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REGISTERED NUMBER: SC152058 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SUMMER ISLES FISHING COMPANY LIMITED

SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

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


SUMMER ISLES FISHING COMPANY 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





REGISTERED OFFICE: East Quay
The Harbour
Peterhead
Aberdeenshire
AB42 1JF





REGISTERED NUMBER: SC152058 (Scotland)





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

SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 8,990
Tangible assets 5 - 1,535,641
- 1,544,631

CURRENT ASSETS
Debtors 6 2,308,444 373,048
Cash at bank 6,997 351,447
2,315,441 724,495
CREDITORS
Amounts falling due within one year 7 328,672 175,655
NET CURRENT ASSETS 1,986,769 548,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,986,769

2,093,471

PROVISIONS FOR LIABILITIES - 284,610
NET ASSETS 1,986,769 1,808,861

CAPITAL AND RESERVES
Called up share capital 56 56
Share premium 37,887 37,887
Capital redemption reserve 16 16
Retained earnings 1,948,810 1,770,902
SHAREHOLDERS' FUNDS 1,986,769 1,808,861

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


SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

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


1. STATUTORY INFORMATION

Summer Isles Fishing Company 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fishing vessels - Over 20 years
Motor vehicles - 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.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

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


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 OR VALUATION
At 1 January 2023
and 31 December 2023 4,471,011
AMORTISATION
At 1 January 2023 4,462,021
Amortisation for year 8,990
At 31 December 2023 4,471,011
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 8,990

Cost or valuation at 31 December 2023 is represented by:

Fishing
licences
and quota
£   
Valuation in 2007 1,897,030
Cost 2,573,981
4,471,011

SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

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


5. TANGIBLE FIXED ASSETS
Fishing Motor
vessels vehicles Totals
£    £    £   
COST
At 1 January 2023 2,195,705 25,239 2,220,944
Disposals (2,195,705 ) - (2,195,705 )
At 31 December 2023 - 25,239 25,239
DEPRECIATION
At 1 January 2023 660,064 25,239 685,303
Eliminated on disposal (660,064 ) - (660,064 )
At 31 December 2023 - 25,239 25,239
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 1,535,641 - 1,535,641

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 2,302,821 238,421
Other debtors 5,623 134,627
2,308,444 373,048

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,927 103
Amounts owed to group undertakings 316,995 147,638
Other creditors 5,750 27,914
328,672 175,655

8. 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

9. 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.

SUMMER ISLES FISHING COMPANY LIMITED (REGISTERED NUMBER: SC152058)

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


10. ULTIMATE PARENT COMPANY

The ultimate parent company is Lunar Fishing Company Limited, which owns 100% of the issued share capital of Summer Isles Fishing Company Limited. The registered office and principal place of business is East Quay, The Harbour, Peterhead, AB42 1JF. 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 Summer Isles Fishing Company Limited have been noted for those family members, or for the directors.

There is no ultimate controlling party.