REGISTERED NUMBER: SC200275 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Nicol Fishing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

John Arthur Nicol

John Alexander Nicol

John David Nicol

REGISTERED OFFICE:

15 Castlehill Drive

Gardenstown

Banff

Aberdeenshire

AB45 3YG

REGISTERED NUMBER:

SC200275 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

2,870,000

2,870,000

Tangible assets

5

3,814,236

3,925,338

6,684,236

6,795,338

CURRENT ASSETS

Debtors

6

74,581

77,655

Investments

7

10,000

10,000

Cash at bank

65,690

138,638

150,271

226,293

CREDITORS

Amounts falling due within one year

8

226,064

136,877

NET CURRENT (LIABILITIES)/ASSETS

(75,793

)

89,416

TOTAL ASSETS LESS CURRENT LIABILITIES

6,608,443

6,884,754

CREDITORS

Amounts falling due after more than one year

9

(1,047,437

)

(1,326,711

)

PROVISIONS FOR LIABILITIES

(895,025

)

(942,671

)

NET ASSETS

4,665,981

4,615,372

CAPITAL AND RESERVES

Called up share capital

971,200

971,200

Fair value reserve

11

846,029

846,029

Retained earnings

2,848,752

2,798,143

SHAREHOLDERS' FUNDS

4,665,981

4,615,372

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 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 30 September 2025 and were signed on its behalf by:

John Alexander Nicol - Director

1.	STATUTORY INFORMATION

Nicol Fishing 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for fish sold and other fishing related income, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets

Intangible assets comprise fishing licence and quota rights which are reported on a valuation basis. The reported valuations are reassessed at the end of each accounting period and any adjustments are recorded through the Profit & Loss Account or Statement of Comprehensive Income, as appropriate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

2% on cost

Fishing vessels

-

5% on cost

Gear & equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

The freehold property comprises land and a store building which was in the course of construction as at the financial year end. No depreciation has been charged and will commence on completion of the building.

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation

Taxation for the year 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Current asset investments

The current assets investments held are reported at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Licence &

quota

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

2,870,000

NET BOOK VALUE

At 31 December 2024

2,870,000

At 31 December 2023

2,870,000

Cost or valuation at 31 December 2024 is represented by:

Licence &

quota

£

Valuation in 2021

1,101,039

Cost

1,768,961

2,870,000

Following due consideration, the directors felt that no adjustment was required to the carrying value of the fishing licences and quota.

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Fishing

property

leasehold

vessels

£

£

£

COST

At 1 January 2024

134,875

18,000

4,694,838

Additions

157,036

-

-

At 31 December 2024

291,911

18,000

4,694,838

DEPRECIATION

At 1 January 2024

-

8,460

1,117,819

Charge for year

-

360

234,741

At 31 December 2024

-

8,820

1,352,560

NET BOOK VALUE

At 31 December 2024

291,911

9,180

3,342,278

At 31 December 2023

134,875

9,540

3,577,019

Gear &

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

388,448

67,135

1,748

5,305,044

Additions

957

-

300

158,293

At 31 December 2024

389,405

67,135

2,048

5,463,337

DEPRECIATION

At 1 January 2024

216,361

36,489

577

1,379,706

Charge for year

25,957

7,661

676

269,395

At 31 December 2024

242,318

44,150

1,253

1,649,101

NET BOOK VALUE

At 31 December 2024

147,087

22,985

795

3,814,236

At 31 December 2023

172,087

30,646

1,171

3,925,338

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

39,890

DEPRECIATION

At 1 January 2024

17,452

Charge for year

5,609

At 31 December 2024

23,061

NET BOOK VALUE

At 31 December 2024

16,829

At 31 December 2023

22,438

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

74,581

77,655

7.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Unlisted investments

10,000

10,000

The current asset investments are stated at original cost.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

55,940

59,247

Hire purchase contracts

5,535

5,535

Trade creditors

7,701

20,572

Taxation and social security

85,665

9,512

Other creditors

71,223

42,011

226,064

136,877

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

1,043,286

1,317,025

Hire purchase contracts

4,151

9,686

1,047,437

1,326,711

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan over 5 years

775,369

1,029,591

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

1,099,226

1,376,272

Bank borrowings are secured by means of mortgages over the company's fishing vessels, and a floating charge over all assets.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

846,029

12.	RELATED PARTY DISCLOSURES

The director's operate current accounts with the company and as at the financial year end the combined balance owing to them was £61,815. Whilst the loan balances are considered short term, there are no fixed terms of repayment and no interest is accrued.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders.