Company registration number SC615360 (Scotland)
Kathleen Ann Limited
Unaudited financial statements
for the period ended 31 March 2025
Pages for filing with registrar
Kathleen Ann Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Kathleen Ann Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kathleen Ann Limited for the period ended 31 March 2025 which comprise, the balance sheet 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 the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Director of Kathleen Ann Limited in accordance with the terms of our engagement letter dated 7 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Kathleen Ann Limited and state those matters that we have agreed to state to the Director of Kathleen Ann Limited in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kathleen Ann Limited and its Director for our work or for this report.
It is your duty to ensure that Kathleen Ann 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 Kathleen Ann Limited. You consider that Kathleen Ann Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Kathleen Ann 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
17 July 2025
Kathleen Ann Limited
Balance sheet
as at 31 March 2025
31 March 2025
2
31 March 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
133,775
Tangible assets
4
262,152
395,927
Current assets
Debtors
1,795
19,126
Cash at bank and in hand
2,137
1,795
21,263
Creditors: amounts falling due within one year
(8,188)
(522,612)
Net current liabilities
(6,393)
(501,349)
Total assets less current liabilities
(6,393)
(105,422)
Creditors: amounts falling due after more than one year
5
(165,469)
Net liabilities
(6,393)
(270,891)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(6,395)
(270,893)
Total equity
(6,393)
(270,891)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Kathleen Ann Limited
Balance sheet (continued)
as at 31 March 2025
31 March 2025
3
The financial statements were approved and signed by the director and authorised for issue on 16 July 2025
Kenneth Reid
Director
Company registration number SC615360 (Scotland)
Kathleen Ann Limited
Notes to the financial statements
for the period ended 31 March 2025
4
1
Accounting policies
Company information
Kathleen Ann Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Craigellie Circle, Fraserburgh, Aberdeenshire, AB43 9WH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fishing licences
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
6.25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Kathleen Ann Limited
Notes to the financial statements (continued)
for the period ended 31 March 2025
1
Accounting policies (continued)
5
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Total
£
Cost
At 1 January 2024
267,550
Disposals
(267,550)
At 31 March 2025
Amortisation and impairment
At 1 January 2024
133,775
Disposals
(133,775)
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 December 2023
133,775
Kathleen Ann Limited
Notes to the financial statements (continued)
for the period ended 31 March 2025
6
4
Tangible fixed assets
Total
£
Cost
At 1 January 2024
382,720
Additions
7,995
Disposals
(390,715)
At 31 March 2025
Depreciation and impairment
At 1 January 2024
120,568
Eliminated in respect of disposals
(120,568)
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 December 2023
262,152
5
Creditors: amounts falling due after more than one year
Creditors which fall due after five years are as follows:
2025
2023
£
£
Payable by instalments
-
54,068
6
Parent company
Reid (Fraserburgh) Ltd and Phoenix Fraserburgh Ltd control the company by virtue of a controlling interest of 100% of the issued ordinary share capital.
7
Related party transactions
During the period, £3,500 (2023 - £Nil) was received from, and £1,050 (2023 - £Nil) was paid to, Reid (Fraserburgh) Ltd. The balance at the end of the period of £201,901 was written-off. At the period end, £Nil (2023 - £199,451) was due to Reid (Fraserburgh) Ltd. Kenneth Reid is a director of Reid (Fraserburgh) Ltd. Reid (Fraserburgh) Ltd owns 50% of the ordinary share capital of Kathleen Ann Limited.
During the period, £3,500 (2023 - £Nil) was received from, and £1,050 (2023 - £Nil) was paid to, Phoenix Fraserburgh Ltd. The balance at the end of the period of £201,901 was written-off. At the period end, £Nil (2023 - £199,451) was due to Phoenix Fraserburgh Ltd. Phoenix Fraserburgh Ltd owns 50% of the ordinary share capital of Kathleen Ann Limited.