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

COMPANY REGISTRATION NUMBER: SC708356

Defiant Fishing (Whalsay) Company Limited

Unaudited financial statements

31 December 2024

Defiant Fishing (Whalsay) Company Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	720,169	620,000
Tangible assets	6	303,993	318,570
		-----------	---------
		1,024,162	938,570

Current assets

Debtors	7	16,145		234,320

Creditors: Amounts falling due within one year	8	( 710,115)		( 751,350)
		---------		---------
Net current liabilities			( 693,970)		( 517,030)
			-----------		---------
Total assets less current liabilities			330,192		421,540

Provisions

Taxation including deferred tax	( 27,601)	( 49,041)
	---------	---------
Net assets	302,591	372,499
	---------	---------

Capital and reserves

Called up share capital	9	240,000	240,000
Profit and loss account		62,591	132,499
		---------	---------
Shareholders funds		302,591	372,499
		---------	---------

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 December 2024 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 11 September 2025 , and are signed on behalf of the board by:

Mr R S Jamieson
Director

Company registration number: SC708356

Defiant Fishing (Whalsay) Company Limited

Notes to the financial statements

Year ended 31 December 2024

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, ZE1 0PW, United Kingdom.

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.

Going concern

The accounts have been prepared on a going concern basis despite the fact that the balance sheet shows a net current liability position, on the understanding that the bank and other major creditors will continue to financially support the company for the foreseeable future.

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:

Boat	-	Over 20 Years
Equipment	-	Over 5 Years

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 6 (2023: 6 ).

5. Intangible assets

	Licences & Quotas
	£
Cost
At 1 January 2024	620,000
Additions	100,169
	---------
At 31 December 2024	720,169
	---------
Amortisation
At 1 January 2024 and 31 December 2024	–
	---------
Carrying amount
At 31 December 2024	720,169
	---------
At 31 December 2023	620,000
	---------

6. Tangible assets

	Boat	Equipment	Total
	£	£	£
Cost
At 1 January 2024	353,966	–	353,966
Additions	–	3,533	3,533
	---------	------	---------
At 31 December 2024	353,966	3,533	357,499
	---------	------	---------
Depreciation
At 1 January 2024	35,396	–	35,396
Charge for the year	17,698	412	18,110
	---------	------	---------
At 31 December 2024	53,094	412	53,506
	---------	------	---------
Carrying amount
At 31 December 2024	300,872	3,121	303,993
	---------	------	---------
At 31 December 2023	318,570	–	318,570
	---------	------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	–	213,849
Other debtors	16,145	20,471
	-------	---------
	16,145	234,320
	-------	---------

8. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	377,000	429,000
Trade creditors	78,966	–
Other creditors	254,149	322,350
	---------	---------
	710,115	751,350
	---------	---------

Bank loans and overdrafts of £377,000 are secured by fixed and floating charges over the assets of the company.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	240,000	240,000	240,000	240,000
	---------	---------	---------	---------

10. Operating leases

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

	2024	2023
	£	£
Not later than 1 year	1,765	–
Later than 1 year and not later than 5 years	4,413	–
	------	----
	6,178	–
	------	----