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REGISTERED NUMBER: SC294800 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Orion Fishing Company Ltd.

Orion Fishing Company Ltd. (Registered number: SC294800)






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


Orion Fishing Company Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr B Harvey
Mrs M Harvey
Mr S J Mawhinney





REGISTERED OFFICE: Denholm Fishselling Limited
Unit 1-2
Old School, Cawdor
Nairn
Highland
IV12 5BL





REGISTERED NUMBER: SC294800 (Scotland)





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

Orion Fishing Company Ltd. (Registered number: SC294800)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 84,067 90,970
Tangible assets 5 2,617,079 2,808,744
2,701,146 2,899,714

CURRENT ASSETS
Debtors 6 27,630 27,855
Cash at bank 136,732 163,055
164,362 190,910
CREDITORS
Amounts falling due within one year 7 288,107 291,645
NET CURRENT LIABILITIES (123,745 ) (100,735 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,577,401

2,798,979

CREDITORS
Amounts falling due after more than one
year

8

(1,476,080

)

(1,542,932

)

PROVISIONS FOR LIABILITIES 10 (429,612 ) (354,020 )

ACCRUALS AND DEFERRED INCOME (42,029 ) (45,332 )
NET ASSETS 629,680 856,695

CAPITAL AND RESERVES
Called up share capital 572,108 572,108
Share premium 196,461 196,461
Retained earnings (138,889 ) 88,126
SHAREHOLDERS' FUNDS 629,680 856,695

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.

Orion Fishing Company Ltd. (Registered number: SC294800)

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 6 September 2024 and were signed on its behalf by:





Mr S J Mawhinney - Director


Orion Fishing Company Ltd. (Registered number: SC294800)

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

1. STATUTORY INFORMATION

Orion 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. 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.

The financial statements have been prepared in UK £ sterling.

Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents all income generated by operations of the fishing vessel, excluding value added tax. 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 the fishing licence and quota. The assets have initially been measured at cost and are reported using the 'Cost model' basis, being amortised over a 15 year period on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 20% on cost, 10% on cost and 5% on cost
Marine equipment - 25% on cost and 20% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.
The fishing vessel is depreciated at a rate of 5% straight line and integrated items which form part of the vessel are depreciated at 10% and 20% straight line relative to the nature of the particular items and their estimated useful life.

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.


Orion Fishing Company Ltd. (Registered number: SC294800)

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.

Deferred grant funding
Capital grants received are set aside in the Balance Sheet and released to the Profit & Loss Account over a period of time corresponding to the depreciation policy on the related asset.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Fishing
licence &
quota
£   
COST
At 1 January 2023
and 31 December 2023 613,500
AMORTISATION
At 1 January 2023 522,530
Amortisation for year 6,903
At 31 December 2023 529,433
NET BOOK VALUE
At 31 December 2023 84,067
At 31 December 2022 90,970

Intangible assets comprise the fishing licence and quota which are reported using the cost model basis, being amortised over a 15 year period. The combined market value of the licence and quota is estimated at £1,254,000 as at 31st December 2023.

Orion Fishing Company Ltd. (Registered number: SC294800)

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

5. TANGIBLE FIXED ASSETS
Fishing Marine Motor
vessel equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,960,441 109,478 36,645 3,106,564
DEPRECIATION
At 1 January 2023 235,327 47,835 14,658 297,820
Charge for year 166,114 18,222 7,329 191,665
At 31 December 2023 401,441 66,057 21,987 489,485
NET BOOK VALUE
At 31 December 2023 2,559,000 43,421 14,658 2,617,079
At 31 December 2022 2,725,114 61,643 21,987 2,808,744

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 27,630 27,855

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 75,640 80,193
Trade creditors 110,124 111,485
Other creditors 102,343 99,967
288,107 291,645

The balance of 'Other Creditors' includes the sum of £57,591 (£57,591 - 2022) owed by the company to the Directors, Mr & Mrs B Harvey. The balance of creditors also includes a separate amount of £76,400 (£77,856 - 2022) owing to the 'Summer Rose Fishing Company Limited' which is a company controlled by the directors Mr B.Harvey and Mrs M.Harvey.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,476,080 1,542,932

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,112,263 1,176,997

Orion Fishing Company Ltd. (Registered number: SC294800)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,551,720 1,623,125

A Bond and Floating charge is held by the Royal Bank of Scotland together with a Mortgage over the fishing vessel Orion BF 432.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 429,612 354,020

Deferred
tax
£   
Balance at 1 January 2023 354,020
Provided during year 75,592
Balance at 31 December 2023 429,612

Deferred tax has been fully provided for in relation to the accelerated capital allowances claimed on fixed assets and also in relation to the potential gains on the fishing licence and quota held based on current estimated values. An increase in the provision for Deferred Tax was required to reflect the increase in the rate of Corporation Tax from 19% to 25%.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is a loan from the directors Mr & Mrs Harvey amounting to £57,591 (£57,591 - 2022). There are no specific terms of repayment and no interest is accrued.

12. RELATED PARTY DISCLOSURES

During the year the company declared payments totalling £46,800 (£55,900 - 2022) to the 'Summer Rose Fishing Company Ltd', which is a company controlled by Mr B.Harvey and Mrs M.Harvey, in respect of crew services provided.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, Mr B.Harvey and Mrs M.Harvey.