Gilroy Fishing Limited SC734336 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is marine fishing Digita Accounts Production Advanced 6.30.9574.0 true true SC734336 2023-07-01 2024-06-30 SC734336 2024-06-30 SC734336 bus:OrdinaryShareClass1 2024-06-30 SC734336 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC734336 core:ShareCapital 2024-06-30 SC734336 core:CurrentFinancialInstruments 2024-06-30 SC734336 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC734336 core:Non-currentFinancialInstruments 2024-06-30 SC734336 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 SC734336 core:MotorVehicles 2024-06-30 SC734336 core:OtherPropertyPlantEquipment 2024-06-30 SC734336 bus:SmallEntities 2023-07-01 2024-06-30 SC734336 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC734336 bus:FullAccounts 2023-07-01 2024-06-30 SC734336 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC734336 bus:RegisteredOffice 2023-07-01 2024-06-30 SC734336 bus:Director1 2023-07-01 2024-06-30 SC734336 bus:Director2 2023-07-01 2024-06-30 SC734336 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC734336 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC734336 bus:Agent1 2023-07-01 2024-06-30 SC734336 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 SC734336 core:ShareCapital 2023-07-01 2024-06-30 SC734336 core:MotorVehicles 2023-07-01 2024-06-30 SC734336 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC734336 core:PlantMachinery 2023-07-01 2024-06-30 SC734336 core:Vehicles 2023-07-01 2024-06-30 SC734336 countries:AllCountries 2023-07-01 2024-06-30 SC734336 2023-06-30 SC734336 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC734336 core:ShareCapital 2023-06-30 SC734336 core:MotorVehicles 2023-06-30 SC734336 core:OtherPropertyPlantEquipment 2023-06-30 SC734336 2022-06-01 2023-06-30 SC734336 2023-06-30 SC734336 bus:OrdinaryShareClass1 2023-06-30 SC734336 core:CurrentFinancialInstruments 2023-06-30 SC734336 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC734336 core:Non-currentFinancialInstruments 2023-06-30 SC734336 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC734336 core:MotorVehicles 2023-06-30 SC734336 core:OtherPropertyPlantEquipment 2023-06-30 SC734336 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-06-30 SC734336 core:ShareCapital 2022-06-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC734336

Gilroy Fishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Gilroy Fishing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Gilroy Fishing Limited

Company Information

Directors

Mr Kyle Gilroy

Ms Caragh Heather Bell MacLean

Registered office

Dunchonnel
Cullipool
Isle of Luing
By Oban
Argyll
PA34 4TX

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Gilroy Fishing Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Kyle Gilroy

Ms Caragh Heather Bell MacLean

Principal activity

The principal activity of the company is marine fishing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr Kyle Gilroy
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gilroy Fishing Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gilroy Fishing Limited for the year ended 30 June 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gilroy Fishing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gilroy Fishing Limited and state those matters that we have agreed to state to the Board of Directors of Gilroy Fishing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gilroy Fishing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gilroy Fishing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gilroy Fishing Limited. You consider that Gilroy Fishing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gilroy Fishing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

5 March 2025

 

Gilroy Fishing Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

214,439

167,600

Cost of sales

 

(139,532)

(81,589)

Gross profit

 

74,907

86,011

Administrative expenses

 

(64,712)

(35,463)

Operating profit

 

10,195

50,548

Profit before tax

3

10,195

50,548

Tax on profit

 

-

(978)

Profit for the financial year

 

10,195

49,570

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Gilroy Fishing Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

10,195

49,570

Total comprehensive income for the year

10,195

49,570

 

Gilroy Fishing Limited

(Registration number: SC734336)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

68,857

44,692

Current assets

 

Debtors

5

2,552

735

Cash at bank and in hand

 

2,857

1,257

 

5,409

1,992

Creditors: Amounts falling due within one year

6

(39,401)

(17,001)

Net current liabilities

 

(33,992)

(15,009)

Total assets less current liabilities

 

34,865

29,683

Creditors: Amounts falling due after more than one year

6

-

(13)

Net assets

 

34,865

29,670

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

34,765

29,570

Shareholders' funds

 

34,865

29,670

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr Kyle Gilroy
Director

 

Gilroy Fishing Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

29,570

29,670

Profit for the year

-

10,195

10,195

Dividends

-

(5,000)

(5,000)

At 30 June 2024

100

34,765

34,865

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

49,570

49,570

Dividends

-

(20,000)

(20,000)

New share capital subscribed

100

-

100

At 30 June 2023

100

29,570

29,670

 

Gilroy Fishing Limited

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Gilroy Fishing Limited

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

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Gilroy Fishing Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,212

11,173

 

Gilroy Fishing Limited

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

14,345

41,520

55,865

Additions

21,591

19,786

41,377

At 30 June 2024

35,936

61,306

97,242

Depreciation

At 1 July 2023

2,869

8,304

11,173

Charge for the year

6,613

10,599

17,212

At 30 June 2024

9,482

18,903

28,385

Carrying amount

At 30 June 2024

26,454

42,403

68,857

At 30 June 2023

11,476

33,216

44,692

5

Debtors

Current

2024
£

2023
£

Trade debtors

308

-

Other debtors

2,244

735

 

2,552

735

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,057

7,273

Taxation and social security

 

80

978

Other creditors

 

15,264

8,750

 

39,401

17,001

Creditors: amounts falling due after more than one year

 

Gilroy Fishing Limited

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

13

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

13

Current loans and borrowings

2024
£

2023
£

Other borrowings

24,057

7,273

9

Dividends

2024

2023

£

£

Interim dividend of £50.00 (2023 - £200.00) per ordinary share

5,000

20,000

 

 

10

Related party transactions

 

Gilroy Fishing Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,300

-