| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2023 |
| for |
| Fraserburgh Trawlers Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Investments | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Motor vehicles | - |
| 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 |
| AMORTISATION |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 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 2019 | 271,620 |
| Revaluation 2018 | 45,560 |
| Addition 2020 | 2,790 |
| Revaluation 2020 | 186,985 |
| 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 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 January 2023 |
| Disposals | ( |
) |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 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 |
| Other debtors |
| 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 |
| 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 |
| Other Loans |
| Trade creditors |
| Tax |
| Other creditors |
| Directors' current accounts | 1,782 | - |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| 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 |
| 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: | £ | £ |
| 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 | 327,479 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 December 2023 | 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. |