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REGISTERED NUMBER: SC490226 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Exodus Fishing Ltd

Exodus Fishing Ltd (Registered number: SC490226)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Exodus Fishing Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mr J K Meadows





REGISTERED OFFICE: 27 Finlayson street
Fraserburgh
Aberdeenshire
AB43 9JQ





REGISTERED NUMBER: SC490226 (Scotland)





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

Exodus Fishing Ltd (Registered number: SC490226)

Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1,000 1,500
Tangible assets 5 38,377 28,488
39,377 29,988

CURRENT ASSETS
Debtors 6 20,534 18,029
Cash at bank - 45
20,534 18,074
CREDITORS
Amounts falling due within one year 7 24,470 31,121
NET CURRENT LIABILITIES (3,936 ) (13,047 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,441

16,941

PROVISIONS FOR LIABILITIES 8 5,029 2,654
NET ASSETS 30,412 14,287

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 30,392 14,267
SHAREHOLDERS' FUNDS 30,412 14,287

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Exodus Fishing Ltd (Registered number: SC490226)

Statement of Financial Position - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





Mr J K Meadows - Director


Exodus Fishing Ltd (Registered number: SC490226)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Exodus 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.

Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

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 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 are being amortised evenly over their estimated useful life of ten 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 - 5% on cost
Gear - 33% on cost
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 Statement of Income and Retained Earnings, 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 statement of financial position date.


Exodus Fishing Ltd (Registered number: SC490226)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Fishing
licence
£   
COST
At 1 September 2023
and 31 August 2024 5,000
AMORTISATION
At 1 September 2023 3,500
Amortisation for year 500
At 31 August 2024 4,000
NET BOOK VALUE
At 31 August 2024 1,000
At 31 August 2023 1,500

5. TANGIBLE FIXED ASSETS
Fishing Motor Computer
vessel Gear vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 49,221 3,029 - 491 52,741
Additions - - 13,895 - 13,895
At 31 August 2024 49,221 3,029 13,895 491 66,636
DEPRECIATION
At 1 September 2023 21,307 2,455 - 491 24,253
Charge for year 2,461 574 971 - 4,006
At 31 August 2024 23,768 3,029 971 491 28,259
NET BOOK VALUE
At 31 August 2024 25,453 - 12,924 - 38,377
At 31 August 2023 27,914 574 - - 28,488

Exodus Fishing Ltd (Registered number: SC490226)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Other debtors 18,030 13,950
VAT 2,310 3,885
Prepayments 194 194
20,534 18,029

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors - 7,369
Tax 22,532 20,222
Directors' current accounts 3 3
Accrued expenses 1,935 3,527
24,470 31,121

8. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 5,029 2,654

Deferred
tax
£   
Balance at 1 September 2023 2,654
Provided during year 2,375
Balance at 31 August 2024 5,029

9. RELATED PARTY DISCLOSURES

The director operates a current account with the company and as at the financial year end the balance owing to him was £3 (2023: £3). Whilst the loan balance to the company is considered short term , there are no fixed terms of repayment and no interest is accrued.

The director, Mr J.Meadows, operates as a crew share fisherman on the fishing vessel operated by the company and crew earnings totalling £54,349 was paid to him during the course of the year for crew services provided in a self employment capacity.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J K Meadows.