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REGISTERED NUMBER: SC236254 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

OCEAN CHALLENGE FISHING LIMITED

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCEAN CHALLENGE FISHING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: W J Runcie
J G Runcie





SECRETARY: Mrs S Runcie





REGISTERED OFFICE: 4 McKay Road
Macduff
Aberdeenshire
AB44 1XL





REGISTERED NUMBER: SC236254 (Scotland)

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 66,354 66,354
Tangible assets 6 1,623,070 1,746,460
1,689,424 1,812,814

CURRENT ASSETS
Debtors 7 81,834 116,266
Cash at bank 151,945 161,869
233,779 278,135
CREDITORS
Amounts falling due within one year 8 171,839 208,832
NET CURRENT ASSETS 61,940 69,303
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,751,364

1,882,117

CREDITORS
Amounts falling due after more than one
year

9

(888,484

)

(1,023,636

)

PROVISIONS FOR LIABILITIES (241,095 ) (267,756 )
NET ASSETS 621,785 590,725

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 620,785 589,725
SHAREHOLDERS' FUNDS 621,785 590,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

BALANCE SHEET - continued
31 MARCH 2023


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 November 2023 and were signed on its behalf by:





J G Runcie - Director


OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Ocean Challenge 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.

Fishing licences
Fishing licences are presented at valuation. No amortisation has been provided for in the year as the s directors believe they have an indefinite useful life.

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 etc - 20% on reducing balance and 6.25% on cost

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.


OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
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 (2022 - NIL).

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 66,354
NET BOOK VALUE
At 31 March 2023 66,354
At 31 March 2022 66,354

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 1,879,048
DEPRECIATION
At 1 April 2022 132,588
Charge for year 123,390
At 31 March 2023 255,978
NET BOOK VALUE
At 31 March 2023 1,623,070
At 31 March 2022 1,746,460

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,646 23,629
Other debtors 38,188 92,637
81,834 116,266

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts 4,500 4,500
Trade creditors 4,898 17,781
Taxation and social security 101 -
Other creditors 92,340 116,551
171,839 208,832

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 785,484 916,136
Hire purchase contracts 3,000 7,500
Other creditors 100,000 100,000
888,484 1,023,636

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 485,484 616,136

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 855,484 986,136
Hire purchase contracts 7,500 12,000
862,984 998,136

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel. Hire purchase liabilities are secured against the assets relating to the agreements.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.