REGISTERED NUMBER: SC626139 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Be Ready Fishing Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E S Fullerton

Mrs M D Forrester

SECRETARY:

Mrs M D Forrester

REGISTERED OFFICE:

Mair's Quay

Holmsgarth

Lerwick

Shetland

ZE1 0PW

REGISTERED NUMBER:

SC626139 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

600,000

600,000

Tangible assets

5

452,073

499,722

1,052,073

1,099,722

CURRENT ASSETS

Debtors

6

91,491

100,263

CREDITORS

Amounts falling due within one year

7

1,000,117

1,036,785

NET CURRENT LIABILITIES

(908,626

)

(936,522

)

TOTAL ASSETS LESS CURRENT LIABILITIES

143,447

163,200

CREDITORS

Amounts falling due after more than one year

8

495,473

496,729

NET LIABILITIES

(352,026

)

(333,529

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

(352,036

)

(333,539

)

(352,026

)

(333,529

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 19 September 2025 and were signed on its behalf by:

E S Fullerton - Director

Mrs M D Forrester - Director

1.	STATUTORY INFORMATION

Be Ready Fishing Company Ltd 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 not currently being amortised.

Tangible fixed assets

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

Boat

-

5% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2024

and 31 March 2025

600,000

NET BOOK VALUE

At 31 March 2025

600,000

At 31 March 2024

600,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Boat

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

600,786

62,188

32,325

695,299

DEPRECIATION

At 1 April 2024

132,672

47,281

15,624

195,577

Charge for year

30,039

11,145

6,465

47,649

At 31 March 2025

162,711

58,426

22,089

243,226

NET BOOK VALUE

At 31 March 2025

438,075

3,762

10,236

452,073

At 31 March 2024

468,114

14,907

16,701

499,722

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

91,491

100,263

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

325,000

390,000

Other creditors

675,117

646,785

1,000,117

1,036,785

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other creditors

495,473

496,729