Company registration number SC087422 (Scotland)
ASHVALE FISH RESTAURANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
ASHVALE FISH RESTAURANT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ASHVALE FISH RESTAURANT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,708
46,361
Tangible assets
4
1,148,427
1,325,385
Investment property
7
730,002
740,000
Investments
5
1
18,888
1,914,138
2,130,634
Current assets
Stocks
37,415
36,951
Debtors
8
100,166
200,993
Cash at bank and in hand
5,538
8,081
143,119
246,025
Creditors: amounts falling due within one year
9
(560,352)
(515,518)
Net current liabilities
(417,233)
(269,493)
Total assets less current liabilities
1,496,905
1,861,141
Creditors: amounts falling due after more than one year
10
(181,382)
(239,854)
Net assets
1,315,523
1,621,287
Capital and reserves
Called up share capital
13,197
13,197
Share premium account
13,438
13,438
Capital redemption reserve
122,558
122,558
Profit and loss reserves
1,166,330
1,472,094
Total equity
1,315,523
1,621,287

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

ASHVALE FISH RESTAURANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
S DEVINE
S Devine
Director
Company registration number SC087422 (Scotland)
ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Ashvale Fish Restaurant Limited is a private company limited by shares incorporated in Scotland. The registered office is 100 Union Street, Aberdeen, AB10 1QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities of £417,233 (2024 - £269,493) at 31 March 2025. The director has taken steps to set up payment plans for various creditors and HMRC to ensure settlement of balances can be met at the agreed times.The company will continue to trade in only it's profitable locations and plans are in place to review the status of non-profitable locations. From the above support along with their directors, the company will continue to trade as a going concern. true

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 6 - 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Motor vehicles
25% reducing balance

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.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
83
94
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
116,417
Amortisation and impairment
At 1 April 2024
70,056
Amortisation charged for the year
10,653
At 31 March 2025
80,709
Carrying amount
At 31 March 2025
35,708
At 31 March 2024
46,361
ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
1,670,764
14,252
153,558
39,377
150,936
2,028,887
Additions
11,930
-
5,277
-
10,489
27,696
Disposals
(179,913)
-
(4,667)
(4,051)
(50,921)
(239,552)
At 31 March 2025
1,502,781
14,252
154,168
35,326
110,504
1,817,031
Depreciation and impairment
At 1 April 2024
506,274
14,252
58,700
9,608
114,668
703,502
Depreciation charged in the year
54,843
-
12,088
144
9,023
76,098
Eliminated in respect of disposals
(62,085)
-
(4,160)
-
(44,751)
(110,996)
At 31 March 2025
499,032
14,252
66,628
9,752
78,940
668,604
Carrying amount
At 31 March 2025
1,003,749
-
87,540
25,574
31,564
1,148,427
At 31 March 2024
1,164,490
-
94,858
29,769
36,268
1,325,385
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
18,888
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
18,888
Disposals
(18,887)
At 31 March 2025
1
Carrying amount
At 31 March 2025
1
At 31 March 2024
18,888
ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
FNC (Aberdeen) Limited
Scotland
Sale of food
Ordinary
100.00
7
Investment property
2025
£
Fair value
At 1 April 2024
740,002
Revaluations
(10,000)
At 31 March 2025
730,002

The investment properties have not been formally revalued during the year. The directors have reviewed the carrying values of the properties and, based on their knowledge of the market and recent comparable transactions, are satisfied that the carrying amounts continue to represent a reasonable approximation of fair value as at the reporting date.

8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
39,206
60,955
Other debtors
60,960
140,038
100,166
200,993
9
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
135,410
129,566
Trade creditors
136,323
207,885
Taxation and social security
152,249
136,175
Other creditors
136,370
41,892
560,352
515,518

Included within other creditors is an amount of £18,569 (prior year: £21,612) in respect of obligations under hire purchase agreements. These obligations are secured on the related assets

ASHVALE FISH RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
147,738
191,048
Other creditors
33,644
48,806
181,382
239,854

Included within other creditors is an amount of £33,644 (prior year: £48,806) in respect of obligations under hire purchase agreements. These obligations are secured on the related assets

11
Loans and overdrafts
2025
2024
£
£
Bank loans
197,060
240,370
Bank overdrafts
86,088
80,244
283,148
320,614
Payable within one year
135,410
129,566
Payable after one year
147,738
191,048

The bank loans and overdraft are secured by way of a bond and floating charge over the assets of the company and a standard security over certain properties owned by the company.

12
Related party transactions

D uring the year, the company made advances to J Low, a director of the company, totalling £28,759 and received credits of £128,753, which resulted in amounts due by the company at the year end of £99,494 (20 24: due by director £500).

D uring the year, the company made advances to S Devine, a director of the company, totalling £26,260 and received credits of £34,253, which resulted in amounts due by the company at the year end of £7,745 (20 24: due by director £248).

The loan s are unsecured and interest free with no fixed repayment terms in place.

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