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REGISTERED NUMBER: SC391285 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Nereus Fishing Company Limited

Nereus Fishing Company Limited (Registered number: SC391285)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Nereus Fishing Company Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: T R Jack
G Downie
S N Taylor





REGISTERED OFFICE: C/o Denholm Fishselling Ltd
Units 1&2
Old School, Cawdor
Nairn
IV12 5BL





REGISTERED NUMBER: SC391285 (Scotland)





ACCOUNTANTS: Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND

Nereus Fishing Company Limited (Registered number: SC391285)

Abridged Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,219 41,264
Tangible assets 5 653,720 727,387
688,939 768,651

CURRENT ASSETS
Debtors 70,986 90,398
Cash at bank 113,327 68,458
184,313 158,856
CREDITORS
Amounts falling due within one year 45,728 32,890
NET CURRENT ASSETS 138,585 125,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

827,524

894,617

CREDITORS
Amounts falling due after more than one
year

(493,193

)

(493,193

)

PROVISIONS FOR LIABILITIES (33,869 ) (41,485 )

ACCRUALS AND DEFERRED INCOME - (1,200 )
NET ASSETS 300,462 358,739

CAPITAL AND RESERVES
Called up share capital 660 660
Retained earnings 299,802 358,079
SHAREHOLDERS' FUNDS 300,462 358,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Nereus Fishing Company Limited (Registered number: SC391285)

Abridged Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 August 2022 and were signed on its behalf by:





S N Taylor - Director


Nereus Fishing Company Limited (Registered number: SC391285)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Nereus 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer; 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.

Intangible assets
Intangible assets have been amortised in order to write them off over their estimated useful life of 15 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Boat & gear - 20% on cost and 5% on cost

Tangible fixed assets are stated at cost, net of depreciation, and any provision for impairment.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary or preference shares are publicly traded or their fair value can otherwise be measured reliably , the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Nereus Fishing Company Limited (Registered number: SC391285)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Grant income is recognised in the profit and loss account when receivable. Grants related to the purchase of assets are treated as deferred income and allocated to the profit and loss account over the estimate useful lives of the related assets. Any amounts relating to a future period are included in the balance sheet as deferred income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

Nereus Fishing Company Limited (Registered number: SC391285)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2021
and 31 December 2021 90,632
AMORTISATION
At 1 January 2021 49,368
Amortisation for year 6,045
At 31 December 2021 55,413
NET BOOK VALUE

At 31 December 2021 35,219
At 31 December 2020 41,264

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2021 1,274,958
Additions 2,523
At 31 December 2021 1,277,481
DEPRECIATION
At 1 January 2021 547,571
Charge for year 76,190
At 31 December 2021 623,761
NET BOOK VALUE
At 31 December 2021 653,720
At 31 December 2020 727,387

6. SECURED DEBTS

The Royal Bank of Scotland Plc holds a mortgage and floating charges over all property and assets, present and future, including uncalled capital. They also hold fixed charges over life policies of Mr T Jack and Mr S J Patience.

7. OTHER FINANCIAL COMMITMENTS

As at 31 December 2021, the company had total commitments under non cancellable operating leases over the remaining life of those leases of £4,725 (2020 - £11,025).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Nereus 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 Abridged 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 Nereus Fishing Company Limited for the year ended 31 December 2021 which comprise the Abridged Income Statement, Abridged Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Nereus Fishing Company 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 Nereus Fishing Company Limited and state those matters that we have agreed to state to the Board of Directors of Nereus Fishing Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nereus Fishing Company 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 loss of Nereus Fishing Company Limited. You consider that Nereus Fishing Company 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 Nereus Fishing Company 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.






Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND


15 August 2022