REGISTERED NUMBER: 00069212 (England and Wales)

Onward Fishing Company Limited

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Thorsteinsson

D Parlevliet

SECRETARY:

Mackinnons Solicitors

REGISTERED OFFICE:

The Orangery

Hesslewood Country Business Park

Ferriby Road

Hessle

East Yorkshire

HU13 0LH

REGISTERED NUMBER:

00069212 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

-

1,778,750

CURRENT ASSETS

Debtors

5

5,201,721

620,372

Cash at bank

228,016

4,448,720

5,429,737

5,069,092

CREDITORS

Amounts falling due within one year

6

1,017,664

409,750

NET CURRENT ASSETS

4,412,073

4,659,342

TOTAL ASSETS LESS CURRENT LIABILITIES

4,412,073

6,438,092

PROVISIONS FOR LIABILITIES

3,481,519

2,394,298

NET ASSETS

930,554

4,043,794

CAPITAL AND RESERVES

Called up share capital

7

3,750

3,123,750

Revaluation reserve

8

-

400,000

Retained earnings

926,804

520,044

SHAREHOLDERS' FUNDS

930,554

4,043,794

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 16th May 2025 and were signed on its behalf by:

B Thorsteinsson - Director

1.	STATUTORY INFORMATION

Onward Fishing Company 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.

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.

Intangible fixed assets

Fishing quota is stated at cost less amortisation. Amortisation is charged over 5 years, the estimated useful life of the asset.

Fishing licences are stated at their deemed cost less amortisation. Under FRS 102 section 39.5(d), on

transition to FRS 102, a first-time adopter may elect to use a previous GAAP revaluation as its deemed cost. The date of transition to FRS 102 was 1 January 2014. The directors assess the estimated residual value of fishing licences at each period-end and where the estimated residual value exceeds ordinal cost, no amortisation is provided.

Impairment of intangible assets

At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and Cash Equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less subject to insignificant risk of changes in value.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligation, rather than its legal form.

The company's cash at bank and in hand and trade and other debtors and its trade and other creditors are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be paid or received. The company only presents financial instruments net when the company has the legal right to offset and intends to settle the financial instruments simultaneously.

Taxation

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using

the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies

Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Fishing

Fishing

quota

licenses

Totals

£

£

£

COST

At 1st January 2024

2,610,875

1,778,750

4,389,625

Disposals

(758,818

)

(1,778,750

)

(2,537,568

)

At 31st December 2024

1,852,057

-

1,852,057

AMORTISATION

At 1st January 2024

2,610,875

-

2,610,875

Eliminated on disposal

(758,818

)

-

(758,818

)

At 31st December 2024

1,852,057

-

1,852,057

NET BOOK VALUE

At 31st December 2024

-

-

-

At 31st December 2023

-

1,778,750

1,778,750

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

12,000

601,746

Amounts owed by group undertakings

5,000,000

12,000

Other debtors

189,721

6,626

5,201,721

620,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,500

56,000

Amounts owed to group undertakings

405

18,078

Taxation and social security

992,969

293,522

Other creditors

20,790

42,150

1,017,664

409,750

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3,750

Ordinary Share

£1

3,750

3,123,750

On the 2nd July 2024, the company reduced the share capital.

8.

RESERVES

Revaluation

reserve

£

At 1st January 2024

400,000

Revaluation movement

(400,000

)

At 31st December 2024

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Dearing BSc FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE PARENT COMPANY

12.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.