Company No: 08901489 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Mr N Bright
	Mr P Brown
REGISTERED OFFICE	Unit 3 South Quay
	The Harbour
	Paignton
	TQ4 6DT
	United Kingdom
COMPANY NUMBER	08901489(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

		2021		2020
	Note	£		£
				Restated
Fixed assets
Intangible assets	3	41,666		43,333
Tangible assets	4	1,308,898		1,327,387
		1,350,564		1,370,720
Current assets
Debtors	5	231,522		807,969
Cash at bank and in hand		31,169		37,995
		262,691		845,964
Creditors
Amounts falling due within one year	6	( 204,284)		( 446,749)
Net current assets		58,407		399,215
Total assets less current liabilities		1,408,971		1,769,935
Creditors
Amounts falling due after more than one year	7	( 1,187,482)		( 1,309,206)
Provisions for liabilities	8	( 116,248)		( 113,627)
Net assets		105,241		347,102
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		105,141		347,002
Total shareholder's funds		105,241		347,102

For the financial year ending 31 March 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of MFV La Creole II Limited (registered number: 08901489) were approved and authorised for issue by the Board of Directors on 11 August 2021. They were signed on its behalf by:

Mr N Bright Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

MFV La Creole II Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is Unit 3 South Quay, The Harbour, Paignton, Devon, TQ4 6DT .

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of MFV La Creole II Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

The fishing licence is recorded at cost. It is amortised over the estimated useful life of the asset of 30 years, having due regard to the residual value as estimated by the director. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:

Trademarks, patents and licences, being Fishing licence – 30 years

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Plant and machinery, being Fishing Vessel – 30 years
Motor vehicles - 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 April 2020	50,000		50,000
At 31 March 2021	50,000		50,000
Accumulated amortisation
At 01 April 2020	6,667		6,667
Charge for the financial year	1,667		1,667
At 31 March 2021	8,334		8,334
Net book value
At 31 March 2021	41,666		41,666
At 31 March 2020	43,333		43,333

4. Tangible assets

	Land and buildings		Leasehold improvements		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 April 2020	188,275		91,037		1,110,168		14,059		1,403,539
At 31 March 2021	188,275		91,037		1,110,168		14,059		1,403,539
Accumulated depreciation
At 01 April 2020	0		0		68,023		8,129		76,152
Charge for the financial year	0		0		17,006		1,483		18,489
At 31 March 2021	0		0		85,029		9,612		94,641
Net book value
At 31 March 2021	188,275		91,037		1,025,139		4,447		1,308,898
At 31 March 2020	188,275		91,037		1,042,145		5,930		1,327,387

5. Debtors

	2021		2020
	£		£
Trade debtors	0		2,874
Amounts owed by Group undertakings	229,875		803,174
VAT recoverable	255		0
Other debtors	1,392		1,921
	231,522		807,969

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	53,594		53,594
Trade creditors	9,004		49,537
Amounts owed to Group undertakings	0		183,546
Other creditors	0		1,139
Other loans	122,309		132,601
Accruals	1,750		1,750
Corporation tax	17,627		17,405
Other taxation and social security	0		7,177
	204,284		446,749

7. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans (secured)	660,211		658,754
Other loans (secured)	527,271		650,452
	1,187,482		1,309,206

The bank loans are secured on the appropriate assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2021		2020
	£		£
Bank loans (secured / repayable by instalments)	445,835		376,978
Other loans (secured / repayable by instalments)	169,023		203,400
	614,858		580,378

8. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 113,627)		( 99,055)
Charged to the Statement of Income and Retained Earnings	( 2,621)		( 14,572)
At the end of financial year	( 116,248)		( 113,627)

9. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Related party transactions

The company has taken the exemption in section 1AC.35 of FR102 from disclosing related party transactions with 100% owned group companies.

11. Prior year adjustment

A prior year adjustment has been made to reclassify the value of the intangible licences totalling £20,000. This has resulted in an adjustment to remove the annual amortisation charge in the profit and loss account of £667 in both 2019 and 2020.