The Tobermory Fish Company Limited

Registered number

SC292684

Unaudited Filleted Accounts

31 March 2025

The Tobermory Fish Company Limited
Registered number:		SC292684
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		177,757			163,649

Current assets
Stocks		46,156			43,715
Debtors	4	39,764			30,478
Cash at bank and in hand		48,318			187,398
		134,238			261,591

Creditors: amounts falling due within one year	5	(61,875)			(60,095)

Net current assets			72,363			201,496

Total assets less current liabilities			250,120			365,145

Creditors: amounts falling due after more than one year	6		(31,470)			(31,934)



Net assets			218,650			333,211

Capital and reserves
Called up share capital			974			1,670
Capital redemption reserve			696			-
Revaluation reserve	8		28,159			28,159
Profit and loss account			188,821			303,382

Shareholders' funds			218,650			333,211

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



Sally N M MacColl
Director
Approved by the board on 3 September 2025

The Tobermory Fish Company Limited
Notes to the Accounts
for the period from 1 October 2024 to 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Council & Government Grants
	Energy Saving Trust Ltd grant received in the year, totalling £11,929, was used to purchase commerical fridges and freezers and has been recongnised, applying the performance model, as income. This is in line with the Argyll & Bute Council small business development grant received in the previous year, totalling £3,172, which was used, in part, to purchase assets and, in part, to cover revenue expenditure.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Shed - included in Buildings					5% on cost
	Plant & Machinery - kitchen equipment & units, worktops, fish smokers, vacuum packers, printers, computer equipment, fridges, freezers, blast chill, cladding, dishwashers, coldroom and production equipment.					10% on cost
	Plant & Machinery - mobile phones					20% on cost
	Fixtures & Fittings - display shelves & counter					15% on reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			6		7


3	Tangible fixed assets
		Land & Buildings		Plant & Machinery		Fixtures & Fittings		Total
£			£		£		£
	Cost
	At 1 October 2024	127,717		133,307		6,362		267,386
	Additions	-		17,981		-		17,981
	Disposals & Transfers	-		(3,558)		-		(3,558)
	At 31 March 2025	127,717		147,730		6,362		281,809

	Depreciation
	At 1 October 2024	544		97,485		5,708		103,737
	Charge for the period	67		3,757		49		3,873
	On disposals	-		(3,558)		-		(3,558)
	At 31 March 2025	611		97,684		5,757		104,052

	Net book value
	At 31 March 2025	127,106		50,046		605		177,757
	At 30 September 2024	127,173		35,822		654		163,649


	Freehold land and buildings:			2025		2024
£					£
	Historical cost			96,841		96,841
	Cumulative depreciation based on historical cost			-		-
				96,841		96,841
	The Freehold Property was revalued on the 2nd of July 2024 on an open market basis.


4	Debtors			2025		2024
£					£

	Trade Debtors			23,483		20,645
	Prepayments			3,964		2,248
	VAT Reclaimable			-		2,162
	Accrued Income			11,929		-
	Directors' Loan Accounts			-		3,741
	Stripe Balance			388		716
	PayPal Balance			-		966
				39,764		30,478


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Deferred Tax			1,443		1,081
	Bank Loans			7,039		8,778
	Accruals			2,385		3,840
	Trade Creditors			22,093		30,389
	VAT Payable			1,181		-
	Amounts Due to Shareholders			103		-
	Pensions Payable			139		447
	Corporation Tax			26,465		12,603
	PAYE/NIC Payable			838		2,731
	Credit Card			189		226
				61,875		60,095


6	Creditors: amounts falling due after one year			2025		2024
£					£

	Deferred Tax			8,180		5,849
	Bank Loans			23,290		26,085
				31,470		31,934


7	Loans			2025		2024
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			932		3,727


8	Revaluation reserve			2025		2024
£					£

	At 1 October 2024			28,159		58,670
	Loss on revaluation of land and buildings			-		(30,511)

	At 31 March 2025			28,159		28,159


9	Related party transactions

	At the period end the directors Sally & Scott MacColl owed the company £Nil (2024: £3,824 owed by Sally). At the period end the directors Rosemary & Duncan Swinbanks, who resigned in October 2024, were owed £Nil (2024: £83) by the company, in equal share.


10	Other information

	The Tobermory Fish Company Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	Balicaste Smokehouse
	Unit 7 Baliscate
	Tobermory
	Isle of Mull
	PA75 6QA