Duchy Fish Quota Company - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04193470 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

DUCHY FISH QUOTA COMPANY

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

J D Muirhead LLB (Hons)

D E Stevens

P D Trebilcock

C T Warwick

REGISTERED OFFICE:

Seafood Cornwall

76 The Strand

Newlyn

Penzance

Cornwall

TR18 5HW

REGISTERED NUMBER:

04193470 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Intangible assets

3

51,220

58,494

CURRENT ASSETS

Debtors

4

906

1,264

Cash at bank

64,645

72,587

65,551

73,851

CREDITORS

Amounts falling due within one year

5

10,820

11,821

NET CURRENT ASSETS

54,731

62,030

TOTAL ASSETS LESS CURRENT LIABILITIES

105,951

120,524

CREDITORS

Amounts falling due after more than one year

6

6,000

16,950

NET ASSETS

99,951

103,574

RESERVES

Retained earnings

99,951

103,574

99,951

103,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 6 August 2018 and were signed on its behalf by:

P D Trebilcock - Director

1.	STATUTORY INFORMATION

Duchy Fish Quota Company is a private company, limited by guarantee , 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

The financial statements have been prepared in accordance with Financial Reporting Standard 102

Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the

Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period. Turnover is recognised at the point of sale.

Quota

Quotas are valued at cost less accumulated amortisation. Amortisation is calculated to write off the

cost in equal instalments over their estimated useful life of 20 years.

On transition to FRS 102 the directors have had due regard for the useful life in accordance with

Section 19 of FRS 102 and they consider the useful life is most appropriately reflected at 20 years. The

directors will continue to asses the value on an annual basis.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax

assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes items of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Grants

Grants are initially credited to deferred revenue. Grants towards capital expenditure are recognised in

profit or loss over the expected useful life of the related assets. Grants towards revenue expenditure

are recognised in profit or loss as the related expenditure is incurred.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitute a financing transaction, where the transaction is measure at the present value of the future

receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

3.	INTANGIBLE FIXED ASSETS

Fish

Quota

£

COST

At 1 April 2017

and 31 March 2018

145,490

AMORTISATION

At 1 April 2017

86,996

Amortisation for year

7,274

At 31 March 2018

94,270

NET BOOK VALUE

At 31 March 2018

51,220

At 31 March 2017

58,494

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

1,264

Other debtors

906

-

906

1,264

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Cornwall Council Loan

-

3,171

Bonds

7,950

-

Corporation tax payable

-

3,514

VAT

570

4,346

Accrued expenses

800

790

Deferred grants

1,500

-

10,820

11,821

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bonds

-

7,950

Deferred grants

6,000

9,000

6,000

16,950

7.

GRANTS

2018

2017

£

£

Grants

At 1 April 2017

9,000

10,500

Released in Year

(1,500

)

(1,500

)

At 31 March 2018

7,500

9,000

The above represents grants received towards the purchase of quota. In accordance with

recommended practice such sums will be held as a credit in the company's balance sheet against the

cost of the quota and amortised over the life of the asset. The balance outstanding at the balance

sheet date is shown within other creditors: amounts falling due after more than one year.

8.	COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and therefore has no issued share capital. The liability of each

member is limited in the event of the company being wound up to £10.