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REGISTERED NUMBER: SC753465 (Scotland)















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: P M Farrar
M J Dougal
D A Cardno





REGISTERED OFFICE: 5-8 Bridge Street
Peterhead
Aberdeenshire
AB42 1DH





REGISTERED NUMBER: SC753465 (Scotland)





AUDITORS: Leiper & Summers
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 3,586,250
Tangible assets 6 2,632,500
6,218,750

CURRENT ASSETS
Debtors 7 33,874

CREDITORS
Amounts falling due within one year 8 8,095,140
NET CURRENT LIABILITIES (8,061,266 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,842,516

)

CAPITAL AND RESERVES
Called up share capital 9 100
Retained earnings 10 (1,842,616 )
SHAREHOLDERS' FUNDS (1,842,516 )

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 20 September 2024 and were signed on its behalf by:





D A Cardno - Director


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 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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.

Fishing licence and quota are being amortised evenly over their estimated useful life of five years.

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 - 10% on cost

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 4,750,000
At 31 March 2024 4,750,000
AMORTISATION
Amortisation for period 1,163,750
At 31 March 2024 1,163,750
NET BOOK VALUE
At 31 March 2024 3,586,250

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 3,000,000
At 31 March 2024 3,000,000
DEPRECIATION
Charge for period 367,500
At 31 March 2024 367,500
NET BOOK VALUE
At 31 March 2024 2,632,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 5,000
Other debtors 28,874
33,874

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 182,422
Amounts owed to group undertakings 7,907,968
Other creditors 4,750
8,095,140

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
100 Ordinary £1 100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

10. RESERVES
Retained
earnings
£   

Deficit for the period (1,842,616 )
At 31 March 2024 (1,842,616 )

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.

Susan M Hepburn CA ATT (Senior Statutory Auditor)
for and on behalf of Leiper & Summers

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.