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REGISTERED NUMBER: SC236254 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

OCEAN CHALLENGE FISHING LIMITED

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCEAN CHALLENGE FISHING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: W J Runcie
J G Runcie





SECRETARY: Mrs S Runcie





REGISTERED OFFICE: 4 McKay Road
Macduff
Aberdeenshire
AB44 1XL





REGISTERED NUMBER: SC236254 (Scotland)

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 66,354 66,354
Tangible assets 6 1,501,770 1,623,070
1,568,124 1,689,424

CURRENT ASSETS
Debtors 7 82,516 81,834
Cash at bank 156,768 151,945
239,284 233,779
CREDITORS
Amounts falling due within one year 8 138,878 171,839
NET CURRENT ASSETS 100,406 61,940
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,668,530

1,751,364

CREDITORS
Amounts falling due after more than one
year

9

(811,955

)

(888,484

)

PROVISIONS FOR LIABILITIES (239,519 ) (241,095 )
NET ASSETS 617,056 621,785

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 616,056 620,785
SHAREHOLDERS' FUNDS 617,056 621,785

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

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

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

BALANCE SHEET - continued
31 MARCH 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 18 December 2024 and were signed on its behalf by:





J G Runcie - Director


OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ocean Challenge 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Fishing licences
Fishing licences are presented at valuation. No amortisation has been provided for in the year as the s directors believe they have an indefinite useful life.

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
Equipment - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance


OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Fishing
licences
£   
COST
At 1 April 2023
and 31 March 2024 66,354
NET BOOK VALUE
At 31 March 2024 66,354
At 31 March 2023 66,354

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS
Fishing Motor Computer
vessel Equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 1,807,232 2,595 68,513 708 1,879,048
DEPRECIATION
At 1 April 2023 225,902 935 28,858 283 255,978
Charge for year 112,952 332 7,931 85 121,300
At 31 March 2024 338,854 1,267 36,789 368 377,278
NET BOOK VALUE
At 31 March 2024 1,468,378 1,328 31,724 340 1,501,770
At 31 March 2023 1,581,330 1,660 39,655 425 1,623,070

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,080 43,646
Other debtors 45,436 38,188
82,516 81,834

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts 3,000 4,500
Trade creditors 4,888 4,898
Taxation and social security - 101
Other creditors 60,990 92,340
138,878 171,839

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 711,955 785,484
Hire purchase contracts - 3,000
Other creditors 100,000 100,000
811,955 888,484

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 411,955 485,484

OCEAN CHALLENGE FISHING LIMITED (REGISTERED NUMBER: SC236254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 781,955 855,484
Hire purchase contracts 3,000 7,500
784,955 862,984

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel. Hire purchase liabilities are secured against the assets relating to the agreements.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.