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REGISTERED NUMBER: SC157000 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SHANNON FISHING LIMITED

SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)






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


SHANNON FISHING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Miss H Simpson
E Simpson
Miss E J Simpson
A Simpson
Mrs E M Simpson





SECRETARY: Mackinnons Solicitors LLP





REGISTERED OFFICE: Fae-Me-Well House
Cothal
Fintray
Aberdeen
AB21 0HU





REGISTERED NUMBER: SC157000 (Scotland)

SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 460,015 302,545
Investments 6 17,734,368 16,531,108
Investment property 7 - 396,380
18,194,383 17,230,033

CURRENT ASSETS
Stocks 311,990 424,152
Debtors 8 81,176 10,092
Cash at bank 8,176,970 8,284,633
8,570,136 8,718,877
CREDITORS
Amounts falling due within one year 9 309,285 730,809
NET CURRENT ASSETS 8,260,851 7,988,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,455,234

25,218,101

PROVISIONS FOR LIABILITIES 926,856 1,084,026
NET ASSETS 25,528,378 24,134,075

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 25,528,278 24,133,975
SHAREHOLDERS' FUNDS 25,528,378 24,134,075

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.

SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)

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 17 December 2024 and were signed on its behalf by:





A Simpson - Director


SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)

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

1. STATUTORY INFORMATION

Shannon 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 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)

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

3. ACCOUNTING POLICIES - continued
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.

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.

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 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 231,400 122,874 354,274
Additions 127,758 87,385 215,143
Disposals - (59,412 ) (59,412 )
At 31 March 2024 359,158 150,847 510,005
DEPRECIATION
At 1 April 2023 - 51,729 51,729
Charge for year - 24,253 24,253
Eliminated on disposal - (25,992 ) (25,992 )
At 31 March 2024 - 49,990 49,990
NET BOOK VALUE
At 31 March 2024 359,158 100,857 460,015
At 31 March 2023 231,400 71,145 302,545

SHANNON FISHING LIMITED (REGISTERED NUMBER: SC157000)

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

6. FIXED ASSET INVESTMENTS
Interest
in other
participating Other
interests investments Totals
£    £    £   
COST
At 1 April 2023 16,392,337 138,771 16,531,108
Additions - 23,413 23,413
Disposals (1,215,351 ) - (1,215,351 )
Share of profit/(loss) 2,395,198 - 2,395,198
At 31 March 2024 17,572,184 162,184 17,734,368
NET BOOK VALUE
At 31 March 2024 17,572,184 162,184 17,734,368
At 31 March 2023 16,392,337 138,771 16,531,108

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 396,380
Disposals (396,380 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 396,380

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 81,176 10,092

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,599 8,078
Taxation and social security 424 490,972
Other creditors 302,262 231,759
309,285 730,809

10. ULTIMATE CONTROLLING PARTY

The controlling party is A Simpson.