Company No: SC472985 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	47,575		0
Tangible assets	4	82,086		14,824
Investments	5	833,749		853,642
		963,410		868,466
Current assets
Debtors	6	12,841		10
Cash at bank and in hand		123,644		240,333
		136,485		240,343
Creditors: amounts falling due within one year	7	( 93,508)		( 121,254)
Net current assets		42,977		119,089
Total assets less current liabilities		1,006,387		987,555
Provision for liabilities		( 50,886)		( 50,395)
Net assets		955,501		937,160
Capital and reserves
Called-up share capital	8	10		10
Profit and loss account		955,491		937,150
Total shareholders' funds		955,501		937,160

For the financial 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of James Corbett Fishing Limited (registered number: SC472985) were approved and authorised for issue by the Board of Directors on 28 September 2025. They were signed on its behalf by:

James Corbett Director

Roma Corbett Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

James Corbett Fishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1 Hames Place, Durness, Lairg, IV27 4PR, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life.

Trademarks, patents and licences

not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	15 years straight line
Vehicles	4 years straight line
Other property, plant and equipment	10 years straight line

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.

Leases

The Company as lessee
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 Statement of Income and Retained Earnings 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).

Financial 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations 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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	47,575		47,575
At 31 December 2024	47,575		47,575
Accumulated amortisation
At 01 January 2024	0		0
At 31 December 2024	0		0
Net book value
At 31 December 2024	47,575		47,575
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Vehicles		Other property, plant and equipment		Total
	£		£		£		£
Cost
At 01 January 2024	14,824		14,925		0		29,749
Additions	0		0		70,000		70,000
At 31 December 2024	14,824		14,925		70,000		99,749
Accumulated depreciation
At 01 January 2024	0		14,925		0		14,925
Charge for the financial year	988		0		1,750		2,738
At 31 December 2024	988		14,925		1,750		17,663
Net book value
At 31 December 2024	13,836		0		68,250		82,086
At 31 December 2023	14,824		0		0		14,824

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	853,642		853,642
Share of partnership profits	9,185		9,185
Drawings	(21,346)		(21,346)
Share of partnership losses	(7,732)		(7,732)
At 31 December 2024	833,749		833,749
Carrying value at 31 December 2024	833,749		833,749
Carrying value at 31 December 2023	853,642		853,642

These interests in unincorporated undertakings represent capital introduced by the Company (net of drawings) together with the Company's shares of profits and losses. Advantage has been taken of the exemptions conferred by Regulation 7 of The Partnerships (Accounts) Regulations 2008.

6. Debtors

	2024		2023
	£		£
Other debtors	12,841		10

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Taxation and social security	4,464		14,114
Other creditors	89,044		107,140
	93,508		121,254

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each	10		10

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	1,908		0

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due to James Corbett	82,693		104,280

This loan is interest free and has no set repayment terms.