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REGISTERED NUMBER: SC365718 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RITCH FISHING LTD.

RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)






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


RITCH FISHING LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs Z A Ritchie
A Ritchie





REGISTERED OFFICE: 2 Greenacres Drive
Peterhead
Aberdeenshire
AB42 3QE





REGISTERED NUMBER: SC365718 (Scotland)

RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 54,417 71,034
Investments 6 410,840 334,504
465,257 405,538

CURRENT ASSETS
Debtors 7 54,387 56,992
Cash at bank 47,432 74,750
101,819 131,742
CREDITORS
Amounts falling due within one year 8 101,696 172,856
NET CURRENT ASSETS/(LIABILITIES) 123 (41,114 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

465,380

364,424

CREDITORS
Amounts falling due after more than one
year

9

(38,528

)

(64,182

)

PROVISIONS FOR LIABILITIES (39,070 ) (44,799 )
NET ASSETS 387,782 255,443

CAPITAL AND RESERVES
Called up share capital 99 99
Retained earnings 387,683 255,344
SHAREHOLDERS' FUNDS 387,782 255,443

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.

RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

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 19 August 2024 and were signed on its behalf by:





A Ritchie - Director


RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

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

1. STATUTORY INFORMATION

Ritch Fishing Ltd. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 25% on reducing balance

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.


RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 132,218
Additions 1,314
At 31 December 2023 133,532
DEPRECIATION
At 1 January 2023 61,184
Charge for year 17,931
At 31 December 2023 79,115
NET BOOK VALUE
At 31 December 2023 54,417
At 31 December 2022 71,034

RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 95,861
DEPRECIATION
At 1 January 2023 25,573
Charge for year 17,572
At 31 December 2023 43,145
NET BOOK VALUE
At 31 December 2023 52,716
At 31 December 2022 70,288

6. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 January 2023 334,504
Additions 70,000
Share of profit/(loss) 6,336
At 31 December 2023 410,840
NET BOOK VALUE
At 31 December 2023 410,840
At 31 December 2022 334,504

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 54,387 56,992

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 26,033 7,928
Trade creditors 954 -
Taxation and social security 68,924 39,861
Other creditors 5,785 125,067
101,696 172,856

RITCH FISHING LTD. (REGISTERED NUMBER: SC365718)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 38,528 64,182

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own the majority of the issued share capital of the company.