Company registration number SC157358 (Scotland)
WISEMAN FISHING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WISEMAN FISHING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WISEMAN FISHING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,427,393
6,427,393
Tangible assets
4
206,609
123,415
Investments
5
21,675,934
22,075,404
28,309,936
28,626,212
Current assets
Debtors
6
31,741
114,637
Cash at bank and in hand
4,888,661
1,075,918
4,920,402
1,190,555
Creditors: amounts falling due within one year
7
(813,512)
(258,869)
Net current assets
4,106,890
931,686
Total assets less current liabilities
32,416,826
29,557,898
Provisions for liabilities
(1,940,207)
(1,869,818)
Net assets
30,476,619
27,688,080
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
1,144,571
1,144,571
Other reserves
1,909,571
1,477,362
Profit and loss reserves
27,322,477
24,966,147
Total equity
30,476,619
27,688,080

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WISEMAN FISHING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
A WISEMAN
Alexander Wiseman
Director
Company Registration No. SC157358
WISEMAN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wiseman Fishing Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 14 Carden Place, Aberdeen, United Kingdom, AB10 1UR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Profit share from a partnership in which the company is a partner is recognised in the period to which it relates.

1.4
Intangible fixed assets other than goodwill

No provision for amortisation is made in respect of fishing quota and licenses introduced to the company on its formation because the directors believe there will be no further permanent diminution below the present carrying value.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4 years straight line
Plant and equipment
3 years straight line
Fixtures and fittings
4 years straight line
Motor vehicles
4 years straight line
WISEMAN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

The company is a corporate partner in a partnership. The initial share of costs along with the share of annual profits are recognised within investments as this is similar to a loan due from participating interest. Any distributions made to the Company is offset against the balance.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.8
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WISEMAN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method

1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
WISEMAN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Licence and quota
£
Cost
At 1 January 2023 and 31 December 2023
6,427,393
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
Carrying amount
At 31 December 2023
6,427,393
At 31 December 2022
6,427,393
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
33,837
22,399
2,370
170,786
229,392
Additions
60,000
1,237
-
168,017
229,254
Disposals
-
(492)
-
(170,786)
(171,278)
At 31 December 2023
93,837
23,144
2,370
168,017
287,368
Depreciation and impairment
At 1 January 2023
25,861
20,621
2,370
57,125
105,977
Depreciation charged in the year
7,251
1,336
-
33,646
42,233
Eliminated in respect of disposals
-
(492)
-
(66,959)
(67,451)
At 31 December 2023
33,112
21,465
2,370
23,812
80,759
Carrying amount
At 31 December 2023
60,725
1,679
-
144,205
206,609
At 31 December 2022
7,976
1,778
-
113,661
123,415
5
Fixed asset investments
2023
2022
£
£
Unlisted investments
16,266,363
17,098,042
Other investments
5,409,571
4,977,362
21,675,934
22,075,404
WISEMAN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 January 2023
17,098,042
4,977,362
22,075,404
Valuation changes
-
432,209
432,209
Share of profit
4,168,321
-
4,168,321
Distributed by partnership
(5,000,000)
-
(5,000,000)
At 31 December 2023
16,266,363
5,409,571
21,675,934
Carrying amount
At 31 December 2023
16,266,363
5,409,571
21,675,934
At 31 December 2022
17,098,042
4,977,362
22,075,404
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and other debtors
31,741
114,637
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
406
379
Corporation tax
490,848
34,475
Other taxation and social security
14,189
17,251
Other creditors
308,069
206,764
813,512
258,869
8
Related party transactions

During the year, the company made advances to the directors of £322,576. Credits were received of £430,050 which resulted in amounts due from the company at the year end of £294,976 (2022 - £187,502).

 

The loan is unsecured and interest free with no fixed repayment terms in place.

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