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REGISTERED NUMBER: SC558215 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

JW FISHING COMPANY LTD

JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JW FISHING COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: J G D Wyness





SECRETARY: Mrs M L Wyness





REGISTERED OFFICE: 26 High Street
Buchanhaven
Peterhead
Aberdeenshire
AB42 1NH





REGISTERED NUMBER: SC558215 (Scotland)

JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 7,000 8,401
Tangible assets 6 20,871 26,037
27,871 34,438

CURRENT ASSETS
Debtors 7 412 3,376
Cash at bank 4,398 19,210
4,810 22,586
CREDITORS
Amounts falling due within one year 8 17,998 29,176
NET CURRENT LIABILITIES (13,188 ) (6,590 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,683

27,848

CREDITORS
Amounts falling due after more than one
year

9

(9,444

)

(12,251

)

PROVISIONS FOR LIABILITIES (5,218 ) (4,947 )
NET ASSETS 21 10,650

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 11 10,640
SHAREHOLDERS' FUNDS 21 10,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

BALANCE SHEET - continued
30 APRIL 2024


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 director and authorised for issue on 2 September 2024 and were signed by:





J G D Wyness - Director


JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

JW Fishing Company Ltd 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
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. Thus 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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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 licence are being amortised evenly over their estimated useful life of ten years.

Cherished number plate 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing vessel - 10% on reducing balance
Marine equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost


JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 year was 1 (2023 - 1 ) .

5. INTANGIBLE FIXED ASSETS
Cherished
Fishing number
licence plate Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 14,000 2,552 16,552
AMORTISATION
At 1 May 2023 5,600 2,551 8,151
Amortisation for year 1,400 1 1,401
At 30 April 2024 7,000 2,552 9,552
NET BOOK VALUE
At 30 April 2024 7,000 - 7,000
At 30 April 2023 8,400 1 8,401

JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. TANGIBLE FIXED ASSETS
Fishing Marine Motor Computer
vessel equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023
and 30 April 2024 13,500 8,839 14,995 2,161 39,495
DEPRECIATION
At 1 May 2023 5,529 5,775 - 2,154 13,458
Charge for year 797 613 3,749 7 5,166
At 30 April 2024 6,326 6,388 3,749 2,161 18,624
NET BOOK VALUE
At 30 April 2024 7,174 2,451 11,246 - 20,871
At 30 April 2023 7,971 3,064 14,995 7 26,037

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 14,995
DEPRECIATION
Charge for year 3,749
At 30 April 2024 3,749
NET BOOK VALUE
At 30 April 2024 11,246
At 30 April 2023 14,995

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 412 3,376

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,063 3,063
Trade creditors - 2,901
Taxation and social security 3,621 4,727
Other creditors 11,314 18,485
17,998 29,176

JW FISHING COMPANY LTD (REGISTERED NUMBER: SC558215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 9,444 12,251

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J G D Wyness.