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REGISTERED NUMBER: SC202023 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Alison Kay Fishing Company Limited

Alison Kay Fishing Company Limited (Registered number: SC202023)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Alison Kay Fishing Company Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr J A Anderson
Mr T J Laurenson
Mr S A Anderson
Mr R W Mouat
L.H.D. Limited





REGISTERED OFFICE: Mair's Quay
Holmsgarth
Lerwick
Shetland
ZE1 0PW





REGISTERED NUMBER: SC202023 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Alison Kay Fishing Company Limited (Registered number: SC202023)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,076,248 2,076,248
Tangible assets 5 459,159 519,041
2,535,407 2,595,289

CURRENT ASSETS
Debtors 6 93,139 7,780

CREDITORS
Amounts falling due within one year 7 247,151 295,632
NET CURRENT LIABILITIES (154,012 ) (287,852 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,381,395

2,307,437

CREDITORS
Amounts falling due after more than one
year

8

(1,320,334

)

(562,561

)

PROVISIONS FOR LIABILITIES (20,662 ) (22,787 )
NET ASSETS 1,040,399 1,722,089

CAPITAL AND RESERVES
Called up share capital 650,953 737,823
Capital redemption reserve 9 201,047 114,177
Retained earnings 9 188,399 870,089
SHAREHOLDERS' FUNDS 1,040,399 1,722,089

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

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

The directors acknowledge their 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.

Alison Kay Fishing Company Limited (Registered number: SC202023)

Balance Sheet - continued
30 September 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 Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





Mr J A Anderson - Director


Alison Kay Fishing Company Limited (Registered number: SC202023)

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

1. STATUTORY INFORMATION

Alison Kay 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
No amortisation has been charged on boat licences and fishing quotas as in the opinion of the directors there has been no impairment in their value during the period and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences and quotas have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

The company has also rebutted the presumption that intangible assets should be amortised on the grounds that this is necessary to give a true and fair view.

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 - 2% on cost
Fishing vessel - 6.25% 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 NIL (2023 - NIL).

Alison Kay Fishing Company Limited (Registered number: SC202023)

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

4. INTANGIBLE FIXED ASSETS
Fishing
licence
£   
COST
At 1 October 2023
and 30 September 2024 2,076,248
NET BOOK VALUE
At 30 September 2024 2,076,248
At 30 September 2023 2,076,248

5. TANGIBLE FIXED ASSETS
Freehold Fishing
property vessel Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 39,700 3,000,615 3,040,315
DEPRECIATION
At 1 October 2023 3,970 2,517,304 2,521,274
Charge for year 794 59,088 59,882
At 30 September 2024 4,764 2,576,392 2,581,156
NET BOOK VALUE
At 30 September 2024 34,936 424,223 459,159
At 30 September 2023 35,730 483,311 519,041

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Agents balance 84,278 -
Other debtors 1,522 3,833
VAT 7,339 3,947
93,139 7,780

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 82,000 138,048
Other loan 40,000 -
Trade creditors 11,728 19,413
Agents balance - 79,177
Tax 102,927 49,915
Social security and other taxes - 1,674
Accrued expenses 10,496 7,405
247,151 295,632

Alison Kay Fishing Company Limited (Registered number: SC202023)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans - 1-2 years 80,334 138,048
Bank loans - 2-5 years 216,000 392,478
Bank loan over 5 years 684,000 32,035
Other loan -1-2 years 40,000 -
Other loan - 2-5 years 120,000 -
Other loan over 5 years 180,000 -
1,320,334 562,561

Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years 684,000 32,035
Other loan over 5 years 180,000 -
864,000 32,035

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 870,089 114,177 984,266
Profit for the year 265,137 265,137
Dividends (73,782 ) (73,782 )
Purchase of own shares (873,045 ) 86,870 (786,175 )
At 30 September 2024 188,399 201,047 389,446

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to/(from) directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
Mr J A Anderson
Balance outstanding at start of year - (42 )
Amounts advanced - 42
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Alison Kay Fishing Company Limited (Registered number: SC202023)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr W Johnson
Balance outstanding at start of year - (279 )
Amounts advanced - 279
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

During the year payments were made to directors and directors' personal fishing companies in their capacity as self employed crew members. The payments for 2024 totalled £360,769 (2023: £324,584) and are included in the financial statements as part of crews wages.

Mrs Joanne Anderson, wife of Mr James Anderson, received wages of £Nil (2023: £3,600).

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J A Anderson.