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REGISTERED NUMBER: SC646854 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

LOCH INCHARD FISHING COMPANY LIMITED

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOCH INCHARD FISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: Mrs R M Mackay
J M R Mackay
I Mackay
D W Ross





SECRETARY: Mrs R M Mackay





REGISTERED OFFICE: Kalbreac Badcall
Rhiconich
Lairg
IV27 4RQ





REGISTERED NUMBER: SC646854 (Scotland)





ACCOUNTANTS: Goldwells Ltd
10 Knockbreck Street
Tain
Ross-Shire
IV19 1BJ

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 923,114 923,114
Tangible assets 5 2,765,680 2,887,100
3,688,794 3,810,214

CURRENT ASSETS
Debtors 6 111,676 224,406
Cash at bank 383 377
112,059 224,783
CREDITORS
Amounts falling due within one year 7 830,732 707,827
NET CURRENT LIABILITIES (718,673 ) (483,044 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,970,121

3,327,170

CREDITORS
Amounts falling due after more than one
year

8

(2,152,284

)

(2,323,833

)

PROVISIONS FOR LIABILITIES (18,457 ) (40,665 )
NET ASSETS 799,380 962,672

CAPITAL AND RESERVES
Called up share capital 800,000 800,000
Share premium 135,443 135,443
Revaluation reserve 9 137,777 137,777
Retained earnings (273,840 ) (110,548 )
799,380 962,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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.

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

BALANCE SHEET - continued
30TH NOVEMBER 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 Mrs R M MacKay the Board of Directors and authorised for issue on 28th August 2024 and were signed on its behalf by:





Mrs R M Mackay - Director


LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023

1. STATUTORY INFORMATION

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Vessel licences are being amortised evenly over their estimated useful life of nil years.

Vessel quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st December 2022
and 30th November 2023 923,114
NET BOOK VALUE
At 30th November 2023 923,114
At 30th November 2022 923,114

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st December 2022
and 30th November 2023 3,000,000 13,867 3,013,867
DEPRECIATION
At 1st December 2022 120,000 6,767 126,767
Charge for year 120,000 1,420 121,420
At 30th November 2023 240,000 8,187 248,187
NET BOOK VALUE
At 30th November 2023 2,760,000 5,680 2,765,680
At 30th November 2022 2,880,000 7,100 2,887,100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 111,676 224,406

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 276,625 117,015
Trade creditors - 87,585
Amounts owed to participating interests 24,000 24,000
Other creditors 530,107 479,227
830,732 707,827

LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,723,284 1,894,833
Amounts owed to participating interests 107,000 107,000
Other creditors 322,000 322,000
2,152,284 2,323,833

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,175,205 1,426,773

9. RESERVES
Revaluation
reserve
£   
At 1st December 2022
and 30th November 2023 137,777