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COMPANY REGISTRATION NUMBER: SC101823
PITCAIRN FISHING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2024
PITCAIRN FISHING COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
PITCAIRN FISHING COMPANY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr S Mawhinney
Registered office
Denholm Fishselling Ltd
Unit 1-2
Old School, Cawdor
Nairn
IV12 5BL
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
PITCAIRN FISHING COMPANY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PITCAIRN FISHING COMPANY LIMITED
YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pitcairn Fishing Company Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Pitcairn Fishing Company Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Pitcairn Fishing Company Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pitcairn Fishing Company Limited and its director for our work or for this report.
It is your duty to ensure that Pitcairn Fishing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pitcairn Fishing Company Limited. You consider that Pitcairn Fishing Company 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 financial statements of Pitcairn Fishing Company 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 financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
10 June 2025
PITCAIRN FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
4
637,127
775,773
Tangible assets
5
792,077
Investments
6
6,450
6,450
---------
------------
643,577
1,574,300
CURRENT ASSETS
Debtors
7
341
16,878
Cash at bank and in hand
149,559
126,328
---------
---------
149,900
143,206
CREDITORS: amounts falling due within one year
8
53,011
137,559
---------
---------
NET CURRENT ASSETS
96,889
5,647
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
740,466
1,579,947
CREDITORS: amounts falling due after more than one year
9
315,395
PROVISIONS
Taxation including deferred tax
56,103
---------
------------
NET ASSETS
740,466
1,208,449
---------
------------
CAPITAL AND RESERVES
Called up share capital
190,031
237,227
Share premium account
387,107
387,107
Capital redemption reserve
326,143
278,947
Profit and loss account
( 162,815)
305,168
---------
------------
SHAREHOLDERS FUNDS
740,466
1,208,449
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PITCAIRN FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 10 June 2025 , and are signed on behalf of the board by:
Mr S Mawhinney
Director
Company registration number: SC101823
PITCAIRN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Denholm Fishselling Ltd, Unit 1-2, Old School, Cawdor, Nairn, IV12 5BL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, for fishing and lease of quota exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Licences & quota
-
6.67% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vessel
-
5% - 10% straight line
Plant and machinery
-
20% - 25% straight line
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Licences & quota
£
Cost
At 1 January 2024
1,701,999
Additions
Disposals
( 115,092)
------------
At 31 December 2024
1,586,907
------------
Amortisation
At 1 January 2024
926,226
Charge for the year
92,083
Disposals
( 68,529)
------------
At 31 December 2024
949,780
------------
Carrying amount
At 31 December 2024
637,127
------------
At 31 December 2023
775,773
------------
5. Tangible assets
Vessel
Plant & machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,169,306
223,049
36,948
1,429,303
Additions
9,405
9,405
Disposals
( 1,169,306)
( 232,454)
( 36,948)
( 1,438,708)
------------
---------
--------
------------
At 31 December 2024
------------
---------
--------
------------
Depreciation
At 1 January 2024
441,678
173,378
22,170
637,226
Charge for the year
42,291
20,552
62,843
Disposals
( 483,969)
( 193,930)
( 22,170)
( 700,069)
------------
---------
--------
------------
At 31 December 2024
------------
---------
--------
------------
Carrying amount
At 31 December 2024
------------
---------
--------
------------
At 31 December 2023
727,628
49,671
14,778
792,077
------------
---------
--------
------------
6. Investments
Shares in participating interests
£
Cost
At 1 January 2024 and 31 December 2024
6,450
-------
Impairment
At 1 January 2024 and 31 December 2024
-------
Carrying amount
At 31 December 2024
6,450
-------
At 31 December 2023
6,450
-------
7. Debtors
2024
2023
£
£
Trade debtors
326
13,577
Other debtors
15
3,301
----
--------
341
16,878
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
89,386
Trade creditors
42,046
Corporation tax
51,390
Other creditors
1,621
6,127
--------
---------
53,011
137,559
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
305,997
Other creditors
9,398
----
---------
315,395
----
---------
10. Related party transactions
At 31 December 2024, the company owed the shareholders £nil (2023: £12) by way of a shareholder's loan account.