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REGISTERED NUMBER: SC165386 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SHAULORA FISHING COMPANY LIMITED

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)






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


SHAULORA FISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: G Smart
Mrs B Smart
G Buchan
Mrs N Buchan





SECRETARY: Mrs B Smart





REGISTERED OFFICE: Bath House
Bath Street
Peterhead
Aberdeenshire
AB42 1DX





REGISTERED NUMBER: SC165386 (Scotland)

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 243,015 243,015
Tangible assets 6 96,000 171,143
Investments 7 713,266 678,673
1,052,281 1,092,831

CURRENT ASSETS
Debtors 8 197,589 202,235

CREDITORS
Amounts falling due within one year 9 295,250 250,965
NET CURRENT LIABILITIES (97,661 ) (48,730 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

954,620

1,044,101

CREDITORS
Amounts falling due after more than one
year

10

(467,580

)

(524,081

)

PROVISIONS FOR LIABILITIES (47,079 ) (68,346 )
NET ASSETS 439,961 451,674

CAPITAL AND RESERVES
Called up share capital 96,376 96,376
Capital redemption reserve 19,624 19,624
Retained earnings 323,961 335,674
SHAREHOLDERS' FUNDS 439,961 451,674

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.

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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 6 June 2025 and were signed on its behalf by:





G Buchan - Director


SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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

1. STATUTORY INFORMATION

Shaulora 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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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 licences and quota are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing vessel - 6.25% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.


SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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

3. ACCOUNTING POLICIES - continued
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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
The company has a participating interest in a partnership, which is an associated undertaking. The financial statements include the company's share of partnership profits or losses to the last accounting date of the partnership. All drawings from the limited liability partnership are included in the financial statements.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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 10 (2023 - 10 ) .

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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

5. INTANGIBLE FIXED ASSETS
Fishing
licences
and quota
£   
COST
At 1 July 2023
and 30 June 2024 369,515
AMORTISATION
At 1 July 2023
and 30 June 2024 126,500
NET BOOK VALUE
At 30 June 2024 243,015
At 30 June 2023 243,015

6. TANGIBLE FIXED ASSETS
Fishing Plant and Motor
vessel machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 1,091,258 54,088 53,805 1,199,151
DEPRECIATION
At 1 July 2023 954,816 43,867 29,325 1,028,008
Charge for year 68,203 2,044 4,896 75,143
At 30 June 2024 1,023,019 45,911 34,221 1,103,151
NET BOOK VALUE
At 30 June 2024 68,239 8,177 19,584 96,000
At 30 June 2023 136,442 10,221 24,480 171,143

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 23,255
DEPRECIATION
At 1 July 2023 14,047
Charge for year 1,842
At 30 June 2024 15,889
NET BOOK VALUE
At 30 June 2024 7,366
At 30 June 2023 9,208

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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

7. FIXED ASSET INVESTMENTS
Share in
Shares in Interest limited
group in liability Other
undertakings associate partnership investments Totals
£    £    £    £    £   
COST
At 1 July 2023 - 1 673,672 5,000 678,673
Additions 201 - 12,000 - 12,201
Disposals - - (75,908 ) - (75,908 )
Share of profit/(loss) - - 98,301 - 98,301
Reclassification/transfer - (1 ) - - (1 )
At 30 June 2024 201 - 708,065 5,000 713,266
NET BOOK VALUE
At 30 June 2024 201 - 708,065 5,000 713,266
At 30 June 2023 - 1 673,672 5,000 678,673

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 197,589 202,235

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 111,391 123,736
Hire purchase contracts - 3,691
Trade creditors 103,310 53,222
Taxation and social security 44,399 26,870
Other creditors 36,150 43,446
295,250 250,965

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 467,580 524,081

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 275,705 313,385

SHAULORA FISHING COMPANY LIMITED (REGISTERED NUMBER: SC165386)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 51,391 20,207
Bank loans 527,580 627,610
Hire purchase contracts - 3,691
578,971 651,508

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

12. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.