Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Richard John Hards 07/03/2002 17 September 2024 The principal activity of the Company during the financial year continued to be the management of and dealing in fishery licences and quotas and other investment activity. SC138071 2023-12-31 SC138071 bus:Director1 2023-12-31 SC138071 2022-12-31 SC138071 core:CurrentFinancialInstruments 2023-12-31 SC138071 core:CurrentFinancialInstruments 2022-12-31 SC138071 core:ShareCapital 2023-12-31 SC138071 core:ShareCapital 2022-12-31 SC138071 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC138071 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC138071 core:OtherResidualIntangibleAssets 2022-12-31 SC138071 core:OtherResidualIntangibleAssets 2023-12-31 SC138071 core:LandBuildings 2022-12-31 SC138071 core:OtherPropertyPlantEquipment 2022-12-31 SC138071 core:LandBuildings 2023-12-31 SC138071 core:OtherPropertyPlantEquipment 2023-12-31 SC138071 core:CostValuation 2022-12-31 SC138071 core:CostValuation 2023-12-31 SC138071 bus:OrdinaryShareClass1 2023-12-31 SC138071 2023-01-01 2023-12-31 SC138071 bus:FilletedAccounts 2023-01-01 2023-12-31 SC138071 bus:SmallEntities 2023-01-01 2023-12-31 SC138071 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC138071 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC138071 bus:Director1 2023-01-01 2023-12-31 SC138071 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC138071 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC138071 2022-01-01 2022-12-31 SC138071 core:LandBuildings 2023-01-01 2023-12-31 SC138071 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC138071 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC138071 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC138071 (Scotland)

R S FISHING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

R S FISHING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

R S FISHING LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
R S FISHING LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 22,506 28,132
Tangible assets 4 18,268 12,232
Investment property 5 125,000 125,000
Investments 6 30,000 30,000
195,774 195,364
Current assets
Debtors 7 462,546 450,383
Cash at bank and in hand 4,256,287 3,963,703
4,718,833 4,414,086
Creditors: amounts falling due within one year 8 ( 238,890) ( 103,320)
Net current assets 4,479,943 4,310,766
Total assets less current liabilities 4,675,717 4,506,130
Provision for liabilities 9 ( 345) 0
Net assets 4,675,372 4,506,130
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 4,675,272 4,506,030
Total shareholder's funds 4,675,372 4,506,130

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

Director's responsibilities:

The financial statements of R S Fishing Limited (registered number: SC138071) were approved and authorised for issue by the Director on 17 September 2024. They were signed on its behalf by:

Richard John Hards
Director
R S FISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
R S FISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R S Fishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Bishops Court, 29 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 % reducing balance
Other intangible assets

Quota's are included at cost and amortised over their estimated useful life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The investment property was valued externally during the year to 31 December 2019 and subsequently directors revalued the property for the year to 31 December 2022.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised at transaction price.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 221,392 221,392
Disposals ( 172,382) ( 172,382)
At 31 December 2023 49,010 49,010
Accumulated amortisation
At 01 January 2023 193,260 193,260
Charge for the financial year 5,626 5,626
Disposals ( 172,382) ( 172,382)
At 31 December 2023 26,504 26,504
Net book value
At 31 December 2023 22,506 22,506
At 31 December 2022 28,132 28,132

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 21,094 16,168 37,262
Additions 5,080 1,609 6,689
At 31 December 2023 26,174 17,777 43,951
Accumulated depreciation
At 01 January 2023 8,862 16,168 25,030
Charge for the financial year 430 223 653
At 31 December 2023 9,292 16,391 25,683
Net book value
At 31 December 2023 16,882 1,386 18,268
At 31 December 2022 12,232 0 12,232

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 125,000
As at 31 December 2023 125,000

Valuation

The director believes this value represents the market value at 31 December 2023.

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 30,000 30,000
At 31 December 2023 30,000 30,000
Carrying value at 31 December 2023 30,000 30,000
Carrying value at 31 December 2022 30,000 30,000

7. Debtors

2023 2022
£ £
Trade debtors 75,742 34,925
Corporation tax 0 7,311
Other debtors 386,804 408,147
462,546 450,383

Debtors include an amount of £16,000 (2022 - £16,000) which is due after more than one year.

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 125,032 81,456
Taxation and social security 104,030 14,842
Other creditors 9,828 7,022
238,890 103,320

9. Provision for liabilities

2023 2022
£ £
Deferred tax 345 0

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Included within debtors is £16,000 (2022 - £16,000) which relates to a debenture in a company in which the director has an interest in. During the year, interest was received of £1,200 (2022 - £1,200) relating to the debenture.