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COMPANY REGISTRATION NUMBER: SC576869
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED)
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
WESTERN PROMISE FISHING LTD (PREVIOUSLY KNOWN AS TRUE VINE FISHING LIMITED)
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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
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
2024
2023
Note
£
£
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.