Registration number:
Ondar Fishing Company Limited
for the Year Ended 31 December 2024
Ondar Fishing Company Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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iXBRL Detailed Profit and Loss Account |
Ondar Fishing Company Limited
Company Information
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Directors |
A J Rodriguez Blanco F J Rodriguez Blanco |
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Company secretary |
A J Rodriguez Blanco |
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Registered office |
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Accountants |
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Ondar Fishing Company Limited
Directors' Report for the Year Ended 31 December 2024
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The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of the
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
F J Rodriguez Blanco
Director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Ondar Fishing Company Limited
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ondar Fishing Company Limited for the year ended 31 December 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Ondar Fishing Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ondar Fishing Company Limited and state those matters that we have agreed to state to the Board of Directors of Ondar Fishing Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ondar Fishing Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ondar Fishing Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ondar Fishing Company Limited. You consider that Ondar Fishing Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ondar Fishing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
342 Regents Park Road
London
N3 2LJ
Ondar Fishing Company Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
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17,139 |
50,213 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
4,003,132 |
3,581,816 |
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Retained earnings carried forward |
4,848,721 |
4,003,132 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Ondar Fishing Company Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Ondar Fishing Company Limited
(Registration number: 01560356)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
980,100 |
980,100 |
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Revaluation reserve |
310,798 |
310,798 |
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Retained earnings |
4,848,721 |
4,003,132 |
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Shareholders' funds |
6,139,619 |
5,294,030 |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Ondar Fishing Company Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
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At 31 December 2024 |
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Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Vessel and equipment |
10% RB |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Licence and quota |
18% RB |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
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Depreciation expense |
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Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
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Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
- |
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Investments |
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2024 |
2023 |
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Investments in associates |
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Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Associates |
£ |
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Cost |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Associates |
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Viewlands Broomehall Road Surrey RH5 6HJ |
500 Ordinary |
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UK |
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Viewlands Broomehall Road Surrey RH5 6HJ |
50 Ordinary |
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UK |
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Associates |
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Genesis Marine Limited The principal activity of Genesis Marine Limited is |
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Noah Marine Limited The principal activity of Noah Marine Limited is |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Ondar Fishing Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
( |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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980,100 |
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980,100 |
Ondar Fishing Company Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover/revenue |
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Cost of sales |
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Opening raw materials |
( |
( |
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Purchase of raw materials and consumables |
( |
( |
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Closing raw materials |
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Operating lease payments |
( |
( |
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Freight and haulage costs |
( |
( |
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Training |
( |
( |
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External commission costs |
( |
( |
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Royalties, licences and similar expenses |
( |
( |
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Printing, postage and stationery |
( |
( |
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Other costs |
( |
( |
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Gross profit |
1,235,252 |
638,975 |
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Distribution costs |
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Administrative expenses |
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Audit and accountancy other services |
( |
( |
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Depreciation of fixed assets |
( |
( |
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Legal and professional costs |
- |
( |
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Bank charges |
( |
( |
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Inter-company recharges |
( |
( |
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Other costs |
( |
( |
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Other operating income |
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Other items |
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Profit on ordinary activities before finance charges and interest |
1,084,484 |
471,593 |
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Non-bank interest and similar income receivable |
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Foreign exchange (loss)/gain included in finance income |
( |
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Profit on ordinary activities before taxation |
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Tax on profit or loss on ordinary activities |
( |
( |
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Profit for the financial year |
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