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REGISTERED NUMBER: SC194949 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Fraserburgh Trawlers Limited

Fraserburgh Trawlers Limited (Registered number: SC194949)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fraserburgh Trawlers Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr B Tait
Mr G West
Mr R Inkster





REGISTERED OFFICE: 27 Finlayson street
Fraserburgh
Aberdeenshire
AB43 9JQ





REGISTERED NUMBER: SC194949 (Scotland)





ACCOUNTANTS: SBP
Accountants
27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ

Fraserburgh Trawlers Limited (Registered number: SC194949)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 363,300 363,300
Tangible assets 5 1,547 2,062
Investments 6 28 129,616
364,875 494,978

CURRENT ASSETS
Debtors 7 238,860 30,766
Investments 8 106,111 340,773
Cash at bank 77,860 5,392
422,831 376,931
CREDITORS
Amounts falling due within one year 9 131,499 62,718
NET CURRENT ASSETS 291,332 314,213
TOTAL ASSETS LESS CURRENT
LIABILITIES

656,207

809,191

CREDITORS
Amounts falling due after more than one
year

10

(113,546

)

(161,725

)

PROVISIONS FOR LIABILITIES (2,344 ) (9,781 )
NET ASSETS 540,317 637,685

CAPITAL AND RESERVES
Called up share capital 12 310,206 310,206
Share premium 13 105,573 105,573
Retained earnings 13 124,538 221,906
SHAREHOLDERS' FUNDS 540,317 637,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Fraserburgh Trawlers Limited (Registered number: SC194949)

Balance Sheet - continued
31 December 2023


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 16 July 2025 and were signed on its behalf by:




Mr R Inkster - Director Mr B Tait - Director




Mr G West - Director


Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fraserburgh Trawlers 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for the lease of quota provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates

Fishing quotas
Fishing quotas are presented at valuation based on known market values and factors at the balance sheet date and to the best of the knowledge and belief of the directors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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.

Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments represent share capital held in various unlisted entities within the fishing sector. Investments were previously stated at cost but, with effect from 1st January 2020, the investments are stated at estimated value based on the net asset value per the balance sheets as at the financial year end of the individual companies concerned. The directors acknowledge that there is no specific market for the shares held and that the actual values may vary from the levels calculated which are based solely on the net asset values of the individual balance sheets. As at 31 December 2023, only one investment remained and based on the information held regarding this company, the shares have been stated at original cost.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

Current asset investments
Unlisted investments represent equity held in unlisted entities within the fishing sector. The investments are stated at cost.

Other Current Asset investments represent interests held in fishing boat LLPs which are stated at the current capital values per the financial statements of the individual entities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Fishing
quotas
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 388,768
AMORTISATION
At 1 January 2023
and 31 December 2023 25,468
NET BOOK VALUE
At 31 December 2023 363,300
At 31 December 2022 363,300

Cost or valuation at 31 December 2023 is represented by:

Fishing
quotas
£   
Valuation in 2018 45,560
Valuation in 2020 186,985
Valuation in 2022 (159,880 )
Cost 316,103
388,768

Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS - continued

The fishing quota held was revalued in 2018, 2020 and 2022 based on known market factors at that time and to the best of the knowledge and belief of the directors.
Amortisation of £27,180 was charged against the quota in the 2016 financial year which has been taken into account in terms of the current valuation as detailed below.

£
Cost at 01 January 2019271,620
Revaluation 201845,560
Addition 20202,790
Revaluation 2020186,985
Amortisation as at 31 December 2020-27,180
Addition 2021 58,977
Revaluation 2022-156,732
Net book value of part disposal 2022 -18,720
Closing net book value at 31 December 2023 363,300

5. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 4,000
DEPRECIATION
At 1 January 2023 1,938
Charge for year 515
At 31 December 2023 2,453
NET BOOK VALUE
At 31 December 2023 1,547
At 31 December 2022 2,062

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 129,616
Disposals (129,588 )
At 31 December 2023 28
NET BOOK VALUE
At 31 December 2023 28
At 31 December 2022 129,616

Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Cost 28

Fixed asset investments represent equity share capital held in unlisted entities within the fishing sector. As at 31 December 2023, only one investment was held which has been stated at original cost due to uncertainty in relation to the value of the holding.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 46,474 2,555
Other debtors 192,386 28,211
238,860 30,766

The balance of other debtors includes short term loans to various entities within the fishing sector which total £72,473 net of a provision of £63,415 for one loan which is considered doubtful.

8. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Unlisted investments 38,122 38,122
Investments in fishing
boat LLPs 67,989 302,651
106,111 340,773

Unlisted investments represent equity held in unlisted entities within the fishing sector. These specific investments are stated at original cost of £38,122. Within the balance, shares with an original cost of £23,375 are held in a company which ceased trading on 31st July 2024. It is therefore unclear if the full cost of the investment will be recovered but this could not be fully established as at the date of these financial statements.

Other Current Asset investments represent interests held in fishing boat LLPs which are stated at the current capital values other than one investment which has been written down to a nominal value of £1 as the LLP in question went into administration in June 2024 and the prospect of any distribution being received is considered to be very low.

Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 51,907 55,503
Other Loans 10,000 -
Trade creditors - 3,624
Tax 57,315 -
Other creditors 4,380 793
Directors' current accounts 1,782 -
Accrued expenses 6,115 2,798
131,499 62,718

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 57,918 53,007
Bank loans - 2-5 years 47,025 94,199
Bank loans more 5 yr by instal 8,603 14,519
113,546 161,725

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,603 14,519

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 165,453 217,228

The Royal Bank of Scotland has a Bond and Floating Charge over all the assets of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
310,206 Ordinary £1 310,206 310,206

Fraserburgh Trawlers Limited (Registered number: SC194949)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 221,906 105,573 327,479
Deficit for the year (97,368 ) (97,368 )
At 31 December 2023 124,538 105,573 230,111

Of the balance of retained earnings, £72,665 is non distributable being the non realised gain on the revaluation of quota held and other investments. A further sum of £61,947 is unrealised to the extent that it relates to the revaluation of assets held by fishing boat LLPs in which Fraserburgh Trawlers Ltd hold an interest. The overall balance of non realised gains which is non distributable is £134,612. On this basis, the company had no distributable reserves as at 31 December 2023.

14. RELATED PARTY DISCLOSURES

The directors Mr B.Tait and Mr G.West operate loan accounts with the company and as at 31 December 2023, the balances owing by them to the company were £98,393 and £27,512 respectively. The balance of other debtors also includes sums owing to the company by other participators and associates which total £43,919. There are no fixed terms of repayment for any of the loans and interest was charged on the loan balances by the company at HMRC official rates.
The director, Mr R. Inkster, also operates a loan account with the company and the balance owing to him by the company as at the financial year end was £1,782.

The balance of debtors includes an amount of £3,464 owing by BAG Fishing LLP which is an entity in which Fraserburgh Trawlers Ltd holds an interest.