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REGISTERED NUMBER: SC135351 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HEATHER FISHING COMPANY LIMITED

HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)






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


HEATHER FISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S J Mawhinney
A J McLeman
Mrs K J McLeman





SECRETARY: Mackinnons Solicitors LLP





REGISTERED OFFICE: Units 1&2
Old School
Cawdor
Nairn
IV12 5BL





REGISTERED NUMBER: SC135351 (Scotland)

HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 5,374,852 4,068,290
Tangible assets 6 4,332,906 4,504,974
Investments 7 6,654,035 7,267,880
16,361,793 15,841,144

CURRENT ASSETS
Debtors 8 96,703 2,153,327
Cash at bank 433,671 767,998
530,374 2,921,325
CREDITORS
Amounts falling due within one year 9 2,329,680 2,555,692
NET CURRENT (LIABILITIES)/ASSETS (1,799,306 ) 365,633
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,562,487

16,206,777

CREDITORS
Amounts falling due after more than one
year

10

(5,080,070

)

(6,563,553

)

PROVISIONS FOR LIABILITIES (682,963 ) (699,830 )
NET ASSETS 8,799,454 8,943,394

CAPITAL AND RESERVES
Called up share capital 672,001 672,001
Share premium 1,060,281 1,060,281
Capital redemption reserve 141,617 141,617
Retained earnings 6,925,555 7,069,495
SHAREHOLDERS' FUNDS 8,799,454 8,943,394

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.

HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

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 1 August 2024 and were signed on its behalf by:





S J Mawhinney - Director


HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

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

1. STATUTORY INFORMATION

Heather 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. 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 licences and quota are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fishing vessel - 5% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 NIL (2022 - 4 ).

5. INTANGIBLE FIXED ASSETS
Fishing
licences
and quota
£   
COST
At 1 January 2023 9,369,699
Additions 1,894,000
At 31 December 2023 11,263,699
AMORTISATION
At 1 January 2023 5,301,409
Amortisation for year 587,438
At 31 December 2023 5,888,847
NET BOOK VALUE
At 31 December 2023 5,374,852
At 31 December 2022 4,068,290

HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

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

6. TANGIBLE FIXED ASSETS
Freehold Fishing Plant and Motor
property vessel machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 85,395 6,292,111 960,542 115,589 7,453,637
Additions - 217,627 23,363 - 240,990
At 31 December 2023 85,395 6,509,738 983,905 115,589 7,694,627
DEPRECIATION
At 1 January 2023 35,362 2,266,181 550,660 96,460 2,948,663
Charge for year 1,708 320,623 77,609 13,118 413,058
At 31 December 2023 37,070 2,586,804 628,269 109,578 3,361,721
NET BOOK VALUE
At 31 December 2023 48,325 3,922,934 355,636 6,011 4,332,906
At 31 December 2022 50,033 4,025,930 409,882 19,129 4,504,974

7. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 7,252,880 15,000 7,267,880
Impairments (613,845 ) - (613,845 )
At 31 December 2023 6,639,035 15,000 6,654,035
NET BOOK VALUE
At 31 December 2023 6,639,035 15,000 6,654,035
At 31 December 2022 7,252,880 15,000 7,267,880

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,614 -
Other debtors 71,089 2,153,327
96,703 2,153,327

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 563,781 972,527
Trade creditors 133,739 92,439
Taxation and social security 58,639 239,409
Other creditors 1,573,521 1,251,317
2,329,680 2,555,692

HEATHER FISHING COMPANY LIMITED (REGISTERED NUMBER: SC135351)

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

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 5,073,639 6,556,650
Other creditors 6,431 6,903
5,080,070 6,563,553

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 926,614 1,013,153

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 34,580 14,523
Bank loans 5,602,840 7,514,654
5,637,420 7,529,177

The bank holds a bond and floating charge over the business assets and a ships mortgage over the vessels.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.