REGISTERED NUMBER: SC126050 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KINCURDIE FISHING COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Mawhinney

I A Patience

REGISTERED OFFICE:

Denholm Fishselling Ltd

Unit 1-2 Old School

Cawdor

Nairn

Highland

IV12 5BL

REGISTERED NUMBER:

SC126050 (Scotland)

FIXED ASSETS

Intangible assets

5

896,496

740,866

Tangible assets

6

3,691,654

3,961,441

4,588,150

4,702,307

CURRENT ASSETS

Debtors

7

125,453

96,791

Cash at bank

493,925

526,033

619,378

622,824

CREDITORS

Amounts falling due within one year

8

358,964

113,570

NET CURRENT ASSETS

260,414

509,254

TOTAL ASSETS LESS CURRENT LIABILITIES

4,848,564

5,211,561

CREDITORS

Amounts falling due after more than one year

9

(809,001

)

(1,357,416

)

PROVISIONS FOR LIABILITIES

(371,624

)

(352,149

)

NET ASSETS

3,667,939

3,501,996

CAPITAL AND RESERVES

Called up share capital

350,307

350,307

Share premium

426,857

426,857

Capital redemption reserve

77,836

77,836

Retained earnings

2,812,939

2,646,996

SHAREHOLDERS' FUNDS

3,667,939

3,501,996

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

S J Mawhinney - Director

1.	STATUTORY INFORMATION

Kincurdie Fishing Company 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fishing licence and quota

Fishing licence and quota are being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

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

Fishing vessel and gear

-

5% on reducing balance

Plant and machinery

-

at variable rates on reducing balance

Motor vehicles

-

20% 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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Fishing

Fishing

quota

licence

Totals

£

£

£

COST

At 1 January 2024

2,543,840

167,513

2,711,353

Additions

-

333,000

333,000

At 31 December 2024

2,543,840

500,513

3,044,353

AMORTISATION

At 1 January 2024

1,897,877

72,610

1,970,487

Amortisation for year

147,854

29,516

177,370

At 31 December 2024

2,045,731

102,126

2,147,857

NET BOOK VALUE

At 31 December 2024

498,109

398,387

896,496

At 31 December 2023

645,963

94,903

740,866

6.	TANGIBLE FIXED ASSETS

Fishing

vessel

Plant and

Motor

and gear

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

6,250,317

532,744

40,321

6,823,382

Additions

-

32,177

3,698

35,875

Disposals

-

-

(2,370

)

(2,370

)

At 31 December 2024

6,250,317

564,921

41,649

6,856,887

DEPRECIATION

At 1 January 2024

2,596,908

255,072

9,961

2,861,941

Charge for year

214,353

82,979

8,330

305,662

Eliminated on disposal

-

-

(2,370

)

(2,370

)

At 31 December 2024

2,811,261

338,051

15,921

3,165,233

NET BOOK VALUE

At 31 December 2024

3,439,056

226,870

25,728

3,691,654

At 31 December 2023

3,653,409

277,672

30,360

3,961,441

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

123,988

95,736

Other debtors

1,465

1,055

125,453

96,791

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

40,000

40,000

Trade creditors

49,298

31,994

Taxation and social security

31,350

-

Other creditors

238,316

41,576

358,964

113,570

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

597,501

782,246

Other creditors

211,500

575,170

809,001

1,357,416

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

397,501

582,246

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

637,501

822,246

The bank holds a bond and floating charge over the business assets and a ships mortgage over the vessel.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is I A Patience.