IRIS Accounts Production v24.2.0.383 SC199108 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1991082022-12-31SC1991082023-12-31SC1991082023-01-012023-12-31SC1991082021-12-31SC1991082022-01-012022-12-31SC1991082022-12-31SC199108ns15:Scotland2023-01-012023-12-31SC199108ns14:PoundSterling2023-01-012023-12-31SC199108ns10:Director12023-01-012023-12-31SC199108ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC199108ns10:SmallEntities2023-01-012023-12-31SC199108ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC199108ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC199108ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC199108ns10:FullAccounts2023-01-012023-12-31SC19910812023-01-012023-12-31SC199108ns10:Director22023-01-012023-12-31SC199108ns10:CompanySecretary12023-01-012023-12-31SC199108ns10:RegisteredOffice2023-01-012023-12-31SC199108ns5:CurrentFinancialInstruments2023-12-31SC199108ns5:CurrentFinancialInstruments2022-12-31SC199108ns5:Non-currentFinancialInstruments2023-12-31SC199108ns5:Non-currentFinancialInstruments2022-12-31SC199108ns5:ShareCapital2023-12-31SC199108ns5:ShareCapital2022-12-31SC199108ns5:RetainedEarningsAccumulatedLosses2023-12-31SC199108ns5:RetainedEarningsAccumulatedLosses2022-12-31SC199108ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC199108ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-31SC199108ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-31SC199108ns5:PlantMachinery2023-01-012023-12-31SC199108ns5:MotorVehicles2023-01-012023-12-31SC199108ns5:ComputerEquipment2023-01-012023-12-31SC199108ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-31SC199108ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC199108ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-31SC199108ns5:LandBuildings2022-12-31SC199108ns5:PlantMachinery2022-12-31SC199108ns5:MotorVehicles2022-12-31SC199108ns5:ComputerEquipment2022-12-31SC199108ns5:LandBuildings2023-01-012023-12-31SC199108ns5:LandBuildings2023-12-31SC199108ns5:PlantMachinery2023-12-31SC199108ns5:MotorVehicles2023-12-31SC199108ns5:ComputerEquipment2023-12-31SC199108ns5:LandBuildings2022-12-31SC199108ns5:PlantMachinery2022-12-31SC199108ns5:MotorVehicles2022-12-31SC199108ns5:ComputerEquipment2022-12-31SC199108ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC199108ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC199108ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-31SC199108ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-31SC199108ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC199108ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC199108ns5:Secured2023-12-31SC199108ns5:Secured2022-12-31
REGISTERED NUMBER: SC199108 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RELIANCE FISHING COMPANY LTD.

RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)






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


RELIANCE FISHING COMPANY LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J R Clark
Mrs B Clark





SECRETARY: Ms L Simpson





REGISTERED OFFICE: 27 Commercial Road
Buckie
Aberdeenshire
AB56 1UN





REGISTERED NUMBER: SC199108 (Scotland)

RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 353,053 353,053
Tangible assets 6 2,100,633 2,220,730
2,453,686 2,573,783

CURRENT ASSETS
Debtors 7 20,463 489
Cash at bank 18,961 55,651
39,424 56,140
CREDITORS
Amounts falling due within one year 8 243,968 141,507
NET CURRENT LIABILITIES (204,544 ) (85,367 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,249,142

2,488,416

CREDITORS
Amounts falling due after more than one
year

9

(1,482,130

)

(1,555,942

)

PROVISIONS FOR LIABILITIES (231,382 ) (177,906 )
NET ASSETS 535,630 754,568

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 535,530 754,468
SHAREHOLDERS' FUNDS 535,630 754,568

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.

RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

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 13 March 2024 and were signed on its behalf by:





J R Clark - Director


RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

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

1. STATUTORY INFORMATION

Reliance Fishing Company 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 represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

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.

Fishing Licence 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fishing vessel - 6.25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance


RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

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

3. 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 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.

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.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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 5 (2022 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Fishing
Licence
£   
COST
At 1 January 2023
and 31 December 2023 353,053
NET BOOK VALUE
At 31 December 2023 353,053
At 31 December 2022 353,053

RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

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

6. TANGIBLE FIXED ASSETS
Freehold Fishing Motor Computer
property vessel vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 40,560 2,488,186 39,129 3,729 2,571,604
Additions - - 96,909 - 96,909
Disposals - - (71,805 ) - (71,805 )
At 31 December 2023 40,560 2,488,186 64,233 3,729 2,596,708
DEPRECIATION
At 1 January 2023 6,289 318,623 22,819 3,144 350,875
Charge for year 811 155,510 2,954 225 159,500
Eliminated on disposal - - (14,300 ) - (14,300 )
At 31 December 2023 7,100 474,133 11,473 3,369 496,075
NET BOOK VALUE
At 31 December 2023 33,460 2,014,053 52,760 360 2,100,633
At 31 December 2022 34,271 2,169,563 16,310 585 2,220,729

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 29,805
Additions 86,909
Disposals (71,805 )
At 31 December 2023 44,909
DEPRECIATION
At 1 January 2023 14,300
Charge for year 1,499
Eliminated on disposal (14,300 )
At 31 December 2023 1,499
NET BOOK VALUE
At 31 December 2023 43,410
At 31 December 2022 15,505

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 20,463 489

RELIANCE FISHING COMPANY LTD. (REGISTERED NUMBER: SC199108)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 192,711 90,000
Hire purchase contracts 10,075 5,923
Trade creditors 26,300 10,455
Taxation and social security 110 20,448
Other creditors 14,772 14,681
243,968 141,507

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,445,209 1,547,392
Hire purchase contracts 29,321 -
Other creditors 7,600 8,550
1,482,130 1,555,942

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,045,209 1,147,392

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 102,711 -
Bank loans 1,535,209 1,637,392
Hire purchase contracts 39,396 5,923
1,677,316 1,643,315

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

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.