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REGISTERED NUMBER: SC166073 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

DAVLIN FISHING COMPANY LIMITED

DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DAVLIN FISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr S J Mawhinney
Mr D McDonald
Mrs L McDonald





REGISTERED OFFICE: Denholm Fishselling Ltd
Unit 1-2 Old School
Cawdor
Nairn
IV12 5BL





REGISTERED NUMBER: SC166073 (Scotland)

DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 31,216 39,932
Tangible assets 6 167,974 230,405
199,190 270,337

CURRENT ASSETS
Debtors 7 31,613 52,822
Cash at bank 12,976 18,062
44,589 70,884
CREDITORS
Amounts falling due within one year 8 117,672 195,656
NET CURRENT LIABILITIES (73,083 ) (124,772 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,107

145,565

CREDITORS
Amounts falling due after more than one
year

9

37,163

42,737
NET ASSETS 88,944 102,828

CAPITAL AND RESERVES
Called up share capital 138,783 138,783
Share premium 23,217 23,217
Retained earnings (73,056 ) (59,172 )
SHAREHOLDERS' FUNDS 88,944 102,828

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

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

DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)

BALANCE SHEET - continued
30 JUNE 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 21 March 2025 and were signed on its behalf by:





Mr S J Mawhinney - Director


DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Davlin 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. 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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licence and quota are being amortised evenly over their estimated useful life of twenty years.

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 and gear - 10% on cost and 6.25% on cost
Plant and machinery - 25% on cost and 20% on cost
Motor vehicles - 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.

DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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.

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 3 (2023 - NIL ) .

5. INTANGIBLE FIXED ASSETS
Fishing
licence
and quota
£   
COST
At 1 July 2023
and 30 June 2024 249,460
AMORTISATION
At 1 July 2023 209,528
Amortisation for year 8,716
At 30 June 2024 218,244
NET BOOK VALUE
At 30 June 2024 31,216
At 30 June 2023 39,932

DAVLIN FISHING COMPANY LIMITED (REGISTERED NUMBER: SC166073)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. TANGIBLE FIXED ASSETS
Fishing
vessel Plant and Motor
and gear machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 786,332 73,405 29,500 889,237
DEPRECIATION
At 1 July 2023 573,845 55,487 29,500 658,832
Charge for year 55,789 6,642 - 62,431
At 30 June 2024 629,634 62,129 29,500 721,263
NET BOOK VALUE
At 30 June 2024 156,698 11,276 - 167,974
At 30 June 2023 212,487 17,918 - 230,405

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,524 10,853
Other debtors 17,089 41,969
31,613 52,822

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 20,822
Trade creditors 69,315 123,935
Other creditors 48,357 50,899
117,672 195,656

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 37,163 42,737

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 20,822

The bank holds a bond and floating charge over the business assets and a ships mortgage over the vessel.