Talisman Fishing (Looe) Ltd 31/07/2022 iXBRL

TALISMAN FISHING (LOOE) LTD - Company Information

0 31/07/2022 2022-07-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2021-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05409782 2021-02-01 2022-07-31 05409782 2022-07-31 05409782 2021-01-31 05409782 2021-01-31 05409782 core:LandBuildings core:OwnedOrFreeholdAssets 2021-02-01 2022-07-31 05409782 core:FurnitureFittingsToolsEquipment 2021-02-01 2022-07-31 05409782 core:MotorVehicles 2021-02-01 2022-07-31 05409782 bus:RegisteredOffice 2021-02-01 2022-07-31 05409782 bus:Director1 2021-02-01 2022-07-31 05409782 bus:Director2 2021-02-01 2022-07-31 05409782 bus:CompanySecretary1 2021-02-01 2022-07-31 05409782 core:IntangibleAssetsOtherThanGoodwill 2022-07-31 05409782 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-31 05409782 core:PlantMachinery 2021-01-31 05409782 core:MotorVehicles 2021-01-31 05409782 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 05409782 core:PlantMachinery 2022-07-31 05409782 core:MotorVehicles 2022-07-31 05409782 core:WithinOneYear 2022-07-31 05409782 core:WithinOneYear 2021-01-31 05409782 core:AfterOneYear 2022-07-31 05409782 core:AfterOneYear 2021-01-31 05409782 core:ShareCapital 2022-07-31 05409782 core:ShareCapital 2021-01-31 05409782 core:RetainedEarningsAccumulatedLosses 2022-07-31 05409782 core:RetainedEarningsAccumulatedLosses 2021-01-31 05409782 core:PlantMachinery 2021-02-01 2022-07-31 05409782 core:IntangibleAssetsOtherThanGoodwill 2021-01-31 05409782 core:CostValuation core:Non-currentFinancialInstruments 2022-07-31 05409782 core:Non-currentFinancialInstruments 2022-07-31 05409782 core:Non-currentFinancialInstruments 2021-01-31 05409782 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-31 05409782 core:PlantMachinery 2021-01-31 05409782 core:MotorVehicles 2021-01-31 05409782 bus:SmallEntities 2021-02-01 2022-07-31 05409782 bus:AuditExempt-NoAccountantsReport 2021-02-01 2022-07-31 05409782 bus:FullAccounts 2021-02-01 2022-07-31 05409782 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-07-31 05409782 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-07-31

Company registration number: 05409782

Talisman Fishing (Looe) Ltd

Unaudited filleted financial statements

31 July 2022

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 July 2022

		31/07/22		31/01/21
	Note	£	£	£	£

Fixed assets
Intangible assets	4	125,000		125,000
Tangible assets	5	251,792		316,438
Investments	6	800		800
		_______		_______
			377,592		442,238

Current assets
Debtors	7	10,745		65,125
Cash at bank and in hand		50,917		125,334
		_______		_______
		61,662		190,459
Creditors: amounts falling due
within one year	8	( 14,847)		( 22,425)
		_______		_______
Net current assets			46,815		168,034
			_______		_______
Total assets less current liabilities			424,407		610,272

Creditors: amounts falling due
after more than one year	9		( 166,752)		( 194,012)

Provisions for liabilities			( 46,673)		( 63,186)

			_______		_______
Net assets			210,982		353,074
			_______		_______

Capital and reserves
Called up share capital			3		3
Profit and loss account			210,979		353,071
			_______		_______
Shareholders funds			210,982		353,074
			_______		_______

For the period ending 31 July 2022 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 period 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 31 March 2023 , 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

Period ended 31 July 2022

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'.

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. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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. 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 in finance costs in profit or loss in the period it arises.

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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Intangible assets

	Licences	Total
	£	£
Cost
At 1 February 2021 and 31 July 2022	125,000	125,000
	_______	_______
Amortisation
At 1 February 2021 and 31 July 2022	-	-
	_______	_______
Carrying amount
At 31 July 2022	125,000	125,000
	_______	_______
At 31 January 2021	125,000	125,000
	_______	_______

5. Tangible assets

	Fishing Boat	Plant and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2021 and 31 July 2022	651,033	102,736	27,885	781,654
	_______	_______	_______	_______
Depreciation
At 1 February 2021	355,788	90,857	18,571	465,216
Charge for the year	56,096	5,197	3,353	64,646
	_______	_______	_______	_______
At 31 July 2022	411,884	96,054	21,924	529,862
	_______	_______	_______	_______
Carrying amount
At 31 July 2022	239,149	6,682	5,961	251,792
	_______	_______	_______	_______
At 31 January 2021	295,245	11,879	9,314	316,438
	_______	_______	_______	_______

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 February 2021 and 31 July 2022	800	800
	_______	_______
Impairment
At 1 February 2021 and 31 July 2022	-	-
	_______	_______
Carrying amount
At 31 July 2022	800	800
	_______	_______
At 31 January 2021	800	800
	_______	_______

7. Debtors

	31/07/22	31/01/21
	£	£
Other debtors	10,745	65,125
	_______	_______

8. Creditors: amounts falling due within one year

	31/07/22	31/01/21
	£	£
Bank loans and overdrafts	13,000	19,984
Corporation tax	-	595
Other creditors	1,847	1,846
	_______	_______
	14,847	22,425
	_______	_______

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

	31/07/22	31/01/21
	£	£
Bank loans and overdrafts	166,752	194,012
	_______	_______

10. 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.