Company registration number SC197465 (Scotland)
HARVEST FISHING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HARVEST FISHING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HARVEST FISHING COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,590,386
441,236
Tangible assets
4
121,996
81,798
Investments
5
4,760
4,760
1,717,142
527,794
Current assets
Debtors
6
1,540,297
1,878,888
Cash at bank and in hand
957,309
1,011,275
2,497,606
2,890,163
Creditors: amounts falling due within one year
7
(358,428)
(186,972)
Net current assets
2,139,178
2,703,191
Total assets less current liabilities
3,856,320
3,230,985
Provisions for liabilities
(29,087)
(18,727)
Net assets
3,827,233
3,212,258
Capital and reserves
Called up share capital
103
103
Profit and loss reserves
3,827,130
3,212,155
Total equity
3,827,233
3,212,258

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HARVEST FISHING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
COLIN STEPHEN
Colin Stephen
Director
Company Registration No. SC197465
HARVEST FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Harvest Fishing Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 River View, Peterhead, Scotland, AB42 3JE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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 last 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.true

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

 

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets and amortisation

No provision for amortisation is made in respect of fishing quota and licences introduced to the company on its formation because the director believes there will be no further permanent diminution below the present carrying value. Newly purchased fishing quota is being amortised over at a rate of 33% reducing balance.

 

HARVEST FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fishing vessel
6.25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
Marine equipment
33% straight line

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.

1.7
Fixed asset investments

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8
Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that 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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.10
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HARVEST FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Pensions

 

Defined contribution pension plan

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
HARVEST FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Fishing License and Quota
£
Cost
At 1 January 2023
767,269
Additions
1,455,000
At 31 December 2023
2,222,269
Amortisation and impairment
At 1 January 2023
326,033
Amortisation charged for the year
305,850
At 31 December 2023
631,883
Carrying amount
At 31 December 2023
1,590,386
At 31 December 2022
441,236
4
Tangible fixed assets
Fishing vessel
Marine equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,516,085
36,690
-
41,846
1,594,621
Additions
-
-
1,302
40,000
41,302
Disposals
-
-
-
(29,146)
(29,146)
At 31 December 2023
1,516,085
36,690
1,302
52,700
1,606,777
Depreciation and impairment
At 1 January 2023
1,434,287
36,690
-
41,846
1,512,823
Depreciation charged in the year
-
-
271
833
1,104
Eliminated in respect of disposals
-
-
-
(29,146)
(29,146)
At 31 December 2023
1,434,287
36,690
271
13,533
1,484,781
Carrying amount
At 31 December 2023
81,798
-
1,031
39,167
121,996
At 31 December 2022
81,798
-
-
-
81,798
HARVEST FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
4,760
4,760
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,540,297
1,878,888
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
70,365
4,194
Corporation tax
214,902
176,778
Other taxation and social security
198
-
Other creditors
72,963
6,000
358,428
186,972
8
Security

The bank holds a floating charge over the assets of the company and a ships mortgage over the vessel.

9
Related party transactions

 

During the period the company no advances to the directors in the year and received credits of £52,000, which resulted in a balance due to the company at the year end of £NIL (2022: £52,000 - Due to company).

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