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REGISTERED NUMBER: SC501309 (Scotland)















Abridged Unaudited Financial Statements for the Year Ended 31 March 2024

for

Dolan Fisheries Ltd

Dolan Fisheries Ltd (Registered number: SC501309)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Dolan Fisheries Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M J P Dolan





REGISTERED OFFICE: Ard Achaidli
Highfield Park
Conon Bridge
Dingwall
Ross-Shire
IV7 8AP





REGISTERED NUMBER: SC501309 (Scotland)





ACCOUNTANTS: Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND

Dolan Fisheries Ltd (Registered number: SC501309)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,744 31,662
Tangible assets 5 378,027 368,855
402,771 400,517

CURRENT ASSETS
Stocks 4,369 18,475
Debtors 101,087 69,431
Cash at bank 28,599 11,762
134,055 99,668
CREDITORS
Amounts falling due within one year 72,903 63,224
NET CURRENT ASSETS 61,152 36,444
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,923

436,961

CREDITORS
Amounts falling due after more than one
year

6

(191,575

)

(199,582

)

PROVISIONS FOR LIABILITIES (93,767 ) (91,346 )
NET ASSETS 178,581 146,033

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 178,481 145,933
SHAREHOLDERS' FUNDS 178,581 146,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Dolan Fisheries Ltd (Registered number: SC501309)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 September 2024 and were signed by:





M J P Dolan - Director


Dolan Fisheries Ltd (Registered number: SC501309)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Dolan Fisheries 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. 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 for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Fishing license
Amortisation is provided for on fishing licenses in order to write off the asset over the estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Boat and gear - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

Dolan Fisheries Ltd (Registered number: SC501309)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary 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.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

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 and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, 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 and 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dolan Fisheries Ltd (Registered number: SC501309)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 69,180
AMORTISATION
At 1 April 2023 37,518
Amortisation for year 6,918
At 31 March 2024 44,436
NET BOOK VALUE

At 31 March 2024 24,744
At 31 March 2023 31,662

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 549,820
Additions 83,234
Disposals (13,475 )
At 31 March 2024 619,579
DEPRECIATION
At 1 April 2023 180,965
Charge for year 64,392
Eliminated on disposal (3,805 )
At 31 March 2024 241,552
NET BOOK VALUE
At 31 March 2024 378,027
At 31 March 2023 368,855

Dolan Fisheries Ltd (Registered number: SC501309)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 86,235 102,753

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 177,053 193,572
Hire purchase contracts 41,296 30,339
218,349 223,911

Hire purchase debts are secured on the asset to which the liability relates. The Royal Bank of Scotland holds a floating charge over all the property or undertaking of the company and a fixed charge over its fishing vessel.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
M J P Dolan
Balance outstanding at start of year 33,112 75,676
Amounts advanced 69,012 47,316
Amounts repaid (39,242 ) (89,880 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,882 33,112

This loan is unsecured and has no fixed terms for repayment. Interest has been charged on this loan at the rate of 2.25%.