Year Ended
Registration number:
Ocean Fleet (SW) Limited
Balance Sheet
30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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 liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholder's funds/(deficit) |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 12879418
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
As at 30 November 2025, the Company had net current liabilities of £2,112,979 (2024 - £2,264,649) including group loans.
The Directors have considered the ongoing effect of cost of living, the USA-Iran conflict in the Middle East and supply chain disruptions on the demand for seafood and anticipates an ability to continue operate successfully.
The Directors have reviewed the Company's strong performance as a result anticipate that the business will be able to continue successfully. Therefore, the Directors consider it appropriate for the financial statements to be prepared on a going concern basis.
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are set out below:
i. Valuation of fishing licences
The fair value of fishing licences are based on valuations carried out by expert valuers. They contain assumptions on the values of kilowatt and gross tonnage units.
ii. Impairment of tangible and intangible assets
At each reporting date, management reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
iii. Depreciation period for fixed assets
Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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
and specific criteria have been met for each of the company's activities.
Finance income and costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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.
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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Fish Boxes |
25% Straight Line |
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Fishing Vessels and Improvements |
3 - 4% Straight Line |
Intangible assets
Fishing licenses are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average weighted cost 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 stocks 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.
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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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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Intangible assets |
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Fishing licences and quotas |
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Cost or valuation |
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At 1 December 2024 |
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At 30 November 2025 |
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Carrying amount |
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At 30 November 2025 |
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At 30 November 2024 |
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Tangible assets |
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Fish boxes |
Fishing boats and improvements |
Total |
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Cost or valuation |
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At 1 December 2024 |
5,215 |
2,686,469 |
2,691,684 |
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Additions |
- |
13,362 |
13,362 |
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At 30 November 2025 |
5,215 |
2,699,831 |
2,705,046 |
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Depreciation |
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At 1 December 2024 |
4,163 |
426,938 |
431,101 |
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Charge for the year |
1,052 |
85,496 |
86,548 |
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At 30 November 2025 |
5,215 |
512,434 |
517,649 |
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Carrying amount |
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At 30 November 2025 |
- |
2,187,397 |
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At 30 November 2024 |
1,052 |
2,259,531 |
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Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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Debtors |
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Note |
2025 |
2024 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Other creditors |
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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2025 |
2024 |
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Due after more than five years |
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After more than five years by instalments |
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Creditors include bank loans repayable by instalments of £495,558 (2024 - £707,780) due after more than five years.
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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Loans and borrowings |
Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank borrowings
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Bank borrowings are secured by fixed charge and floating charges on the assets of the company, as part of a group wide refinance. |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of contingencies not included in the balance sheet is £5,659,855 (2024 - £5,346,587).
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Related party transactions |
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from
disclosing transactions with wholly owned members of the group.
Summary of transactions with subsidiaries
Expenditure with and payables to related parties
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2025 |
Subsidiaries |
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Rendering of services |
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2024 |
Subsidiaries |
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Rendering of services |
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Amounts payable to related party |
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Ocean Fleet (SW) Limited
Notes to the Financial Statements
Year Ended 30 November 2025
Income and receivables from related parties
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2025 |
Subsidiary |
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Amounts receivable from related party |
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2024 |
Subsidiary |
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Amounts receivable from related party |
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Audit report |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The smallest parent entity producing publicly available consolidated financial statements is Ocean Fish Group Limited. The address of Ocean Fish Group Limited is 2a/2b Victoria Business Park, Roche, Cornwall, United Kingdom, PL26 8LX.
The largest group in which these financial statements are consolidated is Fortuna Ltd. The address of Fortuna Ltd is 10 Boxer Bridge, Stanley, The Falkland Islands.