The Fisherman Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00663165 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

The Fisherman Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

5

Chartered Accountants' Report

10

DIRECTORS:

E J Midgley

Mrs S E Midgley

W M S Midgley

SECRETARY:

W M S Midgley

REGISTERED OFFICE:

Unit 40

Airedale Business Centre

Keighley Road

Skipton

North Yorkshire

BD23 2TZ

REGISTERED NUMBER:

00663165 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

BD21 3DS

FIXED ASSETS

Tangible assets

5

1,992,320

2,032,958

Investment property

6

2,210,509

1,939,168

4,202,829

3,972,126

CURRENT ASSETS

Stocks

1,906,756

2,055,488

Debtors

7

375,451

354,775

Cash at bank and in hand

5,348

9,750

2,287,555

2,420,013

CREDITORS

Amounts falling due within one year

8

(1,810,182

)

(2,153,135

)

NET CURRENT ASSETS

477,373

266,878

TOTAL ASSETS LESS CURRENT LIABILITIES

4,680,202

4,239,004

CREDITORS

Amounts falling due after more than one year

9

(1,152,939

)

(1,166,548

)

PROVISIONS FOR LIABILITIES

(87,755

)

(100,836

)

NET ASSETS

3,439,508

2,971,620

CAPITAL AND RESERVES

Called up share capital

8,000

8,000

Revaluation reserve

11

222,667

222,667

Retained earnings

3,208,841

2,740,953

SHAREHOLDERS' FUNDS

3,439,508

2,971,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2022 and were signed on its behalf by:

W M S Midgley - Director

1.	STATUTORY INFORMATION

The Fisherman 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

2% on cost

Improvements to property

-

10% on cost

Plant, equipment and vehicles

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leases

Assets leased to customers under operating leases are included in tangible fixed assets and are depreciated over their useful lives. Rental income from operating leases is included in the profit and loss account on a straight line basis over the period of the lease.

Employer financed retirement benefit scheme

The company has established trusts for the benefit of employees and persons connected with them. Monies held in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to provide both retirement and other employee benefits.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and are payable after completion of the employment, such monies are charged to the profit and loss account in the period during which services are rendered by employees.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2020 - 22 ) .

5.	TANGIBLE FIXED ASSETS

Plant,

Improvements

equipment

Freehold

Long

to

and

property

leasehold

property

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 May 2020

1,678,484

466,119

27,283

334,350

2,506,236

Additions

-

-

-

78,978

78,978

Disposals

-

-

-

(78,871

)

(78,871

)

At 30 April 2021

1,678,484

466,119

27,283

334,457

2,506,343

DEPRECIATION

At 1 May 2020

137,603

93,868

12,615

229,192

473,278

Charge for year

33,570

9,322

2,728

52,948

98,568

Eliminated on disposal

-

-

-

(57,823

)

(57,823

)

At 30 April 2021

171,173

103,190

15,343

224,317

514,023

NET BOOK VALUE

At 30 April 2021

1,507,311

362,929

11,940

110,140

1,992,320

At 30 April 2020

1,540,881

372,251

14,668

105,158

2,032,958

The valuation of property as at the date of transition (1 May 2014) to FRS102 is now regarded as "deemed cost" under the transition arrangements to FRS102.

The valuation at 1 May 2014, carried out by the directors, incorporates a revaluation carried out by Westlake & Co. Chartered Surveyors in 2005.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

1,939,168

Additions

209,855

Revaluations

61,486

At 30 April 2021

2,210,509

NET BOOK VALUE

At 30 April 2021

2,210,509

At 30 April 2020

1,939,168

Fair value at 30 April 2021 is represented by:

£

Valuation in 2021

61,486

Cost

2,149,023

2,210,509

7.

DEBTORS

30.4.21

30.4.20

£

£

Amounts falling due within one year:

Trade debtors

284,723

246,527

Other debtors

-

3,768

VAT

34,460

-

Prepayments and accrued income

43,078

81,987

362,261

332,282

Amounts falling due after more than one year:

Trade debtors

13,190

22,493

Aggregate amounts

375,451

354,775

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

88,369

250,265

Customer deposits received

24,176

3,284

Trade creditors

1,261,089

1,354,152

Tax

125,224

55,151

Social security and other taxes

10,262

8,367

VAT

-

45,158

Other creditors

-

2,852

Credit cards

5,064

1,528

Other loans

2,431

2,431

Directors' current accounts

215,588

285,684

Accruals and deferred income

77,979

144,263

1,810,182

2,153,135

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans - 1-2 years

66,739

60,130

Bank loans - 2-5 years

201,052

195,804

Bank loan - more than 5 yrs

585,148

610,614

Directors' Loan Accounts

300,000

300,000

1,152,939

1,166,548

Amounts falling due in more than five years:

Repayable by instalments

Bank loan - more than 5 yrs

585,148

610,614

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Bank overdrafts

22,463

201,365

Bank loans

918,845

915,448

941,308

1,116,813

The bank loan and overdraft are secured by first legal charges over the company's premises and its investment properties.

The hire purchase creditors are secured over the assets they relate to.

11.

RESERVES

Revaluation

reserve

£

At 1 May 2020

and 30 April 2021

222,667

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Fisherman Limited for the year ended 30 April 2021 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Fisherman Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Fisherman Limited and state those matters that we have agreed to state to the Board of Directors of The Fisherman Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fisherman Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Fisherman Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Fisherman Limited. You consider that The Fisherman Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Fisherman Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

BD21 3DS

24 January 2022