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REGISTERED NUMBER: SC465505 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DEVERON FISHING (SCOTLAND) LIMITED

DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVERON FISHING (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G Buchan
G Smart





REGISTERED OFFICE: 16 Colleonard Drive
Banff
Aberdeenshire
AB45 1DP





REGISTERED NUMBER: SC465505 (Scotland)

DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 221,400 295,200
Tangible assets 6 215,000 240,625
436,400 535,825

CURRENT ASSETS
Debtors 7 14,189 28,656
Cash at bank - 12,347
14,189 41,003
CREDITORS
Amounts falling due within one year 8 173,279 173,338
NET CURRENT LIABILITIES (159,090 ) (132,335 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

277,310

403,490

CREDITORS
Amounts falling due after more than one
year

9

317,435

401,423
NET (LIABILITIES)/ASSETS (40,125 ) 2,067

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (40,126 ) 2,066
SHAREHOLDERS' FUNDS (40,125 ) 2,067

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

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

DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

BALANCE SHEET - continued
31 DECEMBER 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 26 June 2024 and were signed on its behalf by:





G Buchan - Director


DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

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

1. STATUTORY INFORMATION

Deveron Fishing (Scotland) 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.

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.

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.

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 and quota
Fishing licences and quota are being amortised over 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.
Fishing Vessel - 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.


DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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
Fishing Fishing
Quota Licence Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 115,000 254,000 369,000
AMORTISATION
At 1 January 2023 23,000 50,800 73,800
Amortisation for year 23,000 50,800 73,800
At 31 December 2023 46,000 101,600 147,600
NET BOOK VALUE
At 31 December 2023 69,000 152,400 221,400
At 31 December 2022 92,000 203,200 295,200

DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

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

6. TANGIBLE FIXED ASSETS
Fishing
Vessel
£   
COST
At 1 January 2023
and 31 December 2023 410,000
DEPRECIATION
At 1 January 2023 169,375
Charge for year 25,625
At 31 December 2023 195,000
NET BOOK VALUE
At 31 December 2023 215,000
At 31 December 2022 240,625


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,079 27,817
Other debtors 110 839
14,189 28,656

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 48,815 70,000
Trade creditors 87,730 67,135
Taxation and social security 10,402 9,871
Other creditors 26,332 26,332
173,279 173,338

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 114,006 163,911
Other creditors 203,429 237,512
317,435 401,423

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 66,161 40,476

DEVERON FISHING (SCOTLAND) LIMITED (REGISTERED NUMBER: SC465505)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 815 -
Bank loans 162,006 233,911
162,821 233,911

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Shaulora Fishing Company Ltd.