Company No: SC098170 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	135,741		135,741
Tangible assets	4	0		249
Investment property	5	260,000		260,000
		395,741		395,990
Current assets
Debtors	6	20,079		6,060
Cash at bank and in hand		267,821		232,447
		287,900		238,507
Creditors: amounts falling due within one year	7	( 526,065)		( 373,191)
Net current liabilities		(238,165)		(134,684)
Total assets less current liabilities		157,576		261,306
Net assets		157,576		261,306
Capital and reserves
Called-up share capital	8	105,000		105,000
Revaluation reserve		14,037		14,037
Capital redemption reserve		15,000		15,000
Profit and loss account		23,539		127,269
Total shareholders' funds		157,576		261,306

For the financial year ending 05 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Lily Oak Fishing Company Limited (registered number: SC098170) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

Karen Wilson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lily Oak Fishing Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 26 Glebe Park Crescent, Cullen, Buckie, AB56 4YF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. Turnover consists of rental income and a share in the profit/(loss) of their investment in Findlater Fishing LLP. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		1

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 06 April 2024	135,741		135,741
At 05 April 2025	135,741		135,741
Accumulated amortisation
At 06 April 2024	0		0
At 05 April 2025	0		0
Net book value
At 05 April 2025	135,741		135,741
At 05 April 2024	135,741		135,741

4. Tangible assets

	Land and buildings		Vehicles		Total
	£		£		£
Cost
At 06 April 2024	5,000		24,930		29,930
Disposals	0		( 24,930)		( 24,930)
At 05 April 2025	5,000		0		5,000
Accumulated depreciation
At 06 April 2024	5,000		24,681		29,681
Charge for the financial year	0		62		62
Disposals	0		( 24,743)		( 24,743)
At 05 April 2025	5,000		0		5,000
Net book value
At 05 April 2025	0		0		0
At 05 April 2024	0		249		249

5. Investment property

	Investment property
	£
Valuation
As at 06 April 2024	260,000
As at 05 April 2025	260,000

Valuation

The investment property was valued at 5 April 2025 by the director at its fair value of £260,000.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	245,963		245,963

6. Debtors

	2025		2024
	£		£
Other debtors	20,079		6,060

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Other creditors	526,065		373,191

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
105,000 Ordinary shares of £ 1.00 each	105,000		105,000

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts due from a shareholder	2,704		0

This loan is interest free and has no fixed terms of repayment.

Transactions with the entity's director

	2025		2024
	£		£
Amounts due from director	3,157		6,060

This loan is interest free and has no fixed terms of repayment.

Other related party transactions

	2025		2024
	£		£
Loan advanced to a company jointly controlled by a shareholder	25,000		0
Repayments	(11,000)		0
Loan balance outstanding at the year end	14,000		0

This loan is interest free and has no fixed terms of repayment.