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COMPANY REGISTRATION NUMBER: SC179910
BOW FIDDLE FISHING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
BOW FIDDLE FISHING COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
BOW FIDDLE FISHING COMPANY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
F Smith
C Smith
S Taylor
Company secretary
Mrs C McGregor
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
BOW FIDDLE FISHING COMPANY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BOW FIDDLE FISHING COMPANY LIMITED
YEAR ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bow Fiddle Fishing Company Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Bow Fiddle Fishing Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bow Fiddle Fishing Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bow Fiddle Fishing Company Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Bow Fiddle Fishing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bow Fiddle Fishing Company Limited. You consider that Bow Fiddle Fishing Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bow Fiddle Fishing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
12 August 2024
BOW FIDDLE FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
4
20,170
37,298
Tangible assets
5
1,286,031
1,405,615
------------
------------
1,306,201
1,442,913
CURRENT ASSETS
Debtors
6
22,667
23,053
Cash at bank and in hand
37,243
49,327
--------
--------
59,910
72,380
CREDITORS: amounts falling due within one year
7
181,273
167,750
---------
---------
NET CURRENT LIABILITIES
121,363
95,370
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,184,838
1,347,543
CREDITORS: amounts falling due after more than one year
8
848,047
905,884
------------
------------
NET ASSETS
336,791
441,659
------------
------------
CAPITAL AND RESERVES
Called up share capital
374,848
374,848
Share premium account
45,192
45,192
Profit and loss account
( 83,249)
21,619
---------
---------
SHAREHOLDERS FUNDS
336,791
441,659
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BOW FIDDLE FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
S Taylor
Director
Company registration number: SC179910
BOW FIDDLE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Licence
-
6.67% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fishing vessel & gear
-
5% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the income statement on a straight line basis.
Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the income statement over the estimated useful life of the assets to which they relate.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Licence
£
Cost
At 1 January 2023 and 31 December 2023
431,722
---------
Amortisation
At 1 January 2023
394,424
Charge for the year
17,128
---------
At 31 December 2023
411,552
---------
Carrying amount
At 31 December 2023
20,170
---------
At 31 December 2022
37,298
---------
5. Tangible assets
Fishing vessel & gear
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,463,283
49,000
110,153
1,622,436
Disposals
( 8,427)
( 8,427)
------------
--------
---------
------------
At 31 December 2023
1,463,283
49,000
101,726
1,614,009
------------
--------
---------
------------
Depreciation
At 1 January 2023
163,200
9,800
43,821
216,821
Charge for the year
81,677
9,800
19,680
111,157
------------
--------
---------
------------
At 31 December 2023
244,877
19,600
63,501
327,978
------------
--------
---------
------------
Carrying amount
At 31 December 2023
1,218,406
29,400
38,225
1,286,031
------------
--------
---------
------------
At 31 December 2022
1,300,083
39,200
66,332
1,405,615
------------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
19,586
20,340
Other debtors
3,081
2,713
--------
--------
22,667
23,053
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
116,717
75,775
Trade creditors
48,788
76,954
Other creditors
15,768
15,021
---------
---------
181,273
167,750
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
796,087
843,210
Other creditors
51,960
62,674
---------
---------
848,047
905,884
---------
---------
9. Related party transactions
The company was under the control of Mr F Smith throughout the current and previous year. Mr F Smith is the managing director and a significant shareholder of the company. The major shareholder is Denholm Fishselling Limited.