BF61 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC215423

BF61 LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

5 April 2025

BF61 LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

BF61 LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors Mr K Wood

- Director

Mr N Robertson

- Director

Mr J Watt

- Director

Company secretary	Mrs L Simpson

Registered office	UFS Limited
	27 Commercial Road
	Buckie
	Moray
	AB56 1UN

Accountants	Ritsons
	Chartered Accountants
	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

BF61 LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BF61 LIMITED

YEAR ENDED 5 APRIL 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BF61 Limited for the year ended 5 April 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of BF61 Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of BF61 Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BF61 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that BF61 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BF61 Limited. You consider that BF61 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of BF61 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ritsons Chartered Accountants

26-30 Marine Place Buckie Moray AB56 1UT

25 September 2025

BF61 LIMITED

STATEMENT OF FINANCIAL POSITION

5 April 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	4	81,793	99,059
Tangible assets	5	1,427,246	1,549,639
Investments	6	2,000	2,000
		-------------	-------------
		1,511,039	1,650,698

CURRENT ASSETS

Debtors	7	13,879	10,383
Cash at bank and in hand		993	49
		---------	---------
		14,872	10,432

CREDITORS: amounts falling due within one year	8	100,525	82,179
		----------	---------
NET CURRENT LIABILITIES		85,653	71,747
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,425,386	1,578,951

CREDITORS: amounts falling due after more than one year	9	1,000,703	1,054,316

PROVISIONS

Taxation including deferred tax	63,411	84,964
	-------------	-------------
NET ASSETS	361,272	439,671
	-------------	-------------

BF61 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

5 April 2025

	2025	2024
Note	£	£

CAPITAL AND RESERVES

Called up share capital	454,908	454,908
Share premium account	29,092	29,092
Capital redemption reserve	26,000	26,000
Profit and loss account	( 148,728)	( 70,329)
	----------	----------
SHAREHOLDERS FUNDS	361,272	439,671
	----------	----------

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 5 April 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 .

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr K Wood
Director

Company registration number: SC215423

BF61 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is UFS Limited, 27 Commercial Road, Buckie, Moray, AB56 1UN.

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.

Turnover

The turnover shown in the detailed income statement represents amounts invoiced during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Taxation

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Fishing quota & licence	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost.

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:

Vessel & gear	-	6.25% straight line
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. Intangible assets

	Fishing quota & licence
	£
Cost
At 6 April 2024 and 5 April 2025	328,054
	----------
Amortisation
At 6 April 2024	228,995
Charge for the year	17,266
	----------
At 5 April 2025	246,261
	----------
Carrying amount
At 5 April 2025	81,793
	----------
At 5 April 2024	99,059
	----------

5. Tangible assets

	Fishing vessel & gear	Motor vehicles	Total
	£	£	£
Cost
At 6 April 2024	1,889,900	48,529	1,938,429
Disposals	–	( 1,000)	( 1,000)
	-------------	---------	-------------
At 5 April 2025	1,889,900	47,529	1,937,429
	-------------	---------	-------------
Depreciation
At 6 April 2024	354,357	34,433	388,790
Charge for the year	118,119	3,274	121,393
	-------------	---------	-------------
At 5 April 2025	472,476	37,707	510,183
	-------------	---------	-------------
Carrying amount
At 5 April 2025	1,417,424	9,822	1,427,246
	-------------	---------	-------------
At 5 April 2024	1,535,543	14,096	1,549,639
	-------------	---------	-------------

6. Investments

	Shares in group undertakings
	£
Cost
At 6 April 2024 and 5 April 2025	2,000
	-------
Impairment
At 6 April 2024 and 5 April 2025	–
	-------

Carrying amount
At 5 April 2025	2,000
	-------
At 5 April 2024	2,000
	-------

7. Debtors

	2025	2024
	£	£
Trade debtors	13,196	9,688
Other debtors	683	695
	---------	---------
	13,879	10,383
	---------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	53,865	53,865
Trade creditors	34,546	15,901
Social security and other taxes	614	913
Other creditors	11,500	11,500
	----------	---------
	100,525	82,179
	----------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	1,000,703	1,054,316
	-------------	-------------

10. Directors' advances, credits and guarantees

Transactions with the director are detailed in the related party note.

11. Related party transactions

John Watt, who is a director of the Company, is also a director of Macduff Shipyards Limited and Macduff Diesels Limited. During the year, Macduff Shipyards Limited and Macduff Diesels Limited carried out repairs to the vessel and all transactions were carried out on normal commercial terms. The payments made to Macduff Shipyards Limited amounted to £22,712 (2024: £8,065) and the payments made to Macduff Diesels Limited amounted to £3,790 (2024: £340). As at 5 April 2025 the balance owed to to Macduff Shipyards Limited was £8,682 (2024: £27,484) and to Macduff Diesels Limited £nil (2024: £2,855) Gilbert Downie, a shareholder in the company, is also a director of R. D. Downie Ltd. During the year R D Downie Ltd carried out repairs to the vessel and all transactions were carried out on normal commercial terms and amounted to £1,925 (2024: £240). As at 5 April 2025 the balance owed to R D Downie Ltd was £nil (2024: £938). Neil Robertson, a director and shareholder in the Company, is also a director of Neil Robertson Fishing Limited. During the year Neil Robertson Fishing Limited received £63,586 (2024: £41,720) in relation to crew share. All transactions are on a normal commercial basis. Kevin Wood, a director and shareholder in the company, is also a director of Kevin Wood Fishing Limited. During the year Kevin Wood Fishing Limited received £63,586 (2024: £41,720) in relation to crew share. All transactions are on a normal commercial basis. During the year the company paid dividends of £12,740 (2024: £14,000) to the directors.