REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Altaire Fishing Company Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Altaire Fishing Company Limited |
Altaire Fishing Company Limited (Registered number: SC101009) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Income and Retained Earnings | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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Altaire Fishing Company Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Altaire Fishing Company Limited (Registered number: SC101009) |
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Strategic Report |
for the Year Ended 30 September 2020 |
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The Directors present their strategic report for the year ended 30 September 2020. |
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Business Review |
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The principle activity of the company continued to be that of fishing. |
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The results of the year, and the financial position of the company are shown in the annexed financial statements. |
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The company regards the KPI's as turnover and profitability, both of which are stated in the financial statements. Results are influenced by the availability of fishing opportunities and market prices. |
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The company is committed to a long term, sustainable fishing industry, and where possible, engages with independent sustainable certification providers for its fisheries. |
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The directors continue to pay close attention to environmental considerations by making sure that the company operates in the most efficient manner, both in operating costs and the use of fuel and other consumables. |
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The directors also continue to take steps to ensure that high welfare standards are maintained for all company personnel. |
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The principle risks and uncertainties affecting the business include: |
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Foreign currency exchange, raw material prices and the actions of regulatory authorities. All these are closely monitored by the company. |
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ON BEHALF OF THE BOARD: |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Report of the Directors |
for the Year Ended 30 September 2020 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2020. |
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DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Altaire Fishing Company Limited |
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Opinion |
We have audited the financial statements of Altaire Fishing Company Limited (the 'company') for the year ended 30 September 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Report of the Independent Auditors to the Members of |
Altaire Fishing Company Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Statement of Income and Retained Earnings |
for the Year Ended 30 September 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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9,789,174 | 11,105,197 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 8 | ( |
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RETAINED EARNINGS AT END OF
YEAR |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Balance Sheet |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Debtors | 12 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Altaire Fishing Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
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Significant accounting Judgements |
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The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of intangible fixed assets as discussed below. |
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Key sources of estimation uncertainty |
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The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
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Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax from the provision of goods and services which fall within the company's ordinary activity. The directors consider the business to comprise a single activity. |
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Bank interest is recognised in the period in which it was received. |
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Intangible fixed assets |
No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there has been no impairment in their value during the period and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future. |
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The company has also rebutted the presumption that intangible assets should be amortised on the grounds that this is necessary to give a true and fair view. |
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Tangible fixed assets |
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Boats | - |
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Nets & gear | - |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
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Investment in associates |
Investments in associates are accounted for at cost less impairment in the financial statements of the company. |
Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability. |
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Rentals paid under operating leases are charged to income as incurred. |
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Going concern |
The company's financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company is expected to generate positive cash flows on its own account and has adequate resources to continue in operational existence for the foreseeable future. |
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3. | TURNOVER |
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Turnover represents the amount derived from the provision of goods and services which fall due within the company's ordinary activities, stated net of value added tax. In the opinion of the directors it would be seriously prejudicial to the company's interests to provide an analysis of turnover between geographical areas or class of business. |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Directors |
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Share fishermen are self-employed and their earnings are taxed under the provisions of the Income Tax (Trading and Other Income) Act 2005 (ITTOI Act 2005). |
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By agreement with HM Revenue & Customs, the directors, some of whom are share fishermen, are entitled to have their crew share of profit taxed under the provisions of ITTOI Act 2005 rather than as directors' emoluments under the provisions of the Income Tax (Earnings and Pensions) Act 2003. The total of such transactions for the year amounted to £554,167 (2019 - £574,207). |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank interest |
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Other interest |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances | - |
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Adjustments to tax charge in respect of previous periods |
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Change in rate of notional tax |
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Group relief | ( |
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Total tax charge | 1,839,798 | 2,361,887 |
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8. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Interim |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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9. | INTANGIBLE FIXED ASSETS |
Boat |
licences |
and |
entitlements |
£ |
COST |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Other intangible fixed assets acquired at no cost have not been valued at the balance sheet date. |
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10. | TANGIBLE FIXED ASSETS |
Nets & |
Boats | gear | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
and 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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11. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Associated company |
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Registered office:
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Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Profit/(loss) for the year |
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( |
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The company also holds 33 1/3% of the issued ordinary share capital of Ollaberry Community Enterprise Limited, a company registered in Scotland. |
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The company regards itself as a benefactor in this community enterprise and does not exercise any significant influence over its financial and operating policies. Although the proportion of its shareholding indicates a participating interest, it is treated as an investment and not as an associated company. |
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12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Accruals & deferred income |
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14. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
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Altaire Fishing Company Limited (Registered number: SC101009) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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14. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 October 2019 |
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Charge to Statement of Comprehensive Income during year |
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Balance at 30 September 2020 |
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15. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 99,000 | 99,000 |
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16. | RESERVES |
Retained |
earnings |
£ |
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At 1 October 2019 |
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Profit for the year |
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Dividends | ( |
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At 30 September 2020 |
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17. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey. |
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The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England. Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW. |
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18. | RELATED PARTY DISCLOSURES |
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During the year the company paid direct and indirect costs amounting to £2,918,014 (2019 £3,892,277), made sales amounting to £7,839,100 (2019 £11,339,045), and at 31 September 2020 was due £3,599,509 from fellow group companies. |