COMPANY REGISTRATION NUMBER:
4867001
|
Filleted Unaudited Financial Statements |
|
Year ended 31 August 2025
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
2 to 4 |
|
|
|
Statement of Financial Position |
|
31 August 2025
Fixed assets
|
Intangible assets |
4 |
22,873 |
24,953 |
|
|
|
|
Current assets
|
Debtors |
5 |
454,270 |
417,376 |
|
Cash at bank and in hand |
279,442 |
299,837 |
|
--------- |
--------- |
|
733,712 |
717,213 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
4,401) |
(
7,757) |
|
--------- |
--------- |
|
Net current assets |
729,311 |
709,456 |
|
--------- |
--------- |
|
Total assets less current liabilities |
752,184 |
734,409 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
7 |
2,330,001 |
2,330,001 |
|
Profit and loss account |
(
1,577,817) |
(
1,595,592) |
|
------------ |
------------ |
|
Shareholders funds |
752,184 |
734,409 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 May 2026
, and are signed on behalf of the board by:
|
Mr A. Campos Barciela |
|
|
Director |
|
|
|
Company registration number:
4867001
|
Notes to the Financial Statements |
|
Year ended 31 August 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP.
2.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 date of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Intangible assets
|
Quota |
|
£ |
|
Cost |
|
|
At 1 September 2024 and 31 August 2025 |
41,593 |
|
-------- |
|
Amortisation |
|
|
At 1 September 2024 |
16,640 |
|
Charge for the year |
2,080 |
|
-------- |
|
At 31 August 2025 |
18,720 |
|
-------- |
|
Carrying amount |
|
|
At 31 August 2025 |
22,873 |
|
-------- |
|
At 31 August 2024 |
24,953 |
|
-------- |
|
|
5.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
392,165 |
381,377 |
|
Other debtors |
62,105 |
35,999 |
|
--------- |
--------- |
|
454,270 |
417,376 |
|
--------- |
--------- |
|
|
|
Other debtors include an amount of £nil (2024 - £nil) falling due after more than one year.
6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
1,841 |
1,768 |
|
Social security and other taxes |
– |
1,231 |
|
Other creditors |
2,560 |
4,758 |
|
------- |
------- |
|
4,401 |
7,757 |
|
------- |
------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2025 |
2024 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
2,330,001 |
2,330,001 |
2,330,001 |
2,330,001 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
8.
Related party transactions
The company is controlled by the ultimate holding company Tusapesca SA, a company registered and incorporated in Spain. Tusapesca SA acts as the company's agent in Spain and handles the sales of the fish catches and the day to day running of the vessel Loretta. The invoices which provide the data evidencing sales and expenditure originate in Spain before their submission to the head office in Wales, where they are recorded in the company's accounting records. At the year end date the company was owed £392,165 net by Tusapesca SA (2024 - £381,377 net).