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REGISTERED NUMBER: SC400721 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Portland Fishing Company Limited

Portland Fishing Company Limited (Registered number: SC400721)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Portland Fishing Company Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: J Bremner Jnr



REGISTERED OFFICE: 'Ruenna'
Newton & Swiney
Lybster
Caithness
KW3 6BT



REGISTERED NUMBER: SC400721 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
92 High Street
Wick
Caithness
KW1 4LY



BANKERS: The Royal Bank of Scotland plc
Thurso (B) Branch
11 Olrig Street
Thurso
Caithness
KW14 7BL

Portland Fishing Company Limited (Registered number: SC400721)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 55,900 55,900
Tangible assets 5 122,025 130,470
177,925 186,370

CURRENT ASSETS
Debtors 6 1,555 6,997
Cash at bank 5,139 2,115
6,694 9,112
CREDITORS
Amounts falling due within one year 7 (49,980 ) (52,402 )
NET CURRENT LIABILITIES (43,286 ) (43,290 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,639

143,080

PROVISIONS FOR LIABILITIES (6,998 ) (7,656 )
NET ASSETS 127,641 135,424

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 127,541 135,324
SHAREHOLDERS' FUNDS 127,641 135,424

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Portland Fishing Company Limited (Registered number: SC400721)

Balance Sheet - continued
30 June 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 8 October 2024 and were signed by:





J Bremner Jnr - Director


Portland Fishing Company Limited (Registered number: SC400721)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Portland 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.

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, 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% reducing balance, 15% reducing balance and 6.66% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Portland Fishing Company Limited (Registered number: SC400721)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 55,900
NET BOOK VALUE
At 30 June 2024 55,900
At 30 June 2023 55,900

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 75,386 86,535 161,921
Additions - 2,238 2,238
At 30 June 2024 75,386 88,773 164,159
DEPRECIATION
At 1 July 2023 6,030 25,421 31,451
Charge for year 3,015 7,668 10,683
At 30 June 2024 9,045 33,089 42,134
NET BOOK VALUE
At 30 June 2024 66,341 55,684 122,025
At 30 June 2023 69,356 61,114 130,470

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,555 2,540
Other debtors - 4,457
1,555 6,997

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,657 360
Other creditors 46,323 52,042
49,980 52,402