Talisman Fishing (Looe) Ltd 31/01/2018 iXBRL

TALISMAN FISHING (LOOE) LTD - Company Information

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Company registration number: 05409782

Talisman Fishing (Looe) Ltd

Unaudited filleted financial statements

31 January 2018

Talisman Fishing (Looe) Ltd

Statement of financial position

31 January 2018

		31/01/18		31/01/17
	Note	£	£	£	£

Fixed assets
Intangible assets	5	125,000		125,000
Tangible assets	6	428,071		468,240
Investments	7	800		800
		_______		_______
			553,871		594,040

Current assets
Debtors	8	19,652		19,695
Cash at bank and in hand		187,287		120,292
		_______		_______
		206,939		139,987
Creditors: amounts falling due
within one year	9	( 37,588)		( 35,400)
		_______		_______
Net current assets			169,351		104,587
			_______		_______
Total assets less current liabilities			723,222		698,627

Creditors: amounts falling due
after more than one year	10		( 167,863)		( 181,044)

Provisions for liabilities			( 80,704)		( 92,496)

			_______		_______
Net assets			474,655		425,087
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			474,653		425,085
			_______		_______
Shareholders funds			474,655		425,087
			_______		_______

For the year ending 31 January 2018 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 year 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 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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 15 October 2018 , 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

Year ended 31 January 2018

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

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

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.

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.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Intangible assets

	Boat licence and quotas	Total
	£	£
Cost or valuation
At 1 February 2017 and 31 January 2018	125,000	125,000
	_______	_______
Amortisation
At 1 February 2017 and 31 January 2018	-	-
	_______	_______
Carrying amount
At 31 January 2018	125,000	125,000
	_______	_______
At 31 January 2017	125,000	125,000
	_______	_______

6. Tangible assets

	Fishing boat	Plant and equipment	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 February 2017	651,033	87,055	9,733	747,821
Additions	-	1,769	10,000	11,769
	_______	_______	_______	_______
At 31 January 2018	651,033	88,824	19,733	759,590
	_______	_______	_______	_______
Depreciation
At 1 February 2017	201,033	70,090	8,458	279,581
Charge for the year	45,000	4,683	2,255	51,938
	_______	_______	_______	_______
At 31 January 2018	246,033	74,773	10,713	331,519
	_______	_______	_______	_______
Carrying amount
At 31 January 2018	405,000	14,051	9,020	428,071
	_______	_______	_______	_______
At 31 January 2017	450,000	16,965	1,275	468,240
	_______	_______	_______	_______

7. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 February 2017 and 31 January 2018	800	800
	_______	_______
Impairment
At 1 February 2017 and 31 January 2018	-	-
	_______	_______
Carrying amount
At 31 January 2018	800	800
	_______	_______
At 31 January 2017	800	800
	_______	_______

8. Debtors

	31/01/18	31/01/17
	£	£
Trade debtors	13,664	15,774
Prepayments and accrued income	1,679	1,530
Other debtors	4,309	2,391
	_______	_______
	19,652	19,695
	_______	_______

9. Creditors: amounts falling due within one year

	31/01/18	31/01/17
	£	£
Bank loans and overdrafts	17,000	19,000
Trade creditors	627	2,075
Accruals and deferred income	2,065	1,725
Corporation tax	17,896	12,600
	_______	_______
	37,588	35,400
	_______	_______

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

	31/01/18	31/01/17
	£	£
Bank loans and overdrafts	165,592	181,000
Director loan accounts	2,271	44
	_______	_______
	167,863	181,044
	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

Period ended 31/01/18
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr AG Berry	( 44)	( 2,227)	-	( 2,271)
		_______	_______	_______	_______

Period ended 31/01/17
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr AG Berry	( 84,706)	-	84,662	( 44)
		_______	_______	_______	_______

12. 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.