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

COMPANY REGISTRATION NUMBER: SC312585

LORANTHUS FISHING COMPANY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

LORANTHUS FISHING COMPANY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

LORANTHUS FISHING COMPANY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	G. Downie
	J. Watt
	R. A. Smith

Company secretary	C. McGregor

Registered office	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

Accountants	Ritsons
	Chartered Accountants
	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

LORANTHUS FISHING COMPANY LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LORANTHUS FISHING COMPANY LIMITED

YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loranthus Fishing Company Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Loranthus Fishing Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Loranthus Fishing Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loranthus Fishing Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Loranthus Fishing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loranthus Fishing Company Limited. You consider that Loranthus Fishing Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Loranthus Fishing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ritsons Chartered Accountants

26-30 Marine Place Buckie Moray AB56 1UT

30 September 2025

LORANTHUS FISHING COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Intangible assets	4	68,000	77,000
Tangible assets	5	255,485	277,394
		---------	---------
		323,485	354,394

CURRENT ASSETS

Debtors	6	44,325	38,458
Cash at bank and in hand		249,207	242,734
		---------	---------
		293,532	281,192

CREDITORS: amounts falling due within one year	7	20,059	14,441
		---------	---------
NET CURRENT ASSETS		273,473	266,751
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		596,958	621,145

PROVISIONS

Taxation including deferred tax	48,969	51,175
	---------	---------
NET ASSETS	547,989	569,970
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100,000	100,000
Share premium account	60,000	60,000
Profit and loss account	387,989	409,970
	---------	---------
SHAREHOLDERS FUNDS	547,989	569,970
	---------	---------

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 .

LORANTHUS FISHING COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

J. Watt	R. A. Smith
Director	Director

Company registration number: SC312585

LORANTHUS FISHING 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 26-30 Marine Place, Buckie, Moray, AB56 1UT.

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.

Turnover

The turnover shown in the detailed income statement represents amounts invoiced during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Taxation

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.

Intangible assets

Intangible assets are initially recorded at cost.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Quota & Licence	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost.

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 & Equipment	-	5% straight line
Motor Vehicles	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Intangible assets

	Quota and licence
	£
Cost
At 1 January 2024 and 31 December 2024	180,000
	---------
Amortisation
At 1 January 2024	103,000
Charge for the year	9,000
	---------
At 31 December 2024	112,000
	---------
Carrying amount
At 31 December 2024	68,000
	---------
At 31 December 2023	77,000
	---------

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	421,200	19,088	440,288
	---------	--------	---------
Depreciation
At 1 January 2024	147,203	15,691	162,894
Charge for the year	21,060	849	21,909
	---------	--------	---------
At 31 December 2024	168,263	16,540	184,803
	---------	--------	---------
Carrying amount
At 31 December 2024	252,937	2,548	255,485
	---------	--------	---------
At 31 December 2023	273,997	3,397	277,394
	---------	--------	---------

6. Debtors

	2024	2023
	£	£
Other debtors	44,325	38,458
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	2,315	1,645
Corporation tax	16,544	11,596
Other creditors	1,200	1,200
	--------	--------
	20,059	14,441
	--------	--------

8. Related party transactions

Ryan Smith, a director and shareholder in the company, is also a director of AJ Loche Limited. During the year AJ Loche Limited received £40,677 (2023: £66,965) in relation to crew share. All transactions are on a normal commercial basis.