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REGISTERED NUMBER: SC233227 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Aquarius Fishing Co. Limited

Aquarius Fishing Co. Limited (Registered number: SC233227)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Aquarius Fishing Co. Limited

Company Information
for the Year Ended 30 September 2023







DIRECTOR: R Skinner





REGISTERED OFFICE: An Grianan
Druimorrin
Orrin Bridge
By Muir of Ord
Ross-Shire
IV6 7UL





REGISTERED NUMBER: SC233227 (Scotland)





ACCOUNTANTS: Stewart & Stewart Ltd.
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND

Aquarius Fishing Co. Limited (Registered number: SC233227)

Abridged Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 135,768 157,192
Tangible assets 5 610,353 652,557
746,121 809,749

CURRENT ASSETS
Debtors 18,611 21,072
Cash at bank 13,222 -
31,833 21,072
CREDITORS
Amounts falling due within one year 518,484 658,894
NET CURRENT LIABILITIES (486,651 ) (637,822 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,470

171,927

CREDITORS
Amounts falling due after more than one year 6 1,186,287 885,056
NET LIABILITIES (926,817 ) (713,129 )

CAPITAL AND RESERVES
Called up share capital 280 280
Share premium 50,696 50,696
Retained earnings (977,793 ) (764,105 )
SHAREHOLDERS' FUNDS (926,817 ) (713,129 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Aquarius Fishing Co. Limited (Registered number: SC233227)

Abridged Balance Sheet - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





R Skinner - Director


Aquarius Fishing Co. Limited (Registered number: SC233227)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Aquarius Fishing Co. 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.

As at 30 September 2023 the company had net liabilities of £926,817 (2022 - £713,129). Included in liabilities are loans from the Director and other related parties totalling £499,312 (2022 - £451,097). The Director has confirmed his intention to continue to support the company and not seek repayment of these loans to the detriment of third parties.

After 30 September 2023 but prior to the date of approval of these financial statements, the Company has secured additional funding which means that the Director considers there to be a reasonable expectation that the Company will have adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. This confirmation is made after having reviewed assumptions about future trading performance, cashflow projections, capital expenditure and debt requirements. The Director has also considered potential risks and uncertainties in the business, credit, market and liquidity risks including the availability and repayment of bank facilities.

Based on the above the Director continues to adopt the going concern basis in preparing the accounts for the year to 30 September 2023.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% on cost
Motor vehicles - 20% on cost
Boat & gear - 5% on cost

Aquarius Fishing Co. Limited (Registered number: SC233227)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary or preference shares are publicly traded or their fair value can otherwise be measured reliably , the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Aquarius Fishing Co. Limited (Registered number: SC233227)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022
and 30 September 2023 283,840
AMORTISATION
At 1 October 2022 126,648
Amortisation for year 21,424
At 30 September 2023 148,072
NET BOOK VALUE

At 30 September 2023 135,768
At 30 September 2022 157,192

Aquarius Fishing Co. Limited (Registered number: SC233227)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022 779,189
Additions 3,993
At 30 September 2023 783,182
DEPRECIATION
At 1 October 2022 126,632
Charge for year 46,197
At 30 September 2023 172,829
NET BOOK VALUE
At 30 September 2023 610,353
At 30 September 2022 652,557

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
30.9.23 30.9.22
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 511,987 428,953

7. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank overdraft - 67,153
Bank loans 728,555 616,437
Hire purchase contracts 710 9,233
729,265 692,823

The Royal Bank of Scotland holds a mortgage over the vessel Njord Venture. They also hold a floating charge over the property or undertaking of the company.

Hire purchase liabilities are secured on the assets to which they relate.

8. OTHER FINANCIAL COMMITMENTS

As at 30 September 2023 ,the company had total commitments under non cancellable operating leases over the remaining life of those leases of £25,500 (2022 - £37,094).

Aquarius Fishing Co. Limited (Registered number: SC233227)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. RELATED PARTY DISCLOSURES

At 30 September 2023, the company was in receipt of loans from the Director and other related parties totalling £499,312 (2022 - £307,356). These loans are all unsecured, interest free, are not due for repayment within 12 months and have been included within creditors falling due after more than one year.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Aquarius Fishing Co. Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aquarius Fishing Co. Limited for the year ended 30 September 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Aquarius Fishing Co. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aquarius Fishing Co. Limited and state those matters that we have agreed to state to the director of Aquarius Fishing Co. Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Aquarius Fishing Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Aquarius Fishing Co. Limited. You consider that Aquarius Fishing Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aquarius Fishing Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stewart & Stewart Ltd.
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND


9 September 2024