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REGISTERED NUMBER: SC468603 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Sutherland Fishing Ltd

Sutherland Fishing Ltd (Registered number: SC468603)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sutherland Fishing Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Ms W Costen
Mr T J Costen
Mr R N Costen
Mr D S Costen
Mr D Sutherland
Mrs L M Sutherland





REGISTERED OFFICE: 17 Park Street
Burghead
Elgin
Aberdeenshire
IV30 5UG





REGISTERED NUMBER: SC468603 (Scotland)





ACCOUNTANTS: SBP
Accountants
27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ

Sutherland Fishing Ltd (Registered number: SC468603)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,000 50,000
Tangible assets 5 92,682 111,411
142,682 161,411

CURRENT ASSETS
Debtors 6 3,413 1,213
Investments 7 10 10
Prepayments and accrued income 7,577 11,169
Cash at bank 129,021 111,849
140,021 124,241
CREDITORS
Amounts falling due within one year 8 171,145 182,947
NET CURRENT LIABILITIES (31,124 ) (58,706 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

111,558

102,705

PROVISIONS FOR LIABILITIES 9 19,426 19,871
NET ASSETS 92,132 82,834

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 10 20,250 20,250
Retained earnings 10 71,682 62,384
SHAREHOLDERS' FUNDS 92,132 82,834

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

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

Sutherland Fishing Ltd (Registered number: SC468603)

Balance Sheet - continued
30 April 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 4 March 2025 and were signed on its behalf by:





Mr R N Costen - Director


Sutherland Fishing Ltd (Registered number: SC468603)

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

1. STATUTORY INFORMATION

Sutherland Fishing 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets
Intangible assets comprises a fishing licence which is reported at current market valuation and no amortisation is charged.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 6.25% on cost
Plant & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

Sutherland Fishing Ltd (Registered number: SC468603)

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

2. ACCOUNTING POLICIES - continued

Current asset investments
Current asset investments are reported at original cost.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Fishing
licence
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 50,000
NET BOOK VALUE
At 30 April 2024 50,000
At 30 April 2023 50,000

Intangible assets comprises the fishing licence which is reported at best estimate of current market value.

Cost or valuation at 30 April 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2022 25,000
Cost 25,000
50,000

5. TANGIBLE FIXED ASSETS
Fishing Plant & Motor Computer
vessel equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023
and 30 April 2024 195,821 8,964 27,995 499 233,279
DEPRECIATION
At 1 May 2023 110,162 4,660 6,999 47 121,868
Charge for year 12,239 1,076 5,249 165 18,729
At 30 April 2024 122,401 5,736 12,248 212 140,597
NET BOOK VALUE
At 30 April 2024 73,420 3,228 15,747 287 92,682
At 30 April 2023 85,659 4,304 20,996 452 111,411

Sutherland Fishing Ltd (Registered number: SC468603)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Other debtors 3,413 1,213

7. CURRENT ASSET INVESTMENTS
30.4.24 30.4.23
£    £   
Trade investment 10 10

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 8,758 4,976
Taxation and social security 2,704 -
Other creditors 159,683 177,971
171,145 182,947

9. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 19,426 19,871

Deferred
tax
£   
Balance at 1 May 2023 19,871
Credit to Income Statement during year (445 )
Balance at 30 April 2024 19,426

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 May 2023 62,384 20,250 82,634
Profit for the year 9,298 9,298
At 30 April 2024 71,682 20,250 91,932

11. RELATED PARTY DISCLOSURES

Three of the directors operate loan accounts with the company and as at the financial year end the balances owing to them were: Mr D.Sutherland £77,192, the late Mrs I. Sutherland £77,870 and Mr R.Costen, £281. Whilst the loans to the company are considered short term there are no fixed terms of repayment and no interest is accrued. Mrs I.Sutherland passed away after the financial year end and the balance that was owing to her will be distributed in due course per the terms of her estate.

Sutherland Fishing Ltd (Registered number: SC468603)

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

12. ULTIMATE CONTROLLING PARTY

The company is controlled by two of the directors, Mr R.Costen and Mr D.Costen.