Young Elizabeth Quota Trading Limited - Period Ending 2018-12-31

Young Elizabeth Quota Trading Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 04106191

Young Elizabeth Quota Trading Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Young Elizabeth Quota Trading Limited

Company Information

Director

E C Stevenson

Registered office

Frenchmans Watch Elms Close Terrace Newlyn Penzance TR18 5AU

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Young Elizabeth Quota Trading Limited

Balance Sheet

31 December 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	3	720,000	720,000
Tangible assets	4	6,641	8,565
		726,641	728,565
Current assets
Debtors	5	107,679	163,509
Creditors: Amounts falling due within one year	6	(25,989)	(29,534)
Net current assets		81,690	133,975
Total assets less current liabilities		808,331	862,540
Provisions for liabilities		(43,029)	(43,113)
Net assets		765,302	819,427
Capital and reserves
Called up share capital		1	1
Revaluation reserve		370,658	370,658
Profit and loss account		394,643	448,768
Total equity		765,302	819,427

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Young Elizabeth Quota Trading Limited

Balance Sheet

31 December 2018

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 28 August 2019
 

......................................... E C Stevenson Director

Company Registration Number: 04106191

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Frenchmans Watch
Elms Close Terrace
Newlyn
Penzance
TR18 5AU

These financial statements were authorised for issue by the director on 28 August 2019.

2	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.

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.

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Page 4

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

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:

Asset class	Depreciation method and rate
Property improvements	10% straight line
Office equipment	15% reducing balance

Intangible assets

Intangible assets comprise fishing quota. Whilst the quota is amortised as stated below, each year the director considers its value and this is then adjusted back to the director's opinion of market value.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Fishing quota	straight line over 10 years

Page 5

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Financial instruments

Classification
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3	Intangible assets

	Fishing quota  £	Total £
Cost or valuation
At 1 January 2018	720,000	720,000
At 31 December 2018	720,000	720,000
Amortisation
Carrying amount
At 31 December 2018	720,000	720,000
At 31 December 2017	720,000	720,000

As noted in the accounting policy, these assets are amortised over their expected useful lives taking into account their residual value, which the director has assigned to be equal to the current market value of the assets.

Page 6

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	15,961	6,213	22,174
At 31 December 2018	15,961	6,213	22,174
Depreciation
At 1 January 2018	9,576	4,033	13,609
Charge for the year	1,597	327	1,924
At 31 December 2018	11,173	4,360	15,533
Carrying amount
At 31 December 2018	4,788	1,853	6,641
At 31 December 2017	6,385	2,180	8,565

Page 7

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

5

Debtors

	2018  £	2017  £
Trade debtors	6,326	3,600
Other debtors	101,353	159,909
	107,679	163,509
Less amounts due after one year	(17,088)	(31,764)
	90,591	131,745

Details of non-current trade and other debtors

£17,088 (2017 -£31,764) of Debtors is classified as non current. Debtors includes the above amounts that are considered to be receivable after more than one year.

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	7	12,770	13,170
Corporation tax		8,568	10,357
Social security and other taxes		3,771	420
Other creditors		-	4,707
Accrued expenses		880	880
		25,989	29,534

Creditors due within one year includes a bank overdraft under which security has been provided by the company. The liability secured is £12,770 (2017 - £13.170).

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	12,770	13,170

8	Share capital

Allotted, called up and fully paid shares

Page 8

Young Elizabeth Quota Trading Limited

Notes to the Financial Statements

Year Ended 31 December 2018

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Related party transactions

During the year the company made the following related party transactions:

E C Stevenson (Director of the company)

St Clements Fishing (Business in which E C Stevenson is a partner)
During the year, quota was leased to St Clements Fishing, a partnership in which E C Stevenson is a partner. There were funds advanced to the partnership on an unsecured,commercial basis. Interest is charged at 3.00%. Advances of £40,000 were made during the year. Repayments were made of £12,000. At the year end £28,558 was due to the company.

Lambourn Property (Business in which E C Stevenson is proprietor)
During the year the company received repayments on the loan from the related party. Interest continued to be charged at 3.00% (2017 - 3.00%). At the balance sheet date the amount due from Lambourn Property was £40,395 (2017 - £45,606).

Navy Inn (Business in which E C Stevenson is proprietor)
During the year the company was repaid the outstanding loan from this related party. Up to that date, interest was charged at 3.00% (3.00%). At the balance sheet date the amount due from Navy Inn was £nil (2017 - £82,540)

Page 9