REGISTERED NUMBER: SC259129 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE STAR FISHING COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Leiper

A D Smith

I Fletcher

J MacAlister

REGISTERED OFFICE:

Unit 6

The South Pier

Oban

Argyll

PA34 4LS

REGISTERED NUMBER:

SC259129 (Scotland)

ACCOUNTANTS:

Andy Newiss & Co Ltd

Broombank

North Connel

Oban

Argyll

PA37 1RD

FIXED ASSETS

Intangible assets

4

158,875

205,375

Tangible assets

5

2,082,583

2,189,146

Investments

6

1

1

2,241,459

2,394,522

CURRENT ASSETS

Stocks

42,667

11,451

Debtors

7

1,024,456

955,397

1,067,123

966,848

CREDITORS

Amounts falling due within one year

8

468,516

423,419

NET CURRENT ASSETS

598,607

543,429

TOTAL ASSETS LESS CURRENT LIABILITIES

2,840,066

2,937,951

CREDITORS

Amounts falling due after more than one year

9

(2,614,519

)

(2,742,644

)

PROVISIONS FOR LIABILITIES

(219,710

)

(210,972

)

NET ASSETS/(LIABILITIES)

5,837

(15,665

)

CAPITAL AND RESERVES

Called up share capital

216,000

216,000

Retained earnings

(210,163

)

(231,665

)

SHAREHOLDERS' FUNDS

5,837

(15,665

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J MacAlister - Director

1.	STATUTORY INFORMATION

The Star 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

5 to 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently. carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are oblig.ations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets

At each balance sheet date, the company reviews its tangible and intangible .assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). the recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

593,800

AMORTISATION

At 1 January 2024

388,425

Amortisation for year

46,500

At 31 December 2024

434,925

NET BOOK VALUE

At 31 December 2024

158,875

At 31 December 2023

205,375

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

3,521,365

68,265

3,589,630

Additions

21,100

300

21,400

At 31 December 2024

3,542,465

68,565

3,611,030

DEPRECIATION

At 1 January 2024

1,380,907

19,577

1,400,484

Charge for year

115,716

12,247

127,963

At 31 December 2024

1,496,623

31,824

1,528,447

NET BOOK VALUE

At 31 December 2024

2,045,842

36,741

2,082,583

At 31 December 2023

2,140,458

48,688

2,189,146

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

41,871

1,219

Amounts owed by subsidiaries

385,621

349,587

Amounts owed by related parties

70,036

64,328

Other debtors

30,809

40,264

528,337

455,398

Amounts falling due after more than one year:

Amounts owed by subsidiaries

496,119

499,999

Aggregate amounts

1,024,456

955,397

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

193,460

248,156

Hire purchase contracts (see note 10)

14,890

13,656

Trade creditors

133,038

70,979

Other creditors

127,128

90,628

468,516

423,419

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

1,335,957

1,468,624

Hire purchase contracts (see note 10)

12,562

28,020

Other creditors

1,266,000

1,246,000

2,614,519

2,742,644

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

804,237

916,841

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

14,890

13,656

Between one and five years

12,562

28,020

27,452

41,676

11.	CONTINGENT LIABILITIES

Q Varl Fishing Company Limited

Q Varl Fishing Company Limited is a wholly owned subsidiary of The Star Fishing Company Limited. The company has incurred losses in recent years and its vessel is currently for sale.

Upon sale, it is not anticipated that Q Varl Fishing Company Limited will be able to repay loans due to The Star Fishing Company Limited.

12.	OTHER FINANCIAL COMMITMENTS

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

- within one year £28,836 (£25,944 2023)

- between one and five years £86,514 (£102,644 2023)

13.	RELATED PARTY TRANSACTIONS

Amounts due to owners holding a participating interest in the entity £1,347,938 (£1,271,694 2023)

Amounts due from owners holding a participating interest in the entity £69,500 (£64,328 2023)

The amounts above are unsecured, interest free and have no fixed terms of repayment.