REGISTERED NUMBER: SC307256 (Scotland)

MEAVAG FISH FARMING LIMITED

Financial Statements for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Finnegan

REGISTERED OFFICE:

17 Scalpay

Isle of Scalpay

Western Isles

HS4 3XZ

REGISTERED NUMBER:

SC307256 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Intangible assets

4

829

829

Tangible assets

5

90,362

95,714

91,191

96,543

CURRENT ASSETS

Debtors

6

12,539

12,267

Cash at bank

4,148

115

16,687

12,382

CREDITORS

Amounts falling due within one year

7

36,208

37,488

NET CURRENT LIABILITIES

(19,521

)

(25,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

71,670

71,437

CREDITORS

Amounts falling due after more than one year

8

(158,365

)

(138,919

)

PROVISIONS FOR LIABILITIES

(4,527

)

(4,527

)

NET LIABILITIES

(91,222

)

(72,009

)

CAPITAL AND RESERVES

Called up share capital

7,000

7,000

Retained earnings

(98,222

)

(79,009

)

(91,222

)

(72,009

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 October 2025 and were signed by:

P Finnegan - Director

1.	STATUTORY INFORMATION

Meavag Fish Farming 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest £1.

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 being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Freehold property

-

not provided

Improvements to property

-

2% depreciation on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% depreciation on reducing balance

Motor vehicles

-

25% depreciation on reducing balance

Computer equipment

-

25% depreciation on cost

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 NIL (2024 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2024

and 31 January 2025

829

NET BOOK VALUE

At 31 January 2025

829

At 31 January 2024

829

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 February 2024

and 31 January 2025

19,800

45,058

182,711

DEPRECIATION

At 1 February 2024

-

10,375

139,748

Charge for year

-

901

34,474

At 31 January 2025

-

11,276

174,222

NET BOOK VALUE

At 31 January 2025

19,800

33,782

8,489

At 31 January 2024

19,800

34,683

42,963

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2024

and 31 January 2025

34,985

35,697

586

318,837

DEPRECIATION

At 1 February 2024

64,693

7,721

586

223,123

Charge for year

(31,781

)

1,758

-

5,352

At 31 January 2025

32,912

9,479

586

228,475

NET BOOK VALUE

At 31 January 2025

2,073

26,218

-

90,362

At 31 January 2024

(29,708

)

27,976

-

95,714

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

11,752

3,301

Other debtors

787

8,966

12,539

12,267

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade creditors

2,069

2,463

Other creditors

34,139

35,025

36,208

37,488

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Other creditors

158,365

138,919

9.	RELATED PARTY DISCLOSURES

Included within creditors falling due after one year is a balance of £158,365 (2024 - £138,919) due to the director. There are no fixed repayment terms and interest is not charged on the balance.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Finnegan.