Talisman Fishing (Looe) Ltd 31/01/2021 iXBRL

Talisman Fishing (Looe) Ltd 31/01/2021 iXBRL

TALISMAN FISHING (LOOE) LTD - Company Information

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Company registration number: 05409782
Talisman Fishing (Looe) Ltd
Unaudited filleted financial statements
31 January 2021
Talisman Fishing (Looe) Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Talisman Fishing (Looe) Ltd
Directors and other information
Directors Mr AG Berry
Mrs J Berry
Secretary Mrs J Berry
Company number 05409782
Registered office Longcoe Farm
St Martin
Looe
PL13 1NX
Business address Longcoe Farm
St Martin
Looe
PL13 1NX
Talisman Fishing (Looe) Ltd
Statement of financial position
31 January 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 4 125,000 125,000
Tangible assets 5 316,438 355,282
Investments 6 800 800
_______ _______
442,238 481,082
Current assets
Debtors 7 65,125 68,894
Cash at bank and in hand 125,334 85,692
_______ _______
190,459 154,586
Creditors: amounts falling due
within one year 8 ( 22,425) ( 32,952)
_______ _______
Net current assets 168,034 121,634
_______ _______
Total assets less current liabilities 610,272 602,716
Creditors: amounts falling due
after more than one year 9 ( 194,012) ( 151,502)
Provisions for liabilities ( 63,186) ( 67,568)
_______ _______
Net assets 353,074 383,646
_______ _______
Capital and reserves
Called up share capital 3 2
Profit and loss account 353,071 383,644
_______ _______
Shareholders funds 353,074 383,646
_______ _______
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2021 , and are signed on behalf of the board by:
Mr AG Berry
Director
Company registration number: 05409782
Talisman Fishing (Looe) Ltd
Notes to the financial statements
Year ended 31 January 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Talisman Fishing (Looe) Limited, Longcoe Farm, St Martin, Looe, PL13 1NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
Amortisation of the boat licence and quotas is not considered necessary.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 a revalued amount, 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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation 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:
Fishing boat - 10 % reducing balance
Plant and equipment - 25 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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.
Provisions
Provisions 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 statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Intangible assets
Boat licence and quotas Total
£ £
Cost
At 1 February 2020 and 31 January 2021 125,000 125,000
_______ _______
Amortisation
At 1 February 2020 and 31 January 2021 - -
_______ _______
Carrying amount
At 31 January 2021 125,000 125,000
_______ _______
At 31 January 2020 125,000 125,000
_______ _______
5. Tangible assets
Fishing boat Plant and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2020 651,033 102,487 27,885 781,405
Additions - 249 - 249
_______ _______ _______ _______
At 31 January 2021 651,033 102,736 27,885 781,654
_______ _______ _______ _______
Depreciation
At 1 February 2020 322,983 86,897 16,243 426,123
Charge for the year 32,805 3,960 2,328 39,093
_______ _______ _______ _______
At 31 January 2021 355,788 90,857 18,571 465,216
_______ _______ _______ _______
Carrying amount
At 31 January 2021 295,245 11,879 9,314 316,438
_______ _______ _______ _______
At 31 January 2020 328,050 15,590 11,642 355,282
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 February 2020 and 31 January 2021 800 800
_______ _______
Impairment
At 1 February 2020 and 31 January 2021 - -
_______ _______
Carrying amount
At 31 January 2021 800 800
_______ _______
At 31 January 2020 800 800
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors - 3,806
Other debtors 65,125 65,088
_______ _______
65,125 68,894
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 19,984 25,300
Trade creditors - 1,864
Corporation tax 595 3,821
Other creditors 1,846 1,967
_______ _______
22,425 32,952
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 194,012 151,502
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr AG Berry 30,737 31,618 ( 30,737) 31,618
Mrs J Berry 30,737 31,618 ( 30,737) 31,618
_______ _______ _______ _______
61,474 63,236 ( 61,474) 63,236
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr AG Berry 24,962 30,737 ( 24,962) 30,737
Mrs J Berry 24,962 30,737 ( 24,962) 30,737
_______ _______ _______ _______
49,924 61,474 ( 49,924) 61,474
_______ _______ _______ _______
11. Controlling party
Throughout the current and preceding year the company remained under the control of Mr AG and Mrs J Berry who are the only directors and own 100% of the issued shares.