Fairweather Fishing Company Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC173725

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		80,480		110,717
Tangible Assets	5		67,098		103,264

			147,578		213,981
CURRENT ASSETS
Debtors	6	264,512		266,085
Cash at bank and in hand		479,055		467,648

		743,567		733,733
Creditors: Amounts Falling Due Within One Year	7	(83,754 )		(169,177 )

NET CURRENT ASSETS (LIABILITIES)			659,813		564,556

TOTAL ASSETS LESS CURRENT LIABILITIES			807,391		778,537

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,884 )		(14,998 )

NET ASSETS			797,507		763,539

CAPITAL AND RESERVES
Called up share capital	8		875,000		875,000
Share premium account			279,466		279,466
Capital redemption reserve			400,625		400,625
Profit and Loss Account			(757,584 )		(791,552 )

SHAREHOLDERS' FUNDS			797,507		763,539

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Fairweather Fishing Company Limited

Balance Sheet (continued)

As At 30 September 2025

For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr John Buchan Jr

Director

23/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Fairweather Fishing Company Limited is a private company, limited by shares, incorporated in Scotland, registered number SC173725 . The registered office is P & J Johnston Ltd, 1-3 Dalrymple Street, Fraserburgh, Aberdeenshire, AB43 9BH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life of 20 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fishing vessel & gear	20 years straight line
Motor Vehicles	4 years straight line
Fixtures & Fittings	5 years straight line

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Fairweather Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Intangible Assets

	Fishing Licences	Fishing Quota	Total
	£	£	£
Cost
As at 1 October 2024	1,271,000	655,748	1,926,748

As at 30 September 2025	1,271,000	655,748	1,926,748

Amortisation
As at 1 October 2024	1,271,000	545,031	1,816,031
Provided during the period	-	30,237	30,237

As at 30 September 2025	1,271,000	575,268	1,846,268

Net Book Value
As at 30 September 2025	-	80,480	80,480

As at 1 October 2024	-	110,717	110,717

5. Tangible Assets

	Land & Property
	Fishing vessel & gear	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 October 2024	3,578,525	70,725	480,837	4,130,087

As at 30 September 2025	3,578,525	70,725	480,837	4,130,087

Depreciation
As at 1 October 2024	3,578,525	39,940	408,358	4,026,823
Provided during the period	-	8,592	27,574	36,166

As at 30 September 2025	3,578,525	48,532	435,932	4,062,989

Net Book Value
As at 30 September 2025	-	22,193	44,905	67,098

As at 1 October 2024	-	30,785	72,479	103,264

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Fairweather Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	58,044	54,998
Other debtors	205,350	209,969

	263,394	264,967
Due after more than one year
Other debtors	1,118	1,118

	264,512	266,085

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	64,204	47,469
Other creditors	3,103	3,000
Taxation and social security	16,447	118,708

	83,754	169,177

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	875,000	875,000

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans from directors:

	As at 1 October 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 September 2025
	£	£	£	£	£
Mr John Buchan Jr	3,313	-	-	-	3,313

The above loan is unsecured, interest free and repayable on demand.

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