| REGISTERED NUMBER: |
| Financial Statements For The Period 26 October 2023 to 31 March 2025 |
| for |
| Inverlussa Shipping Co Limited |
| REGISTERED NUMBER: |
| Financial Statements For The Period 26 October 2023 to 31 March 2025 |
| for |
| Inverlussa Shipping Co Limited |
| Inverlussa Shipping Co Limited (Registered number: SC787152) |
| Contents of the Financial Statements |
| For The Period 26 October 2023 to 31 March 2025 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Inverlussa Shipping Co Limited |
| Company Information |
| For The Period 26 October 2023 to 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Regent Court |
| 70 West Regent Street |
| Glasgow |
| G2 2QZ |
| Inverlussa Shipping Co Limited (Registered number: SC787152) |
| Abridged Statement of Financial Position |
| 31 March 2025 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Inverlussa Shipping Co Limited (Registered number: SC787152) |
| Notes to the Financial Statements |
| For The Period 26 October 2023 to 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Inverlussa Shipping Co Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company reports net current liabilities on its' balance sheet at 31 March 2025 and as such the directors have considered the appropriateness of the going concern basis for preparing the financial statements. |
| Current liabilities include advances from the parent company, Inverlussa Shellfish Co Limited. The parent company has confirmed that they will not seek repayment of balances due unless the company is in a financial position to do so and has also confirmed that they will continue to provide support and cashflow funding to the company as and when required to ensure it is able to meet all financial obligations as they fall due for at least the next 12 months from the date of signing of the financial statements. |
| On this basis, the Directors consider that it is appropriate to prepare the financial statements on a going concern basis. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Boats - 4% on cost/valuation |
| Boats are written down to a residual value of 20%. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
| Taxation |
| Taxation for the period 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 statement of financial position date. |
| Inverlussa Shipping Co Limited (Registered number: SC787152) |
| Notes to the Financial Statements - continued |
| For The Period 26 October 2023 to 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| Charge for period |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| 5. | SECURED DEBTS |
| The bank loan is secured by way of marine mortgage over the vessel to which the mortgage relate. The bank also holds a floating charge over all of the assets of the company. |
| In conjunction, a cross guarantee exists between Inverlussa Shellfish Company Ltd and Inverlussa Shipping Co Ltd. |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| Inverlussa Shipping Co Limited (Registered number: SC787152) |
| Notes to the Financial Statements - continued |
| For The Period 26 October 2023 to 31 March 2025 |
| 8. | ULTIMATE PARENT COMPANY |
| The company is a 100% owned subsidiary of Inverlussa Shellfish Company Ltd. |