Timsbury Fishery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03036776 (England and Wales)

TIMSBURY FISHERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J G Glasspool

J H Durrant

G E S Seligman

T D W Jenner

C D Smith

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandlers Ford

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

03036776 (England and Wales)

FIXED ASSETS

Tangible assets

4

150,990

70,877

CURRENT ASSETS

Debtors

5

915

27,860

Cash at bank

94,915

120,146

95,830

148,006

CREDITORS

Amounts falling due within one year

6

(52,968

)

(88,456

)

NET CURRENT ASSETS

42,862

59,550

TOTAL ASSETS LESS CURRENT LIABILITIES

193,852

130,427

CAPITAL AND RESERVES

Called up share capital

56,000

56,000

Share premium

7

3,688

3,688

Capital reserve

7

51,456

-

Retained earnings

7

82,708

70,739

SHAREHOLDERS' FUNDS

193,852

130,427

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 24 September 2019 and were signed on its behalf by:

J H Durrant - Director

1.	STATUTORY INFORMATION

Timsbury Fishery 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 FRS102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure

Is required to show a true and far view.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

The turnover shown in the profit and loss account represents annual subscriptions and joining fees receivable

from shareholders.

Annual subscriptions are recognised over the period to which they relate. As the subscriptions fall due during the

financial year, a deferred income adjustment has been incorporated to pro-rate the income receivable so it is

recognised on an accruals basis.

Joining fees are recognised in full when they become due.

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.

Freehold land

-

not provided

Freehold improvements

-

20% Straight line

Fishermans Hut

-

4% Straight line

Plant & machinery

-

25% Reducing balance

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 recognised in the income statement.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 constitutes a financial transaction, where the transaction is

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

Financial liabilities

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

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Grant income

Grant income is released to income in the period which it is received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Freehold

Fishermans

Plant &

land

improvements

Hut

machinery

Totals

£

£

£

£

£

COST

At 1 January 2018

59,632

73,772

-

11,473

144,877

Additions

-

5,390

83,895

-

89,285

At 31 December 2018

59,632

79,162

83,895

11,473

234,162

DEPRECIATION

At 1 January 2018

-

67,044

-

6,956

74,000

Charge for year

-

4,688

3,355

1,129

9,172

At 31 December 2018

-

71,732

3,355

8,085

83,172

NET BOOK VALUE

At 31 December 2018

59,632

7,430

80,540

3,388

150,990

At 31 December 2017

59,632

6,728

-

4,517

70,877

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

27,011

Prepayments

915

849

915

27,860

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Tax

39

11

Other creditors

-

32,400

Directors' current accounts

91

91

Accruals and deferred income

52,838

55,954

52,968

88,456

7.

RESERVES

Capital Reserve

The capital reserve represents donations and contributions from members in respect of the construction of the

new Fishermans Hut that was completed during the year.

As at 31 December 2018 the company had received £33,600 from the members and two individual members

donations of £10,000 each. A further £11,200 is to be received from members as contributions towards the cost

of the Fishermans Hut in the year ending 31 December 2019. In total member contributions and donations were

£53,600 as at 31 December 2018 and will be £64,800 in total.

The total costs of the Fishermans Hut was £83,895 including the improvements to the car park.

The capital reserve will be released to retained earnings over the estimated useful life of the Fishermans Hut

which is 25 years.

8.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

-

47,974