REGISTERED NUMBER: SC194949 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Fraserburgh Trawlers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B Tait

Mr G West

Mr R Inkster

REGISTERED OFFICE:

27 Finlayson street

Fraserburgh

Aberdeenshire

AB43 9JQ

REGISTERED NUMBER:

SC194949 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

327,000

363,300

Tangible assets

5

1,160

1,547

Investments

6

28

28

328,188

364,875

CURRENT ASSETS

Debtors

7

242,319

238,860

Investments

8

65,236

106,111

Cash at bank

12,998

77,860

320,553

422,831

CREDITORS

Amounts falling due within one year

9

149,240

131,499

NET CURRENT ASSETS

171,313

291,332

TOTAL ASSETS LESS CURRENT LIABILITIES

499,501

656,207

CREDITORS

Amounts falling due after more than one year

10

(54,451

)

(113,546

)

PROVISIONS FOR LIABILITIES

-

(2,344

)

NET ASSETS

445,050

540,317

CAPITAL AND RESERVES

Called up share capital

12

310,206

310,206

Share premium

13

105,573

105,573

Revaluation reserve

13

98,312

-

Retained earnings

13

(69,041

)

124,538

SHAREHOLDERS' FUNDS

445,050

540,317

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 29 December 2025 and were signed on its behalf by:

Mr R Inkster - Director

Mr B Tait - Director

Mr G West - Director

1.	STATUTORY INFORMATION

Fraserburgh Trawlers 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.	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 as modified by the revaluation of certain assets.

Fishing quotas

Fishing quotas are presented at valuation based on known market values and factors at the balance sheet date and to the best of the knowledge and belief of the directors.

Tangible fixed assets

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

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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.

Fixed asset investments

Fixed asset investments represent share capital held in various unlisted entities within the fishing sector. Investments were previously stated at cost but, with effect from 1st January 2020, the investments are stated at estimated value based on the net asset value per the balance sheets as at the financial year end of the individual companies concerned. The directors acknowledge that there is no specific market for the shares held and that the actual values may vary from the levels calculated which are based solely on the net asset values of the individual balance sheets. As at 31 December 2024, only one investment remained and based on the information held regarding this company, the shares have been stated at original cost.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

Current asset investments

Unlisted investments represent equity held in unlisted entities within the fishing sector. The investments are stated at cost.

Other Current Asset investments represent interests held in fishing boat LLPs which are stated at the current capital values per the financial statements of the individual entities.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Fishing

quotas

£

COST OR VALUATION

At 1 January 2024

388,768

Revaluations

(36,300

)

At 31 December 2024

352,468

AMORTISATION

At 1 January 2024

and 31 December 2024

25,468

NET BOOK VALUE

At 31 December 2024

327,000

At 31 December 2023

363,300

Cost or valuation at 31 December 2024 is represented by:

Fishing

quotas

£

Valuation in 2018

45,560

Valuation in 2020

186,985

Valuation in 2022

(159,880

)

Valuation in 2024

(36,300

)

Cost

316,103

352,468

The fishing quota held was revalued in 2018, 2020 and 2022 based on known market factors at that time and to the best of the knowledge and belief of the directors. Following due consideration, a further revaluation was made by the directors in the current year, reducing the overall holding value by 10%.

Amortisation of £27,180 was charged against the quota in the 2016 financial year which has been taken into account in terms of the current valuation as detailed below.

£

Cost at 01 January 2019

271,620

Revaluation 2018

45,560

Addition 2020

2,790

Revaluation 2020

186,985

Amortisation as at 31 December 2020

-27,180

Addition 2021

58,977

Revaluation 2022

-156,732

Net book value of part disposal 2022

-18,720

Revaluation 2024

-36,300

Closing net book value at 31 December 2024

327,000

5.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

4,000

DEPRECIATION

At 1 January 2024

2,453

Charge for year

387

At 31 December 2024

2,840

NET BOOK VALUE

At 31 December 2024

1,160

At 31 December 2023

1,547

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

28

NET BOOK VALUE

At 31 December 2024

28

At 31 December 2023

28

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Cost

28

Fixed asset investments represent equity share capital held in unlisted entities within the fishing sector. As at 31 December 2024, only one investment was held which has been stated at original cost due to uncertainty in relation to the value of the holding.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

47,446

46,474

Other debtors

194,873

192,386

242,319

238,860

The balance of other debtors includes short term loans to various entities within the fishing sector which total £67,316 net of a provision of £58,258 for one loan which is considered doubtful.

8.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Unlisted investments

38,122

38,122

Investments in fishing

boat LLPs

27,114

67,989

65,236

106,111

Unlisted investments represent equity held in unlisted entities within the fishing sector. These specific investments are stated at original cost of £38,122. Within the balance, shares with an original cost of £23,375 are held in a company which ceased trading on 31st July 2024. It is therefore unclear if the full cost of the investment will be recovered but this could not be fully established as at the date of these financial statements.

Other Current Asset investments represent interests held in fishing boat LLPs which are stated at the current capital values other than one investment which has been written down to a nominal value of £1 as the LLP in question went into administration in June 2024 and the prospect of any distribution being received is considered to be very low.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

59,120

51,907

Other Loans

10,000

10,000

Tax

67,912

57,315

Other creditors

4,380

4,380

Directors' current accounts

1,782

1,782

Accrued expenses

6,046

6,115

149,240

131,499

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

34,154

57,918

Bank loans - 2-5 years

17,754

47,025

Bank loans more 5 yr by instal

2,543

8,603

54,451

113,546

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,543

8,603

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

113,571

165,453

The Royal Bank of Scotland has a Bond and Floating Charge over all the assets of the company.

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

310,206

Share capital 1

£1

310,206

310,206

13.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2024

124,538

105,573

-

230,111

Deficit for the year

(95,267

)

(95,267

)

Non distributable reserves on

revaluations

(98,312

)

-

98,312

-

At 31 December 2024

(69,041

)

105,573

98,312

134,844

The non distributable revaluation reserve comprises £36,365 of non realised gain on the revaluation of quota held and other investments. A further sum of £61,947 is unrealised to the extent that it relates to the revaluation of assets held by fishing boat LLPs in which Fraserburgh Trawlers Ltd hold an interest.

14.	RELATED PARTY DISCLOSURES

The directors Mr B.Tait and Mr G.West operate loan accounts with the company and as at 31 December 2024, the balances owing by them to the company were £100,653 and £28,121 respectively. The balance of other debtors also includes sums owing to the company by other participators and associates which total £44,892. There are no fixed terms of repayment for any of the loans and interest was charged on the loan balances by the company at HMRC official rates.

The director, Mr R. Inkster, also operates a loan account with the company and the balance owing to him by the company as at the financial year end was £1,782.

The balance of debtors includes an amount of £3,464 owing by BAG Fishing LLP which is an entity in which Fraserburgh Trawlers Ltd holds an interest.