Company No: 09807683 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	36,668		38,501
Tangible assets	4	1,139,863		1,180,994
		1,176,531		1,219,495
Current assets
Debtors	5	102,497		67,139
		102,497		67,139
Creditors: amounts falling due within one year	6	( 143,900)		( 179,407)
Net current liabilities		(41,403)		(112,268)
Total assets less current liabilities		1,135,128		1,107,227
Creditors: amounts falling due after more than one year	7	( 1,010,394)		( 1,084,173)
Provision for liabilities		( 31,540)		( 31,540)
Net assets/(liabilities)		93,194		( 8,486)
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		93,192		( 8,488 )
Total shareholder's funds/(deficit)		93,194		( 8,486)

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of South West Trawlers Ltd (registered number: 09807683) were approved and authorised for issue by the Director on 17 April 2026. They were signed on its behalf by:

Derek Barry Meredith 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

South West Trawlers Ltd (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 Century House, Nicholson Road, Torquay, TQ2 7TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

30 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery	30 years straight line
Vehicles	25 % reducing balance
Other property, plant and equipment	15 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 income over the period in which the related costs are recognised. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 September 2024	55,000		55,000
At 31 August 2025	55,000		55,000
Accumulated amortisation
At 01 September 2024	16,499		16,499
Charge for the financial year	1,833		1,833
At 31 August 2025	18,332		18,332
Net book value
At 31 August 2025	36,668		36,668
At 31 August 2024	38,501		38,501

4. Tangible assets

	Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£
Cost
At 01 September 2024	18,491		69,684		1,242,318		1,330,493
Additions	180		0		9,650		9,830
At 31 August 2025	18,671		69,684		1,251,968		1,340,323
Accumulated depreciation
At 01 September 2024	9,115		28,977		111,407		149,499
Charge for the financial year	1,409		8,142		41,410		50,961
At 31 August 2025	10,524		37,119		152,817		200,460
Net book value
At 31 August 2025	8,147		32,565		1,099,151		1,139,863
At 31 August 2024	9,376		40,707		1,130,911		1,180,994

5. Debtors

	2025		2024
	£		£
Trade debtors	0		8,263
Amounts owed by director	40,147		0
VAT recoverable	9,678		7,290
Other debtors	52,672		51,586
	102,497		67,139

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured)	62,047		86,786
Trade creditors	21,566		15,196
Accruals	3,275		2,675
Taxation and social security	663		0
Obligations under finance leases and hire purchase contracts (secured)	4,804		7,023
Other creditors	51,545		67,727
	143,900		179,407

Bank loans shown above are secured by a fixed charge over the company's assets.

Hire purchase liabilities are secured against the assets to which they relate.

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

	2025		2024
	£		£
Bank loans (secured)	982,585		1,048,538
Obligations under finance leases and hire purchase contracts (secured)	27,809		35,635
	1,010,394		1,084,173

Bank loans shown above are secured by a fixed charge over the company's assets.

Hire purchase liabilities are secured against the assets 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)	538,153		587,262

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Owed by the director to the company	40,147		0