Q Varl Fishing Company Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09181976 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

Q VARL FISHING COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Leiper

A D Smith

J MacAlister

I Fletcher

REGISTERED OFFICE:

Century House

Nicholson Road

Torquay

TQ2 7TD

REGISTERED NUMBER:

09181976 (England and Wales)

ACCOUNTANTS:

Andy Newiss & Co Ltd

Broombank

North Connel

Oban

Argyll

PA37 1RD

FIXED ASSETS

Intangible assets

4

22,000

31,000

Tangible assets

5

421,729

444,281

443,729

475,281

CURRENT ASSETS

Debtors

6

1,128

1,740

Cash at bank

2,759

3,690

3,887

5,430

CREDITORS

Amounts falling due within one year

7

545,310

503,086

NET CURRENT LIABILITIES

(541,423

)

(497,656

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(97,694

)

(22,375

)

CREDITORS

Amounts falling due after more than one year

8

(524,544

)

(499,999

)

PROVISIONS FOR LIABILITIES

(45,918

)

(63,207

)

NET LIABILITIES

(668,156

)

(585,581

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(668,157

)

(585,582

)

SHAREHOLDERS' FUNDS

(668,156

)

(585,581

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

J MacAlister - Director

1.	STATUTORY INFORMATION

Q Varl Fishing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving

these financial statements. The directors note that the business has net liabilities of £668,156. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company' will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Boats & equipment

-

5 to 20% on reducing balance and 5% on reducing balance

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets

At each balance sheet date, the company reviews its tangible and intangible .assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). the recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2022

and 31 December 2022

90,000

AMORTISATION

At 1 January 2022

59,000

Amortisation for year

9,000

At 31 December 2022

68,000

NET BOOK VALUE

At 31 December 2022

22,000

At 31 December 2021

31,000

5.	TANGIBLE FIXED ASSETS

Boats &

equipment

£

COST

At 1 January 2022

and 31 December 2022

616,479

DEPRECIATION

At 1 January 2022

172,198

Charge for year

22,552

At 31 December 2022

194,750

NET BOOK VALUE

At 31 December 2022

421,729

At 31 December 2021

444,281

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

43

-

Other debtors

1,085

1,740

1,128

1,740

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

26

879

Amounts owed to parent undertakings

286,173

252,473

Amounts owed to related parties

256,161

246,784

Other creditors

2,950

2,950

545,310

503,086

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to parent undertakings

524,544

499,999

9.	FINANCIAL COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:-

- within one year £4,645 (£15,625 2021)

- between one and five years £2,635 (nil 2021)

10.	RELATED PARTY TRANSACTIONS

Transactions with entities in which the entity itself has a participating interest

Entities with control, joint control or significant influence over the company £810,717 (£752,472 2021)

Other related parties £256,161 (£246,784 2021)

Amounts due to related parties are unsecured, interest free and have no fixed terms of repayment.