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REGISTERED NUMBER: SC200275 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Nicol Fishing Limited

Nicol Fishing Limited (Registered number: SC200275)






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


Nicol Fishing Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: John Arthur Nicol
John Alexander Nicol
John David Nicol





REGISTERED OFFICE: 15 Castlehill Drive
Gardenstown
Aberdeenshire
AB45 3YG





REGISTERED NUMBER: SC200275 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Nicol Fishing Limited (Registered number: SC200275)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,870,000 2,870,000
Tangible assets 5 3,925,338 4,075,822
6,795,338 6,945,822

CURRENT ASSETS
Debtors 6 77,655 296,686
Investments 7 10,000 10,000
Cash at bank 138,638 225,725
226,293 532,411
CREDITORS
Amounts falling due within one year 8 136,877 304,224
NET CURRENT ASSETS 89,416 228,187
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,884,754

7,174,009

CREDITORS
Amounts falling due after more than one
year

9

(1,326,711

)

(1,389,452

)

PROVISIONS FOR LIABILITIES (942,671 ) (983,526 )
NET ASSETS 4,615,372 4,801,031

CAPITAL AND RESERVES
Called up share capital 971,200 971,200
Fair value reserve 11 846,029 852,779
Retained earnings 2,798,143 2,977,052
SHAREHOLDERS' FUNDS 4,615,372 4,801,031

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.

Nicol Fishing Limited (Registered number: SC200275)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





John Alexander Nicol - Director


Nicol Fishing Limited (Registered number: SC200275)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Nicol Fishing 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 modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for fish sold and other fishing related income, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets
Intangible assets comprise fishing licence and quota rights which are reported on a valuation basis. The reported valuations are reassessed at the end of each accounting period and any adjustments are recorded through the Profit & Loss Account or Statement of Comprehensive Income, as appropriate.

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.
Short leasehold - 2% on cost
Fishing vessels - 5% on cost
Gear & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

The freehold property comprises land and a store building which was in the course of construction as at the financial year end. No depreciation has been charged and will commence on completion of the building.

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Nicol Fishing Limited (Registered number: SC200275)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. 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.

Current asset investments
The current assets investments held are reported at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Licence &
quota
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 2,870,000
NET BOOK VALUE
At 31 December 2023 2,870,000
At 31 December 2022 2,870,000

Cost or valuation at 31 December 2023 is represented by:

Licence &
quota
£   
Valuation in 2021 1,101,039
Cost 1,768,961
2,870,000

Nicol Fishing Limited (Registered number: SC200275)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Freehold Short Fishing
property leasehold vessels
£    £    £   
COST
At 1 January 2023 10,590 18,000 4,694,838
Additions 124,285 - -
Disposals - - -
At 31 December 2023 134,875 18,000 4,694,838
DEPRECIATION
At 1 January 2023 - 8,100 883,073
Charge for year - 360 234,746
Eliminated on disposal - - -
At 31 December 2023 - 8,460 1,117,819
NET BOOK VALUE
At 31 December 2023 134,875 9,540 3,577,019
At 31 December 2022 10,590 9,900 3,811,765

Gear & Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 388,448 67,135 748 5,179,759
Additions - - 1,748 126,033
Disposals - - (748 ) (748 )
At 31 December 2023 388,448 67,135 1,748 5,305,044
DEPRECIATION
At 1 January 2023 185,994 26,276 494 1,103,937
Charge for year 30,367 10,213 577 276,263
Eliminated on disposal - - (494 ) (494 )
At 31 December 2023 216,361 36,489 577 1,379,706
NET BOOK VALUE
At 31 December 2023 172,087 30,646 1,171 3,925,338
At 31 December 2022 202,454 40,859 254 4,075,822

Nicol Fishing Limited (Registered number: SC200275)

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:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 39,890
DEPRECIATION
At 1 January 2023 9,973
Charge for year 7,479
At 31 December 2023 17,452
NET BOOK VALUE
At 31 December 2023 22,438
At 31 December 2022 29,917

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 77,655 296,686

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Unlisted investments 10,000 10,000

The current asset investments are stated at original cost.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 59,247 215,198
Hire purchase contracts 5,535 5,535
Trade creditors 20,572 27,676
Taxation and social security 9,512 26,769
Other creditors 42,011 29,046
136,877 304,224

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,317,025 1,374,231
Hire purchase contracts 9,686 15,221
1,326,711 1,389,452

Nicol Fishing Limited (Registered number: SC200275)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years 1,029,591 1,063,832

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,376,272 1,589,429

Bank borrowings are secured by means of mortgages over the company's fishing vessels, and a floating charge over all assets.

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023 852,779
Deferred Tax adjustments (6,750 )

At 31 December 2023 846,029

12. RELATED PARTY DISCLOSURES

The director's operate current accounts with the company and as at the financial year end the combined balance owing to them was £32,680. Whilst the loan balances are considered short term, there are no fixed terms of repayment and no interest is accrued.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders.