Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Andrea Buchan 01/03/2016 John Buchan Jr 01/05/2009 John Buchan 22/03/1997 19 April 2024 The principal activity of the Company during the financial year was that of the operation of a fishing vessel. SC173725 2023-09-30 SC173725 bus:Director1 2023-09-30 SC173725 bus:Director2 2023-09-30 SC173725 bus:Director3 2023-09-30 SC173725 2022-09-30 SC173725 core:CurrentFinancialInstruments 2023-09-30 SC173725 core:CurrentFinancialInstruments 2022-09-30 SC173725 core:ShareCapital 2023-09-30 SC173725 core:ShareCapital 2022-09-30 SC173725 core:SharePremium 2023-09-30 SC173725 core:SharePremium 2022-09-30 SC173725 core:CapitalRedemptionReserve 2023-09-30 SC173725 core:CapitalRedemptionReserve 2022-09-30 SC173725 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC173725 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC173725 core:OtherResidualIntangibleAssets 2022-09-30 SC173725 core:OtherResidualIntangibleAssets 2023-09-30 SC173725 core:Vehicles 2022-09-30 SC173725 core:FurnitureFittings 2022-09-30 SC173725 core:OtherPropertyPlantEquipment 2022-09-30 SC173725 core:Vehicles 2023-09-30 SC173725 core:FurnitureFittings 2023-09-30 SC173725 core:OtherPropertyPlantEquipment 2023-09-30 SC173725 bus:OrdinaryShareClass1 2023-09-30 SC173725 2022-10-01 2023-09-30 SC173725 bus:FilletedAccounts 2022-10-01 2023-09-30 SC173725 bus:SmallEntities 2022-10-01 2023-09-30 SC173725 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC173725 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC173725 bus:Director1 2022-10-01 2023-09-30 SC173725 bus:Director2 2022-10-01 2023-09-30 SC173725 bus:Director3 2022-10-01 2023-09-30 SC173725 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-10-01 2023-09-30 SC173725 core:Vehicles core:TopRangeValue 2022-10-01 2023-09-30 SC173725 core:FurnitureFittings core:TopRangeValue 2022-10-01 2023-09-30 SC173725 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-10-01 2023-09-30 SC173725 2021-10-01 2022-09-30 SC173725 core:OtherResidualIntangibleAssets 2022-10-01 2023-09-30 SC173725 core:Vehicles 2022-10-01 2023-09-30 SC173725 core:FurnitureFittings 2022-10-01 2023-09-30 SC173725 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 SC173725 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC173725 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC173725 (Scotland)

FAIRWEATHER FISHING COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

FAIRWEATHER FISHING COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

FAIRWEATHER FISHING COMPANY LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
FAIRWEATHER FISHING COMPANY LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 142,230 175,017
Tangible assets 4 107,626 58,776
249,856 233,793
Current assets
Debtors 5 111,331 354,156
Cash at bank and in hand 26,650 7,108
137,981 361,264
Creditors: amounts falling due within one year 6 ( 130,992) ( 226,059)
Net current assets 6,989 135,205
Total assets less current liabilities 256,845 368,998
Provision for liabilities 7 0 ( 2,607)
Net assets 256,845 366,391
Capital and reserves
Called-up share capital 8 875,000 875,000
Share premium account 279,466 279,466
Capital redemption reserve 400,625 400,625
Profit and loss account ( 1,298,246 ) ( 1,188,700 )
Total shareholders' funds 256,845 366,391

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fairweather Fishing Company Ltd (registered number: SC173725) were approved and authorised for issue by the Board of Directors on 19 April 2024. They were signed on its behalf by:

John Buchan Jr
Director
FAIRWEATHER FISHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
FAIRWEATHER FISHING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fairweather Fishing Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Peter & J Johnston Limited 1-3, Dalrymple Street, Fraserburgh, AB43 9BH, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Other property, plant and equipment 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2022 1,926,748 1,926,748
At 30 September 2023 1,926,748 1,926,748
Accumulated amortisation
At 01 October 2022 1,751,731 1,751,731
Charge for the financial year 32,787 32,787
At 30 September 2023 1,784,518 1,784,518
Net book value
At 30 September 2023 142,230 142,230
At 30 September 2022 175,017 175,017

4. Tangible assets

Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 October 2022 57,702 400,723 3,578,525 4,036,950
Additions 0 80,114 0 80,114
At 30 September 2023 57,702 480,837 3,578,525 4,117,064
Accumulated depreciation
At 01 October 2022 41,039 358,610 3,578,525 3,978,174
Charge for the financial year 9,090 22,174 0 31,264
At 30 September 2023 50,129 380,784 3,578,525 4,009,438
Net book value
At 30 September 2023 7,573 100,053 0 107,626
At 30 September 2022 16,663 42,113 0 58,776

5. Debtors

2023 2022
£ £
Trade debtors 69,894 68,606
Corporation tax 5,393 19,298
Other debtors 36,044 266,252
111,331 354,156

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 54,147 119,349
Taxation and social security 0 39,458
Other creditors 76,845 67,252
130,992 226,059

7. Provision for liabilities

2023 2022
£ £
Deferred tax 0 2,607

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
875,000 Ordinary shares of £ 1.00 each 875,000 875,000

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by Directors 3,313 17,286

These loans are interest free and have no set repayment terms.