REGISTERED NUMBER: SC268506 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

JJR FISHING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Dougal

J W West

SECRETARY:

J W West

REGISTERED OFFICE:

P & J Johnstone Limited

5-8 Bridge Street

Peterhead

Aberdeenshire

AB42 1DH

REGISTERED NUMBER:

SC268506 (Scotland)

FIXED ASSETS

Intangible assets

5

713,910

792,407

Tangible assets

6

1,648,916

1,772,808

2,362,826

2,565,215

CURRENT ASSETS

Debtors

7

41,587

99,173

Cash at bank

705,901

1,252,636

747,488

1,351,809

CREDITORS

Amounts falling due within one year

8

62,398

119,430

NET CURRENT ASSETS

685,090

1,232,379

TOTAL ASSETS LESS CURRENT LIABILITIES

3,047,916

3,797,594

PROVISIONS FOR LIABILITIES

168,527

265,890

NET ASSETS

2,879,389

3,531,704

CAPITAL AND RESERVES

Called up share capital

1,250,000

1,428,572

Share premium

216,427

216,427

Capital redemption reserve

178,572

-

Retained earnings

1,234,390

1,886,705

SHAREHOLDERS' FUNDS

2,879,389

3,531,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

J W West - Director

1.	STATUTORY INFORMATION

JJR Fishing 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.	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.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

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 operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing quota are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fishing vessel - 6.25% on cost

Motor vehicles - 25% 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.

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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	INTANGIBLE FIXED ASSETS

Fishing

Fishing

licence

quota

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

126,350

780,252

906,602

AMORTISATION

At 1 January 2022

-

114,195

114,195

Amortisation for year

-

78,497

78,497

At 31 December 2022

-

192,692

192,692

NET BOOK VALUE

At 31 December 2022

126,350

587,560

713,910

At 31 December 2021

126,350

666,057

792,407

6.	TANGIBLE FIXED ASSETS

Fishing

Motor

vessel

vehicles

Totals

£

£

£

COST

At 1 January 2022

2,245,794

31,800

2,277,594

Additions

21,500

-

21,500

At 31 December 2022

2,267,294

31,800

2,299,094

DEPRECIATION

At 1 January 2022

489,522

15,264

504,786

Charge for year

141,258

4,134

145,392

At 31 December 2022

630,780

19,398

650,178

NET BOOK VALUE

At 31 December 2022

1,636,514

12,402

1,648,916

At 31 December 2021

1,756,272

16,536

1,772,808

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

41,587

99,173

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,947

2,342

Taxation and social security

55,346

74,301

Other creditors

4,105

42,787

62,398

119,430

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

J W West

Balance outstanding at start of year

-

335

Amounts repaid

-

(335

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J W West.

11.	CAPITAL REDEMPTION RESERVE

During the year, the company purchased 178,572 shares for a consideration of £420,000.