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REGISTERED NUMBER: SC787152 (Scotland)















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: D S Wilson
Mrs H M Wilson
B S Wilson





REGISTERED OFFICE: Inverlussa
By Craignure
Isle of Mull
PA65 6BD





REGISTERED NUMBER: SC787152 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
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 11,617,221

CURRENT ASSETS
Debtors 367,004
Cash at bank and in hand 304,881
671,885
CREDITORS
Amounts falling due within one year 4,732,746
NET CURRENT LIABILITIES (4,060,861 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,556,360

CREDITORS
Amounts falling due after more than one
year

7,186,667
NET ASSETS 369,693

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 369,593
369,693

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the period ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





B S Wilson - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 8 .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 11,902,890
At 31 March 2025 11,902,890
DEPRECIATION
Charge for period 285,669
At 31 March 2025 285,669
NET BOOK VALUE
At 31 March 2025 11,617,221

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.

Janice Alexander (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

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.