KEARNEY FISHING LTD

KEARNEY FISHING LTD

KEARNEY FISHING LTD - Company Information

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KEARNEY FISHING LTD

Company Registration Number:
NI068031 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 December 2018

Period of accounts

Start date: 01 January 2018

End date: 31 December 2018

KEARNEY FISHING LTD

Contents of the Financial Statements

for the Period Ended 31 December 2018

Balance sheet
Notes

KEARNEY FISHING LTD

Balance sheet

As at 31 December 2018


Notes
2018
2017


£
£
Fixed assets
Intangible assets: 3 124,840 270,578
Tangible assets: 4 139,574 149,453
Total fixed assets: 264,414 420,031
Current assets
Debtors:   61,128 1,884
Cash at bank and in hand: 118,790 60,170
Total current assets: 179,918 62,054
Creditors: amounts falling due within one year:   (156,335) (189,379)
Net current assets (liabilities): 23,583 (127,325)
Total assets less current liabilities: 287,997 292,706
Creditors: amounts falling due after more than one year:   (162,219) (184,120)
Provision for liabilities: (26,520) (28,397)
Total net assets (liabilities): 99,258 80,189
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 99,256 80,187
Shareholders funds: 99,258 80,189

The notes form part of these financial statements

KEARNEY FISHING LTD

Balance sheet statements

For the year ending 31 December 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 September 2019
and signed on behalf of the board by:

Name: J Kearney
Status: Director

The notes form part of these financial statements

KEARNEY FISHING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognitionTurnover 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.

Tangible fixed assets and depreciation policy

Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Plant & machinery - 15% reducing balanceMotor vehicles - 15% reducing balanceFishing vessels - 5% reducing balanceImpairment of fixed assetsA 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.For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Intangible fixed assets and amortisation policy

GoodwillGoodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.AmortisationAmortisation 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:Licences & quotas - 20% - 100% Straight lineIf 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.

Other accounting policies

Finance leases and hire purchase contractsAssets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

KEARNEY FISHING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2018

2. Employees

2018 2017
Average number of employees during the period 0 0

KEARNEY FISHING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2018

3. Intangible Assets

Total
Cost £
At 01 January 2018 485,962
At 31 December 2018 485,962
Amortisation
At 01 January 2018 215,384
Charge for year 145,738
At 31 December 2018 361,122
Net book value
At 31 December 2018 124,840
At 31 December 2017 270,578

KEARNEY FISHING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2018

4. Tangible Assets

Total
Cost £
At 01 January 2018 171,452
At 31 December 2018 171,452
Depreciation
At 01 January 2018 21,999
Charge for year 9,879
At 31 December 2018 31,878
Net book value
At 31 December 2018 139,574
At 31 December 2017 149,453

KEARNEY FISHING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2018

5. Related party transactions

Name of the related party: J Kearney
Relationship:
Director
Description of the Transaction: Directors current Account balance at the year end owed to the director
£
Balance at 01 January 2018 162,291
Balance at 31 December 2018 116,578