Company No: 08901489 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	38,332		39,999
Tangible assets	4	1,232,942		1,270,781
		1,271,274		1,310,780
Current assets
Debtors	5	57,807		0
Cash at bank and in hand		27,487		181,757
		85,294		181,757
Creditors: amounts falling due within one year	6	( 274,161)		( 344,993)
Net current liabilities		(188,867)		(163,236)
Total assets less current liabilities		1,082,407		1,147,544
Creditors: amounts falling due after more than one year	7	( 804,173)		( 995,398)
Provision for liabilities		( 148,685)		( 151,014)
Net assets		129,549		1,132
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		129,449		1,032
Total shareholder's funds		129,549		1,132

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of MFV La Creole II Ltd (registered number: 08901489) were approved and authorised for issue by the Director on 18 December 2023. They were signed on its behalf by:

Nicholas Bright Director

Paul Brown 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, unless otherwise stated.

General information and basis of accounting

MFV La Creole II Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 South Quay, The Harbour, Paignton, TQ4 6DT, United Kingdom. The registered number of the company is 08901489.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

30 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties 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:

Land and buildings	not depreciated
Leasehold improvements	not depreciated
Plant and machinery	30 years straight line
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.

Leases

The Company as lessee
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 Statement of Income and Retained Earnings 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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2023		2022
	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 2022	50,000		50,000
At 31 March 2023	50,000		50,000
Accumulated amortisation
At 01 April 2022	10,001		10,001
Charge for the financial year	1,667		1,667
At 31 March 2023	11,668		11,668
Net book value
At 31 March 2023	38,332		38,332
At 31 March 2022	39,999		39,999

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 April 2022	188,275		91,037		1,110,168		14,059		1,403,539
At 31 March 2023	188,275		91,037		1,110,168		14,059		1,403,539
Accumulated depreciation
At 01 April 2022	0		0		122,035		10,723		132,758
Charge for the financial year	0		0		37,005		834		37,839
At 31 March 2023	0		0		159,040		11,557		170,597
Net book value
At 31 March 2023	188,275		91,037		951,128		2,502		1,232,942
At 31 March 2022	188,275		91,037		988,133		3,336		1,270,781

5. Debtors

	2023		2022
	£		£
Trade debtors	57,807		0

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	98,176		79,430
Trade creditors	5,822		0
Amounts owed to Group undertakings	16,557		108,940
Other loans	112,724		106,597
Accruals	1,752		1,747
Taxation and social security	38,629		48,279
Other creditors	501		0
	274,161		344,993

The bank loan is secured on the assets of the Company.

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

	2023		2022
	£		£
Bank loans (secured)	496,222		574,723
Other loans (secured)	307,951		420,675
	804,173		995,398

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:

	2023		2022
	£		£
Bank loans (secured / repayable by instalments)	103,518		257,005
Other loans (secured / repayable by instalments)	97,641		133,778
	201,159		390,783

The bank loans are secured on the appropriate assets.

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 ordinary shares of £ 1.00 each (2022: nil shares)	100		0
nil Ordinary shares (2022: 100 shares of £ 1.00 each)	0		100
	100		100

9. 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.