Northbay Fishing Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC115897 (Scotland)

Financial Statements

for the Period 1 October 2023 to 31 December 2024

for

Northbay Fishing Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J J Colam

Mrs R A Colam

A C Pillar

SECRETARY:

Mrs R A Colam

REGISTERED OFFICE:

Co. RSM, Third Floor

Centenary House

69 Wellington Street

Glasgow

G2 6HG

REGISTERED NUMBER:

SC115897 (Scotland)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Intangible assets

4

1,068,651

Investments

5

8,456,152

9,524,803

CURRENT ASSETS

Debtors

6

2,337,460

1,970,728

Cash at bank

31,596

913

2,369,056

1,971,641

CREDITORS

Amounts falling due within one year

7

(996,881

)

(3,471,701

)

NET CURRENT ASSETS/(LIABILITIES)

1,372,175

(1,500,060

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,896,978

8,024,743

PROVISIONS FOR LIABILITIES

(198,077

)

(197,658

)

NET ASSETS

10,698,901

7,827,085

CAPITAL AND RESERVES

Called up share capital

265,000

Retained earnings

10,433,901

7,562,085

SHAREHOLDERS' FUNDS

10,698,901

7,827,085

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

J J Colam - Director

1.	STATUTORY INFORMATION

Northbay Fishing Company 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.

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.

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 represents the amount derived from the provision of services and entitlements which fall within the company's ordinary activities, stated net of value added tax.

Distributions from a partnership in which the company is a partner is recognised in the period in which it is received.

Fixed asset investments

Fixed asset investments are accounted for at cost less impairment in the financial statements of the company.

Intangible fixed assets

Boat licences, entitlements and associated benefits have been amortised to the profit and loss account over fifteen years until 16 December 2011. From that date no amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there has been no impairment in their value and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability.

Rentals paid under operating leases are charged to income as incurred.

Going concern

The company's financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company is expected to generate positive cash flows on its own account and has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Boat

licences

and

entitlements

£

COST

At 1 October 2023

and 31 December 2024

3,959,664

AMORTISATION

At 1 October 2023

and 31 December 2024

2,891,013

NET BOOK VALUE

At 31 December 2024

1,068,651

At 30 September 2023

1,068,651

5.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 October 2023

and 31 December 2024

8,456,152

NET BOOK VALUE

At 31 December 2024

8,456,152

At 30 September 2023

8,456,152

The company has a 50% interest in an unincorporated joint venture in Scotland. The principle activity is that of deep sea fishing.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Amounts owed by group undertakings

1,291,352

-

Amounts owed by joint ventures

-

507,125

Deferred tax asset

1,046,108

1,463,603

2,337,460

1,970,728

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Amounts owed to group undertakings

264,785

2,746,127

Taxation and social security

727,839

715,769

Other creditors

4,257

9,805

996,881

3,471,701

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

9.	CONTINGENT LIABILITIES

The company has provided a debenture by way of a fixed and floating charge over all the assets of the company in respect of bank borrowings of other group undertakings which at 31 December 2024 amounted to £nil.

10.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.