Company registration number SC208251 (Scotland)
HOLBORN FISHING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HOLBORN FISHING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HOLBORN FISHING COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
593,025
604,025
Tangible assets
4
1,850,760
1,968,763
2,443,785
2,572,788
Current assets
Stocks
6
9,000
9,000
Debtors
5
252,826
144,230
Cash at bank and in hand
62,808
175,158
324,634
328,388
Creditors: amounts falling due within one year
7
(100,104)
(115,416)
Net current assets
224,530
212,972
Total assets less current liabilities
2,668,315
2,785,760
Creditors: amounts falling due after more than one year
8
(935,452)
(996,114)
Provisions for liabilities
(527,696)
(530,145)
Net assets
1,205,167
1,259,501
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
64,188
64,188
Revaluation reserve
379,950
379,950
Capital redemption reserve
6
6
Profit and loss reserves
760,023
814,357
Total equity
1,205,167
1,259,501

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HOLBORN FISHING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023
A J WATT
A J Watt
Director
Company Registration No. SC208251
HOLBORN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Holborn Fishing Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Portormin Road, Dunbeath, Scotland, KW8 6EF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. No provision for amortisation is made in respect of fishing quota and licenses because the directors believe the fair value to be in line with the present carrying value. Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using both straight line and reducing balance methods.

 

The estimated useful lives range as follows:

Freehold property
20 years reducing balance
Plant and equipment
5 - 7 years reducing balance
Motor vehicles
5 years reducing balance
Boats
20 years straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

HOLBORN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).

HOLBORN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Intangible fixed assets
Fishing Licences
£
Cost
At 1 January 2022
604,025
Disposals
(11,000)
At 31 December 2022
593,025
Amortisation and impairment
At 1 January 2022 and 31 December 2022
-
0
Carrying amount
At 31 December 2022
593,025
At 31 December 2021
604,025
4
Tangible fixed assets
Freehold property
Plant and equipment
Motor vehicles
Boats
Total
£
£
£
£
£
Cost
At 1 January 2022
44,464
5,834
134,839
2,011,719
2,196,856
Additions
-
0
2,022
-
0
7,718
9,740
Disposals
-
0
-
0
-
0
(11,170)
(11,170)
At 31 December 2022
44,464
7,856
134,839
2,008,267
2,195,426
Depreciation and impairment
At 1 January 2022
10,698
2,695
58,392
156,308
228,093
Depreciation charged in the year
1,688
632
15,134
100,506
117,960
Eliminated in respect of disposals
-
0
-
0
-
0
(1,387)
(1,387)
At 31 December 2022
12,386
3,327
73,526
255,427
344,666
Carrying amount
At 31 December 2022
32,078
4,529
61,313
1,752,840
1,850,760
At 31 December 2021
33,766
3,139
76,447
1,855,411
1,968,763
HOLBORN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
77,886
103,424
Corporation tax recoverable
-
0
2,805
Other debtors
174,940
38,001
252,826
144,230
6
Stocks
2022
2021
£
£
Stocks
9,000
9,000
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
54,472
61,169
Trade creditors
30,151
37,860
Corporation tax
-
0
2,805
Other creditors
15,481
13,582
100,104
115,416
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
926,653
978,032
Other creditors
8,799
18,082
935,452
996,114
9
Loan security

The Royal Bank of Scotland hold a boats mortgage over the MFV Osprey. They also hold a bond and floating charge over the company.

 

10
Related party transactions

Transactions

During the year, the company made advances to the directors of £139,487. Credits of £9,134 were received by the company, resulting in amounts due of £138,243 to the company at the year end. (2021 - £7,890)

 

 

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