Resilient Fishing (Whalsay) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC401163

Resilient Fishing (Whalsay) Limited

Unaudited financial statements

31 March 2025

Resilient Fishing (Whalsay) Limited

Statement of financial position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,710,335	1,710,335
Tangible assets	6	1,585,767	1,724,518
		-----------	-----------
		3,296,102	3,434,853

Current assets

Debtors	7	49,842	49,949
Cash at bank and in hand		33,776	17,671
		-------	-------
		83,618	67,620

Creditors: Amounts falling due within one year	8	( 267,774)		( 284,913)
		---------		---------
Net current liabilities			( 184,156)		( 217,293)
			-----------		-----------
Total assets less current liabilities			3,111,946		3,217,560

Creditors: Amounts falling due after more than one year	9		( 1,420,576)		( 1,657,153)

Provisions

Taxation including deferred tax	( 333,227)	( 331,209)
	-----------	-----------
Net assets	1,358,143	1,229,198
	-----------	-----------

Capital and reserves

Called up share capital	10	50,000	50,000
Profit and loss account		1,308,143	1,179,198
		-----------	-----------
Shareholders funds		1,358,143	1,229,198
		-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Resilient Fishing (Whalsay) Limited

Statement of financial position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 5 September 2025 , and are signed on behalf of the board by:

LHD Limited
Director

Company registration number: SC401163

Resilient Fishing (Whalsay) Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mair's Quay, Holmsgarth, Lerwick, Shetland, Scotland, ZE1 0PW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets relate to fishing licences and quotas, and are stated at cost. The directors undertake an annual impairment of these assets and believe that the residual value is higher than the carrying value. This is on the basis that such assets are transferrable between vessels and can be sold on the open market. There is no history of such assets being sold on at a loss.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	See below

Boat 20 years Nets and equipment 3 years Electronics 5 years

Impairment of fixed assets

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of employees during the year was 4 (2024: 4 ).

5. Intangible assets

	Fishing licences and quotas
	£
Cost
At 1 April 2024 and 31 March 2025	1,710,335
	-----------
Amortisation
At 1 April 2024 and 31 March 2025	–
	-----------
Carrying amount
At 31 March 2025	1,710,335
	-----------
At 31 March 2024	1,710,335
	-----------

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2024	3,062,520	3,062,520
Additions	5,804	5,804
	-----------	-----------
At 31 March 2025	3,068,324	3,068,324
	-----------	-----------
Depreciation
At 1 April 2024	1,338,002	1,338,002
Charge for the year	144,555	144,555
	-----------	-----------
At 31 March 2025	1,482,557	1,482,557
	-----------	-----------
Carrying amount
At 31 March 2025	1,585,767	1,585,767
	-----------	-----------
At 31 March 2024	1,724,518	1,724,518
	-----------	-----------

7. Debtors

	2025	2024
	£	£
Other debtors	49,842	49,949
	-------	-------

8. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	55,065	67,652
Trade creditors	9,227	4,908
Social security and other taxes	57,356	69,208
Other creditors	146,126	143,145
	---------	---------
	267,774	284,913
	---------	---------

Bank loans and overdrafts of £55,065 (2024: £67,652) and other loans of £122,876 (2024: £116,878) in other creditors are secured by a charge over the fishing vessel.

9. Creditors: Amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	202,169	265,869
Directors loan accounts	1,140,331	1,190,331
Other creditors	78,076	200,953
	-----------	-----------
	1,420,576	1,657,153
	-----------	-----------

Bank loans and overdrafts of £202,169 (2024: £265,869) and other loans of £78,076 (2024: £200,953) in other creditors are secured by a charge over the fishing vessel.

Included within creditors: amounts falling due after more than one year is an amount of £18,355 (2024: £85,134) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	50,000	50,000	50,000	50,000
	-------	-------	-------	-------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	9,794	3,793
Later than 1 year and not later than 5 years	13,089	–
	-------	------
	22,883	3,793
	-------	------