Company No: 00222672 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	304,015		289,295
Investment property	4	90,000		90,000
		394,015		379,295
Current assets
Stocks	5	178,603		239,891
Debtors	6	117,677		125,009
Cash at bank and in hand		50,814		981
		347,094		365,881
Creditors: amounts falling due within one year	7	( 143,276)		( 148,886)
Net current assets		203,818		216,995
Total assets less current liabilities		597,833		596,290
Creditors: amounts falling due after more than one year	8	( 147,880)		( 152,140)
Provision for liabilities		( 79,979)		( 75,677)
Net assets		369,974		368,473
Capital and reserves
Called-up share capital		7,825		7,825
Fair value reserve		88,000		88,000
Capital redemption reserve		1,175		1,175
Profit and loss account		272,974		271,473
Total shareholders' funds		369,974		368,473

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Exe Valley Fishery Limited (registered number: 00222672) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

A B Maund Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Exe Valley Fishery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Exe Valley Fishery, Exebridge, Dulverton, TA22 9AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of fish is recognised when the fish are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	7 - 50 years straight line
Plant and machinery	6.67 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	6.67 years straight line
Office equipment	6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Also within stock is £156,400 (2024: £216,200) of current biological assets not held for continuing use within the
business. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise of
fish.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 October 2024	259,705		202,310		118,761		33,159		15,672		629,607
Additions	0		44,732		0		0		0		44,732
Disposals	0		0		0		( 15,672)		0		( 15,672)
At 30 September 2025	259,705		247,042		118,761		17,487		15,672		658,667
Accumulated depreciation
At 01 October 2024	61,698		145,602		84,501		33,159		15,352		340,312
Charge for the financial year	5,327		16,052		8,565		0		68		30,012
Disposals	0		0		0		( 15,672)		0		( 15,672)
At 30 September 2025	67,025		161,654		93,066		17,487		15,420		354,652
Net book value
At 30 September 2025	192,680		85,388		25,695		0		252		304,015
At 30 September 2024	198,007		56,708		34,260		0		320		289,295

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2024	90,000
As at 30 September 2025	90,000

5. Stocks

	2025		2024
	£		£
Livestock	156,400		216,200
Other stock	22,203		23,691
	178,603		239,891

Livestock consists of current biological assets not held for continuing use within the business, being fish.

6. Debtors

	2025		2024
	£		£
Trade debtors	97,001		84,963
Other debtors	20,676		40,046
	117,677		125,009

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured £ 17,049)	18,014		46,370
Trade creditors	69,542		46,628
Taxation and social security	35,743		30,363
Obligations under finance leases and hire purchase contracts (secured)	2,768		16,210
Other creditors	17,209		9,315
	143,276		148,886

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	147,880		149,372
Obligations under finance leases and hire purchase contracts (secured)	0		2,768
	147,880		152,140

Within bank loans £133,042 is secured against the land and buildings held on the balance sheet.

Hire purchase agreements are secured against the asset to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	100,851		112,608

The amount payable by instalments after more than 5 years has been restated for the current and comparative period.

9. Related party transactions

Transactions with the entity's directors

Advances

The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2024, the balance owed by the director was £24,994. During the year £86,071 was advanced to the director, and £111,065 was repaid by the director. At 30 September 2025, the balance owed to the director was £Nil.

At 1 October 2023, the balance owed by the director was £48,307. During the year £66,602 was advanced to the director, and £89,375 was repaid by the director. At 30 September 2024, the balance owed by the director was £24,994.