REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Orion Fishing Company Ltd. |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fishing vessel | - |
Marine equipment | - |
Motor vehicles | - |
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 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
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 |
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 |
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 |
Provided during year |
Balance at 31 December 2023 |
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. |