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REGISTERED NUMBER: SC757282 (Scotland)












Unaudited Financial Statements

for the Period

1 February 2023 to 29 February 2024

for

Three Boys Fishing Limited

Three Boys Fishing Limited (Registered number: SC757282)






Contents of the Financial Statements
for the Period 1 February 2023 to 29 February 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Three Boys Fishing Limited

Company Information
for the Period 1 February 2023 to 29 February 2024







DIRECTOR: E M Grieve





SECRETARY:





REGISTERED OFFICE: Rosekandi
Eastquoy Road
Kirkwall
Orkney
KW15 1LT





REGISTERED NUMBER: SC757282 (Scotland)





ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ

Three Boys Fishing Limited (Registered number: SC757282)

Abridged Balance Sheet
29 February 2024

Notes £    £   
FIXED ASSETS
Intangible assets 4 26,762
Tangible assets 5 30,336
57,098

CURRENT ASSETS
Debtors 1,236
Cash at bank 30,277
31,513
CREDITORS
Amounts falling due within one year 32,355
NET CURRENT LIABILITIES (842 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,256

CREDITORS
Amounts falling due after more than one
year

(6,269

)

PROVISIONS FOR LIABILITIES (6,381 )
NET ASSETS 43,606

Three Boys Fishing Limited (Registered number: SC757282)

Abridged Balance Sheet - continued
29 February 2024

Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 43,506
43,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 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.

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 Balance Sheet for the period ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 October 2024 and were signed by:





E M Grieve - Director


Three Boys Fishing Limited (Registered number: SC757282)

Notes to the Financial Statements
for the Period 1 February 2023 to 29 February 2024

1. STATUTORY INFORMATION

Three Boys Fishing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Fishing Licence 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.

Three Boys Fishing Limited (Registered number: SC757282)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Three Boys Fishing Limited (Registered number: SC757282)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 29 February 2024

2. ACCOUNTING POLICIES - continued

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 period 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
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 period was NIL.

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 30,000
At 29 February 2024 30,000
AMORTISATION
Amortisation for period 3,238
At 29 February 2024 3,238
NET BOOK VALUE

At 29 February 2024 26,762

Three Boys Fishing Limited (Registered number: SC757282)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 29 February 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 35,541
At 29 February 2024 35,541
DEPRECIATION
Charge for period 5,205
At 29 February 2024 5,205
NET BOOK VALUE
At 29 February 2024 30,336

6. RELATED PARTY DISCLOSURES

Amount owed by the company to E M Grieve at 29 February 2024 was £12,668.

Crew wages paid to E M Grieve was £12,439.

7. ULTIMATE CONTROLLING PARTY

The controlling party is E M Grieve.