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		250,000		250,000
Tangible Assets	5		1,049,178		1,074,626
Investments	6		3,125		3,125

			1,302,303		1,327,751
CURRENT ASSETS
Stocks	7	7,500		15,000
Debtors	8	10,672		20,317
Cash at bank and in hand		168		2,018

		18,340		37,335
Creditors: Amounts Falling Due Within One Year	9	(290,179 )		(282,178 )

NET CURRENT ASSETS (LIABILITIES)			(271,839 )		(244,843 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,030,464		1,082,908

Creditors: Amounts Falling Due After More Than One Year	10		(634,433 )		(643,262 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(254,672 )		(244,668 )

NET ASSETS			141,359		194,978

CAPITAL AND RESERVES
Called up share capital	13		2		2
Profit and Loss Account			141,357		194,976

SHAREHOLDERS' FUNDS			141,359		194,978

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McLeod Trawlers Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Andrew McLeod Director	Miss Julia McLeod Director
22/07/2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

McLeod Trawlers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03343602 . The registered office is Unit 27 Northfields Industrial Estate, Brixham, Devon, TQ5 8UA.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fishing Vessels 5% Straight Line

Plant & Machinery	25% Straight Line
Motor Vehicles	20% Straight Line

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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McLeod Trawlers Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 January 2024	295,000

As at 31 December 2024	295,000

Amortisation
As at 1 January 2024	45,000

As at 31 December 2024	45,000

Net Book Value
As at 31 December 2024	250,000

As at 1 January 2024	250,000

Included in Intangible assets is a Fishing Licence which is accounted for under the cost basis. The current Net Book Value is £250,000 however the Valuation Survey Report for the vessel and licence conducted by Blazeby Maritime Consultants dated 20 August 2021, values the Fishing Licence at £750,000.

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McLeod Trawlers Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 January 2024	1,554,153	4,705	1,558,858

As at 31 December 2024	1,554,153	4,705	1,558,858

Depreciation
As at 1 January 2024	482,027	2,205	484,232
Provided during the period	25,448	-	25,448

As at 31 December 2024	507,475	2,205	509,680

Net Book Value
As at 31 December 2024	1,046,678	2,500	1,049,178

As at 1 January 2024	1,072,126	2,500	1,074,626

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2024	3,125

As at 31 December 2024	3,125

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	3,125

As at 1 January 2024	3,125

7. Stocks

	2024	2023
	£	£
Stock	7,500	15,000

8. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	10,672	20,317

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McLeod Trawlers Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	66,806	54,985
Bank loans and overdrafts	156,721	130,653
Other creditors	34,813	29,501
Taxation and social security	31,839	67,039

	290,179	282,178

10. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	476,382	469,246
Other creditors	158,051	174,016

	634,433	643,262

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2024		2023
	£		£
Bank loans	151,266		274,852

11. Secured Creditors

Of the creditors the following amounts are secured against assets held by the Company.

	2024		2023
	£		£
Bank loans and overdrafts	562,269		531,882

12. Deferred Taxation

The provision for deferred tax is made up as follows and is expected to reverse within 15 years and relates to accelerated capital allowances that are expected to mature within the same period:

	2024	2023
	£	£
Other timing differences	254,672	244,668

13. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

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