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REGISTERED NUMBER: SC475216 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Oceanway Fishing Company Limited

Oceanway Fishing Company Limited (Registered number: SC475216)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Oceanway Fishing Company Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C D Hughson
Mrs D Hughson
Mr S Hughson
Mr C Nicol
L.H.D Limited





REGISTERED OFFICE: Mair's Quay
Holmsgarth
Lerwick
Shetland
ZE1 0PW





REGISTERED NUMBER: SC475216 (Scotland)





ACCOUNTANTS: Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

Oceanway Fishing Company Limited (Registered number: SC475216)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,653,620 1,653,620
Tangible assets 5 4,571,819 4,829,563
6,225,439 6,483,183

CURRENT ASSETS
Debtors 6 44,216 36,147
Cash at bank 100 100
44,316 36,247
CREDITORS
Amounts falling due within one year 7 325,248 338,954
NET CURRENT LIABILITIES (280,932 ) (302,707 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,944,507

6,180,476

CREDITORS
Amounts falling due after more than
one year

8

(3,520,705

)

(3,888,397

)

PROVISIONS FOR LIABILITIES (97,000 ) (108,000 )
NET ASSETS 2,326,802 2,184,079

Oceanway Fishing Company Limited (Registered number: SC475216)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 65,000 65,000
Capital redemption reserve 5,000 5,000
Retained earnings 2,256,802 2,114,079
SHAREHOLDERS' FUNDS 2,326,802 2,184,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 24 July 2024 and were signed on its behalf by:





Mr C D Hughson - Director


Oceanway Fishing Company Limited (Registered number: SC475216)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Oceanway 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 comprises the fair value of the consideration received for the sale of fish, vessel charter or quota sales in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Intangible assets
Intangible assets are recognised under the cost model and are amortised over their useful economic life unless otherwise stated.

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:


Asset class
Amortisation method and
rate
Licences and fishing track recordNo amortisation

Departure from requirements of FRS102
No amortisation has been charged on the boat licences, entitlements and track record. The treatment is a departure from the requirement of FRS102 and the Companies Act. However the directors consider that systematic annual ammortisation would be inappropriate. In their opinion there has been no impairment in their value of the intangible assets during the year and they do not envisage any impairment arising in the foreseeable future. They have based their assessment on the grounds that the licences, entitlements and track record have an infinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

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 gear - 20% on reducing balance
Vessel - 4% on cost
Commercial vehicles - 25% on reducing balance


Oceanway Fishing Company Limited (Registered number: SC475216)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Oceanway Fishing Company Limited (Registered number: SC475216)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Licences
and
fishing
track
record
£   
COST
At 1 April 2023
and 31 March 2024 1,653,620
NET BOOK VALUE
At 31 March 2024 1,653,620
At 31 March 2023 1,653,620

5. TANGIBLE FIXED ASSETS
Plant and Commercial
gear Vessel vehicles Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 454,838 5,038,409 36,742 5,529,989
DEPRECIATION
At 1 April 2023 187,998 487,045 25,383 700,426
Charge for year 53,368 201,536 2,840 257,744
At 31 March 2024 241,366 688,581 28,223 958,170
NET BOOK VALUE
At 31 March 2024 213,472 4,349,828 8,519 4,571,819
At 31 March 2023 266,840 4,551,364 11,359 4,829,563

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,015 -
VAT 1,512 14,505
Prepayments and accrued income 23,689 21,642
44,216 36,147

Oceanway Fishing Company Limited (Registered number: SC475216)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9)
242,692

238,203
Trade creditors - 90,522
Tax 78,356 6,029
Accruals and deferred income 4,200 4,200
325,248 338,954

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 3,180,583 3,423,275
Directors' loan accounts 340,122 465,122
3,520,705 3,888,397

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 242,692 238,203

Amounts falling due between one and two years:
Bank loans - 1-2 years 3,180,583 3,423,275

10. SECURED DEBTS

Creditors due within one year and after one year include bank loans and overdrafts which are secured by way of fixed and floating charges in the amount £3,423,275 (2023 : £3,661,478).

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
65,000 Ordinary £1 65,000 65,000