REGISTERED NUMBER: 12741183 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

55 FISHERIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr. A Dixon

Mr. S N Smith

REGISTERED OFFICE:

71 Howard Street

North Shields

Tyne and Wear

NE30 1AF

REGISTERED NUMBER:

12741183 (England and Wales)

ACCOUNTANTS:

BK Plus Limited

Chartered Certified Accountants

13 Windsor Terrace

Jesmond

Newcastle upon Tyne

NE2 4HE

BANKERS:

National Westminster Bank plc

29 Newgate Street

Bishop Auckland

DL14 7ET

SOLICITORS:

Hay & Kilner

Merchant House

30 Cloth Market

Newcastle upon Tyne

NE1 1EE

FIXED ASSETS

Intangible assets

4

75,833

88,833

Tangible assets

5

326,900

346,250

Investments

6

90,000

90,000

492,733

525,083

CURRENT ASSETS

Stocks

144,764

184,644

Debtors

7

864,669

794,571

Cash at bank and in hand

239,513

231,171

1,248,946

1,210,386

CREDITORS

Amounts falling due within one year

8

1,401,389

1,413,163

NET CURRENT LIABILITIES

(152,443

)

(202,777

)

TOTAL ASSETS LESS CURRENT LIABILITIES

340,290

322,306

CREDITORS

Amounts falling due after more than one year

9

(29,763

)

(37,881

)

PROVISIONS FOR LIABILITIES

(26,464

)

(29,527

)

NET ASSETS

284,063

254,898

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Retained earnings

244,063

214,898

284,063

254,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr. A Dixon - Director

1.	STATUTORY INFORMATION

55 Fisheries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

in accordance with the property

Plant and machinery

-

15% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors

Trade and other debtors (including prepayments) are recognised at the settlement amount due or amount prepaid) net of any trade discounts.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments.

Creditors

Trade and other creditors (including accruals) are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount net of any trade discounts.

Financial instruments

Investments are included at fair value. All other financial assets and financial liabilities qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

130,000

AMORTISATION

At 1 January 2024

41,167

Charge for year

13,000

At 31 December 2024

54,167

NET BOOK VALUE

At 31 December 2024

75,833

At 31 December 2023

88,833

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

216,454

223,546

440,000

Additions

-

33,500

33,500

At 31 December 2024

216,454

257,046

473,500

DEPRECIATION

At 1 January 2024

20,705

73,045

93,750

Charge for year

8,194

44,656

52,850

At 31 December 2024

28,899

117,701

146,600

NET BOOK VALUE

At 31 December 2024

187,555

139,345

326,900

At 31 December 2023

195,749

150,501

346,250

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

90,000

NET BOOK VALUE

At 31 December 2024

90,000

At 31 December 2023

90,000

Entitlements are stated at fair value which, in the opinion of the directors, is equivalent to open market value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

808,504

737,123

Other debtors

56,165

57,448

864,669

794,571

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

551,375

830,850

Taxation and social security

17,380

1,048

Other creditors

832,634

581,265

1,401,389

1,413,163

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

29,763

37,881

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

4,654

4,654

Between one and five years

7,757

12,411

12,411

17,065

11.	RELATED PARTY DISCLOSURES

Included under other creditors are loans from the company's directors which, at the balance sheet date, totalled £731,000 (2023 - £481,000). Of these loans, £300,000 (2023 - £nil) is interest bearing at the rate of 1%, resulting in an interest charge of £3,000 (2023 - £nil) being recognised in the Income Statement. All loans provided by the directors are repayable on demand.