REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
FOR |
FAITHLIE FISHING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
FOR |
FAITHLIE FISHING LIMITED |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FAITHLIE FISHING LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
4 Charlotte Street |
Fraserburgh |
Aberdeenshire |
AB43 9JE |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Faithlie Fishing Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
In respect of the company's financial standing, the directors note that the balance sheet reflects a net current liabilities position, however this is after accounting for amounts due to group undertakings. |
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. The company has the continued financial support from its ultimate parent company and other group companies. The directors have no reason to believe that such support will not continue and therefore 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. |
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. |
Tangible fixed assets |
Fishing vessel | - |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 initially measured at transaction price including transaction costs and are subsequently carried at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. |
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. If not, they are presented as non-current liabilities. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are longer at the discretion of the company. |
Taxation |
Taxation for the period 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. |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
3. | 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 period 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 period was NIL. |
5. | INTANGIBLE FIXED ASSETS |
Fishing |
licence |
and quota |
£ |
COST |
Additions |
At 31 March 2024 |
AMORTISATION |
Amortisation for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
6. | TANGIBLE FIXED ASSETS |
Fishing |
vessel |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 were issued during the period |
10. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 31 March 2024 | ( |
) |
FAITHLIE FISHING LIMITED (REGISTERED NUMBER: SC753465) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 DECEMBER 2022 TO 31 MARCH 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company and controlling party is Andrew Marr International Limited, a company registered in England and heads the group into which the results of the company are consolidated. |