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REGISTERED NUMBER: SC307256 (Scotland)















MEAVAG FISH FARMING LIMITED

Financial Statements for the Year Ended 31 January 2024






MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEAVAG FISH FARMING LIMITED

Company Information
for the Year Ended 31 January 2024







DIRECTOR: P Finnegan





REGISTERED OFFICE: 17 Scalpay
Isle of Scalpay
Western Isles
HS4 3XZ





REGISTERED NUMBER: SC307256 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 829 829
Tangible assets 5 95,714 101,065
96,543 101,894

CURRENT ASSETS
Debtors 6 12,267 13,541
Cash at bank 115 1,775
12,382 15,316
CREDITORS
Amounts falling due within one year 7 37,488 36,172
NET CURRENT LIABILITIES (25,106 ) (20,856 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,437

81,038

CREDITORS
Amounts falling due after more than one
year

8

(138,919

)

(117,277

)

PROVISIONS FOR LIABILITIES (4,527 ) (4,527 )
NET LIABILITIES (72,009 ) (40,766 )

CAPITAL AND RESERVES
Called up share capital 7,000 7,000
Retained earnings (79,009 ) (47,766 )
(72,009 ) (40,766 )

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

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

MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)

Balance Sheet - continued
31 January 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 24 January 2025 and were signed by:





P Finnegan - Director


MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)

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

1. STATUTORY INFORMATION

Meavag Fish Farming 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 (£).


The accounts are rounded to the nearest £1.

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.
Freehold property - not provided
Improvements to property - 2% depreciation on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% depreciation on reducing balance
Motor vehicles - 25% depreciation on reducing balance
Computer equipment - 25% depreciation 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.

MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)

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

2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 829
NET BOOK VALUE
At 31 January 2024 829
At 31 January 2023 829

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023
and 31 January 2024 19,800 45,058 182,711
DEPRECIATION
At 1 February 2023 - 9,474 169,967
Charge for year - 901 (30,219 )
At 31 January 2024 - 10,375 139,748
NET BOOK VALUE
At 31 January 2024 19,800 34,683 42,963
At 31 January 2023 19,800 35,584 12,744

MEAVAG FISH FARMING LIMITED (REGISTERED NUMBER: SC307256)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023
and 31 January 2024 34,985 35,697 586 318,837
DEPRECIATION
At 1 February 2023 31,781 5,964 586 217,772
Charge for year 32,912 1,757 - 5,351
At 31 January 2024 64,693 7,721 586 223,123
NET BOOK VALUE
At 31 January 2024 (29,708 ) 27,976 - 95,714
At 31 January 2023 3,204 29,733 - 101,065

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 3,301 6,014
Other debtors 8,966 7,527
12,267 13,541

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 2,463 39
Other creditors 35,025 36,133
37,488 36,172

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Other creditors 138,919 117,277

9. RELATED PARTY DISCLOSURES

Included within creditors falling due after one year is a balance of £138,919 (2023 - £117,277) due to the director. There are no fixed repayment terms and interest is not charged on the balance.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Finnegan.