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REGISTERED NUMBER: SC684094 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LUNAR HARVEST FISHING LIMITED

LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


LUNAR HARVEST FISHING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J Buchan
Mr A Buchan
Mr J G Buchan
Mr S W Banks
Miss J Buchan
Mr A J Buchan
Mr W C Buchan





SECRETARY: Mr A Buchan





REGISTERED OFFICE: East Quay
Peterhead
United Kingdom
AB42 1JF





REGISTERED NUMBER: SC684094 (Scotland)





INDEPENDENT AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,267,752 7,051,221
Tangible assets 5 13,343,770 5,077,780
19,611,522 12,129,001

CURRENT ASSETS
Debtors 6 342,240 16,044
Cash at bank 15,608 38,696
357,848 54,740
CREDITORS
Amounts falling due within one year 7 20,243,355 13,289,912
NET CURRENT LIABILITIES (19,885,507 ) (13,235,172 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(273,985

)

(1,106,171

)

PROVISIONS FOR LIABILITIES 2,074,190 1,198,583
NET LIABILITIES (2,348,175 ) (2,304,754 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 (2,348,275 ) (2,304,854 )
SHAREHOLDERS' FUNDS (2,348,175 ) (2,304,754 )

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 19 September 2024 and were signed on its behalf by:





Mr A Buchan - Director


LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Lunar Harvest 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 licences and quota are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, over their estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter. The rates applicable are:

Fishing vessels- Over 20 years
Plant, machinery and gear- Over 5 years

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.

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.

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.

LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of Lunar Fishing Company Limited which has undertaken to ensure all liabilities are met as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Fishing
licences
and quota
£   
COST
At 1 January 2023
and 31 December 2023 7,834,690
AMORTISATION
At 1 January 2023 783,469
Amortisation for year 783,469
At 31 December 2023 1,566,938
NET BOOK VALUE
At 31 December 2023 6,267,752
At 31 December 2022 7,051,221

5. TANGIBLE FIXED ASSETS
Fishing Plant and Motor
vessels machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 5,500,000 9,844 61,700 5,571,544
Additions 8,393,999 - 102,069 8,496,068
Disposals - - (61,700 ) (61,700 )
At 31 December 2023 13,893,999 9,844 102,069 14,005,912
DEPRECIATION
At 1 January 2023 422,220 9,844 61,700 493,764
Charge for year 211,110 - 18,968 230,078
Eliminated on disposal - - (61,700 ) (61,700 )
At 31 December 2023 633,330 9,844 18,968 662,142
NET BOOK VALUE
At 31 December 2023 13,260,669 - 83,101 13,343,770
At 31 December 2022 5,077,780 - - 5,077,780

LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,031 -
Amounts owed by group undertakings 169,357 -
Other debtors 169,852 16,044
342,240 16,044

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 228,710 199
Amounts owed to group undertakings 19,990,150 13,195,062
Other creditors 24,495 94,651
20,243,355 13,289,912

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary Shares £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 January 2023 (2,304,854 )
Deficit for the year (43,421 )
At 31 December 2023 (2,348,275 )

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Iain Arthur FCCA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 15,492,978 24,397,050

LUNAR HARVEST FISHING LIMITED (REGISTERED NUMBER: SC684094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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 is Lunar Fishing Company Limited, which owns 100% of the issued share capital of Lunar Harvest Fishing Limited. Copies of its accounts can be obtained from the Registrar of Companies, Companies House, 4th Floor. Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

The directors named in the Directors Report attached to these financial statements are shareholders of Lunar Fishing Company Limited, but do not by dint of those holdings exercise a majority holding of the issued share capital or exercise majority voting rights within that company. Other close family members of the Directors hold shares in Lunar Fishing Company Limited. No material interests in any customer or suppliers of Lunar Harvest Fishing Limited have been noted for those family members, or for the directors.

There is no ultimate controlling party.