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COMPANY REGISTRATION NUMBER:
SC576869
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
YEAR ENDED 30 SEPTEMBER 2024
|
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 |
|
|
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
|
Director |
Mr H A MacKenzie |
|
|
|
Company secretary |
Mrs C McGregor |
|
|
|
Registered office |
26-30 Marine Place |
|
Buckie |
|
Moray |
|
AB56 1UT |
|
|
|
Accountants |
Ritsons |
|
Chartered Accountants |
|
26-30 Marine Place |
|
Buckie |
|
Moray |
|
AB56 1UT |
|
|
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
YEAR ENDED 30 SEPTEMBER 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 Western Promise Fishing Ltd (previously known as True Vine Fishing Limited) for the year ended 30 September 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 Western Promise Fishing Ltd (previously known as True Vine Fishing Limited). Our work has been undertaken solely to prepare for your approval the financial statements of Western Promise Fishing Ltd (previously known as True Vine Fishing 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 Western Promise Fishing Ltd (previously known as True Vine Fishing Limited) and its director for our work or for this report.
It is your duty to ensure that Western Promise Fishing Ltd (previously known as True Vine Fishing 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 Western Promise Fishing Ltd (previously known as True Vine Fishing Limited). You consider that Western Promise Fishing Ltd (previously known as True Vine Fishing 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 Western Promise Fishing Ltd (previously known as True Vine Fishing 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
13 June 2025
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2024
FIXED ASSETS
|
Intangible assets |
5 |
220,060 |
237,802 |
|
Tangible assets |
6 |
57,510 |
69,831 |
|
--------- |
--------- |
|
277,570 |
307,633 |
|
|
|
|
CURRENT ASSETS
|
Debtors |
7 |
33,661 |
22,665 |
|
Cash at bank and in hand |
53,935 |
48,854 |
|
-------- |
-------- |
|
87,596 |
71,519 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
75,670 |
74,257 |
|
-------- |
-------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
11,926 |
(
2,738) |
|
--------- |
--------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
289,496 |
304,895 |
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
117,800 |
169,791 |
|
--------- |
--------- |
|
NET ASSETS |
171,696 |
135,104 |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
20,000 |
20,000 |
|
Profit and loss account |
151,696 |
115,104 |
|
--------- |
--------- |
|
SHAREHOLDERS FUNDS |
171,696 |
135,104 |
|
--------- |
--------- |
|
|
|
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 30 September 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
.
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 September 2024
These financial statements were approved by the
board of directors
and authorised for issue on
13 June 2025
, and are signed on behalf of the board by:
|
Mr H A MacKenzie |
|
|
Director |
|
|
|
Company registration number:
SC576869
|
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED) |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 SEPTEMBER 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost.
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:
|
Licence |
- |
Straightline over 15 years |
|
Quota |
- |
Straightline over 15 years |
|
|
|
|
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% straightline |
|
Plant |
- |
20% - 25% straightline |
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2023: Nil).
5.
Intangible assets
|
Licence |
Quota |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 October 2023 and 30 September 2024 |
247,000 |
19,000 |
266,000 |
|
--------- |
-------- |
--------- |
|
Amortisation |
|
|
|
|
At 1 October 2023 |
20,594 |
7,604 |
28,198 |
|
Charge for the year |
16,475 |
1,267 |
17,742 |
|
--------- |
-------- |
--------- |
|
At 30 September 2024 |
37,069 |
8,871 |
45,940 |
|
--------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
At 30 September 2024 |
209,931 |
10,129 |
220,060 |
|
--------- |
-------- |
--------- |
|
At 30 September 2023 |
226,406 |
11,396 |
237,802 |
|
--------- |
-------- |
--------- |
|
|
|
|
6.
Tangible assets
|
Vessel |
Plant |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 October 2023 and 30 September 2024 |
45,420 |
19,796 |
24,995 |
90,211 |
|
-------- |
-------- |
-------- |
-------- |
|
Depreciation |
|
|
|
|
|
At 1 October 2023 |
3,421 |
11,960 |
4,999 |
20,380 |
|
Charge for the year |
2,737 |
4,585 |
4,999 |
12,321 |
|
-------- |
-------- |
-------- |
-------- |
|
At 30 September 2024 |
6,158 |
16,545 |
9,998 |
32,701 |
|
-------- |
-------- |
-------- |
-------- |
|
Carrying amount |
|
|
|
|
|
At 30 September 2024 |
39,262 |
3,251 |
14,997 |
57,510 |
|
-------- |
-------- |
-------- |
-------- |
|
At 30 September 2023 |
41,999 |
7,836 |
19,996 |
69,831 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
33,661 |
22,665 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
15,708 |
15,708 |
|
Trade creditors |
4,035 |
9,726 |
|
Corporation tax |
7,838 |
– |
|
Social security and other taxes |
1,151 |
1,700 |
|
Other creditors |
46,938 |
47,123 |
|
-------- |
-------- |
|
75,670 |
74,257 |
|
-------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
71,514 |
87,548 |
|
Other creditors |
46,286 |
82,243 |
|
--------- |
--------- |
|
117,800 |
169,791 |
|
--------- |
--------- |
|
|
|
10.
Related party transactions
As at 30 September 2024 the company owed the director £30,500 (2023: £36,500) by way of a director's loan account. During the year dividends of £nil (2023: £nil) were paid to the directors.