Silverfin false false 31/12/2023 01/01/2023 31/12/2023 David Murray Nicol 21/04/2008 Moira Nicol 21/04/2008 23 September 2024 The principal activity of the company is the supply of labour to vessels in the fishing industry. SC341692 2023-12-31 SC341692 bus:Director1 2023-12-31 SC341692 bus:Director2 2023-12-31 SC341692 core:CurrentFinancialInstruments 2023-12-31 SC341692 core:CurrentFinancialInstruments 2022-12-31 SC341692 2022-12-31 SC341692 core:ShareCapital 2023-12-31 SC341692 core:ShareCapital 2022-12-31 SC341692 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC341692 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC341692 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC341692 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC341692 bus:OrdinaryShareClass1 2023-12-31 SC341692 2023-01-01 2023-12-31 SC341692 bus:FilletedAccounts 2023-01-01 2023-12-31 SC341692 bus:SmallEntities 2023-01-01 2023-12-31 SC341692 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC341692 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC341692 bus:Director1 2023-01-01 2023-12-31 SC341692 bus:Director2 2023-01-01 2023-12-31 SC341692 2022-01-01 2022-12-31 SC341692 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC341692 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC341692 (Scotland)

DAVID NICOL (FISHING SERVICES) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

DAVID NICOL (FISHING SERVICES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

DAVID NICOL (FISHING SERVICES) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
DAVID NICOL (FISHING SERVICES) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
2023 2022
£ £
Current assets
Debtors 3 107,632 108,150
Cash at bank and in hand 11,200 18,368
118,832 126,518
Creditors: amounts falling due within one year 4 ( 12,837) ( 11,899)
Net current assets 105,995 114,619
Total assets less current liabilities 105,995 114,619
Net assets 105,995 114,619
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 105,895 114,519
Total shareholders' funds 105,995 114,619

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

Directors' responsibilities:

The financial statements of David Nicol (Fishing Services) Limited (registered number: SC341692) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

David Murray Nicol
Director
DAVID NICOL (FISHING SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DAVID NICOL (FISHING SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Nicol (Fishing Services) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 18 Strichen Court, Fraserburgh, AB43 9SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amount receivable for the provision of labour services and is recognised when the service is provided during the year.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include bank balances and amounts due from related parties are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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. Trade creditors are recognised at transaction price.

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 fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
Amounts owed by related parties 107,005 107,005
Other debtors 627 1,145
107,632 108,150

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 108 0
Taxation and social security 9,772 9,689
Other creditors 2,957 2,210
12,837 11,899

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

6. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance owed (to) / from director (318) 257

This loan is interest free and has no set repayment terms.

Other related party transactions

2023 2022
£ £
Due from Connected Company 107,005 107,005

Included within the accounts is an amount of £107,005 (2022 - £107,005) due from a connected company. This loan has no set repayment terms and is interest free.