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REGISTERED NUMBER: SC646854 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

LOCH INCHARD FISHING COMPANY LIMITED

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7

Report of the Accountants 8

LOCH INCHARD FISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: Mr J M R Mackay
Mrs R M Mackay
Mr I Mackay
Mr D W Ross





REGISTERED OFFICE: Kalbreac
Badcall Inchard
Rhiconich
LAIRG
IV27 4RQ





REGISTERED NUMBER: SC646854 (Scotland)





ACCOUNTANTS: Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 960,275 740,275
Tangible assets 5 3,055,875 1,399,507
4,016,150 2,139,782

CURRENT ASSETS
Debtors 6 161,932 88,648
Cash at bank 163,142 2,743
325,074 91,391
CREDITORS
Amounts falling due within one year 7 698,871 55,727
NET CURRENT (LIABILITIES)/ASSETS (373,797 ) 35,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,642,353

2,175,446

CREDITORS
Amounts falling due after more than one year 8 (2,529,000 ) (1,130,793 )

PROVISIONS FOR LIABILITIES (61,568 ) (48,515 )
NET ASSETS 1,051,785 996,138

CAPITAL AND RESERVES
Called up share capital 800,000 800,000
Share premium 135,443 135,443
Revaluation reserve 9 20,370 -
Retained earnings 95,972 60,695
SHAREHOLDERS' FUNDS 1,051,785 996,138

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

BALANCE SHEET - continued
30 NOVEMBER 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2022 and were signed on its behalf by:





Mr J M R Mackay - Director


LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021


1. STATUTORY INFORMATION

Loch Inchard Fishing Company Limited is a private company, limited by shares , registered in Scotland. 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 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Amortisation is recognised so as to write off the cost or valuation less residual value over 10 years, which represents the best estimate of useful life.

Given the directors' opinion that residual value is not below cost, no amortisation is provided in the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset cost less any residual value over its estimated useful life.

Vessels - 25 years, once in use, unless residual value exceeds carrying value
Motor Vehicles - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

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

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operations for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


4. INTANGIBLE FIXED ASSETS

Licences
and
quota
£
COST
At 1 December 2020740,275
Additions220,000
At 30 November 2021960,275
NET BOOK VALUE
At 30 November 2021960,275
At 30 November 2020740,275

5. TANGIBLE FIXED ASSETS

VesselVesselPlant and
LochLochmachinery
Inchard IIInchard IIIetcTotals
££££
COST OR REVALUATION
At 1 December 2020200,0001,188,41313,8671,402,280
Additions- 1,633,439- 1,633,439
Revaluations(153,000)178,148- 25,148
At 30 November 202147,0003,000,00013,8673,060,867
DEPRECIATION
At 1 December 2020-- 2,7732,773
Charge for period-- 2,2192,219
At 30 November 2021- - 4,9924,992
NET BOOK VALUE
At 30 November 202147,0003,000,0008,8753,055,875
At 30 November 2020200,000 1,188,41311,0941,399,507

Depreciation has not been provided on the vessel in operation as the directors believe that its carrying value represents its residual value.

Cost or valuation at 30 November 2021 is represented by:

VesselVesselPlant and
LochLochmachinery
Inchard IIInchard IIIetcTotals
££££
Surplus/(deficit) on revaluation(153,000)178,148- 25,148
Cost200,0002,821,85213,8673,035,719
Revaluation at 202147,0003,000,00013,8673,060,867

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 161,932 88,648

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20212020
££
Trade creditors101,29114,875
Other creditors202,33716,193
Directors' loan169,32324,659
Bridging loan200,000-
Amounts owed to participating interests24,000-
698,87155,727

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

20212020
££
Bank development loan2,100,000701,793
Amounts owed to participating interests107,000107,000
Directors' loan322,000322.000
2,529,0001,130,793

There is a standard security over the company's tangible assets, in addition to a bond and floating charge over all assets in favour of the bank. The directors' loans and amounts due to associates are subordinated in favour of bank borrowings.

9. RESERVES
Revaluation
reserve
£   
Movement in year 20,370

At 30 November 2021 20,370

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 November 2021 and the period ended 30 November 2020:

2021 2020
£    £   
Mr J M R Mackay and Mrs R M Mackay
Balance outstanding at start of year 346,659 -
Amounts advanced 143,603 361,919
Amounts repaid - (15,260 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 490,262 346,659

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr I Mackay
Balance outstanding at start of year - -
Amounts advanced 1,061 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,061 -

11. RELATED PARTY DISCLOSURES

Loch Clash Fish Company Ltd is a minority shareholder. At the year end £131,000 (2020:£107,000) was due to Loch Clash Fish Company Ltd.

Mr J M R Mackay and Mr I Mackay are remunerated for services provided to the company as self employed share fishermen.

LOCH INCHARD FISHING COMPANY LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
LOCH INCHARD FISHING COMPANY LIMITED


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 Balance Sheet. 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2021 set out on pages two to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY


11 May 2022