Company Registration No. SC312670 (Scotland)
LOCH FYNE SHELLFISH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
LOCH FYNE SHELLFISH LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
LOCH FYNE SHELLFISH LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
4
150,000
150,000
Property, plant and equipment
5
348,835
328,510
498,835
478,510
Current assets
Trade and other receivables
6
6,346
4,709
Cash and cash equivalents
80,403
108,866
86,749
113,575
Current liabilities
7
(33,094)
(24,657)
Net current assets
53,655
88,918
Total assets less current liabilities
552,490
567,428
Non-current liabilities
9
(259,345)
(281,847)
Provisions for liabilities
(62,663)
(60,471)
Net assets
230,482
225,110
Equity
Called up share capital
101
101
Fair Value Reserve
10
49,050
49,050
Distributable retained earnings
181,331
175,959
Total equity
230,482
225,110
LOCH FYNE SHELLFISH LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 February 2026 and are signed on its behalf by:
Mr Jamie Neilson
Director
Company registration number SC312670 (Scotland)
LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Loch Fyne Shellfish Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Old Surgery, School Road, Tarbert, Argyll, PA29 6UL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for the sale of sea fish provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of sea fish is recognised when the significant risks and rewards of ownership of the sea fish have passed to the buyer (usually on landing of sea fish to be collected by the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Intangible fixed assets other than goodwill

The company holds fishing licences to operate in commercial fishing. The value of these licences exceeds their cost and the company has recognised the fair value of the fishing licence per market conditions at the balance sheet date.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Boats
Nil
Gear
15% reducing balance
Computer equipment
20% reducing balance
Motor vehicles
25% reducing balance

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.

LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

The company considers the fishing vessels are valued at greater than their original cost and that they will not fall below their original cost during the period of expected use of the vessels.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13

Expenses

Expenses are recognised on an accruals basis and are stated in the accounts at cost less any trade discounts and VAT (where applicable).

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost or valuation
At 1 June 2024 and 31 May 2025
150,000
Amortisation and impairment
At 1 June 2024 and 31 May 2025
-
0
Carrying amount
At 31 May 2025
150,000
At 31 May 2024
150,000

The cost of fishing licences have been adjusted to their Fair Value as at the balance sheet date based upon market conditions at the balance sheet date.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
92,500
92,500
Accumulated amortisation
-
-
Carrying value
92,500
92,500

The revaluation surplus is disclosed in note 10.

LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
5
Property, plant and equipment
Boats
Gear
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
353,150
87,220
545
64,823
505,738
Additions
30,000
-
0
-
0
21,613
51,613
Disposals
(90,000)
-
0
-
0
(26,825)
(116,825)
At 31 May 2025
293,150
87,220
545
59,611
440,526
Depreciation and impairment
At 1 June 2024
85,000
52,876
545
38,807
177,228
Depreciation charged in the year
-
0
5,152
-
0
8,830
13,982
Eliminated in respect of disposals
(85,000)
-
0
-
0
(14,519)
(99,519)
At 31 May 2025
-
0
58,028
545
33,118
91,691
Carrying amount
At 31 May 2025
293,150
29,192
-
0
26,493
348,835
At 31 May 2024
268,150
34,344
-
0
26,016
328,510
6
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Other receivables
6,346
4,709
7
Current liabilities
2025
2024
£
£
Bank loans
14,202
13,410
Trade payables
15,039
7,044
Other payables
3,853
4,203
33,094
24,657
8
Borrowings
2025
2024
£
£
Bank loans
54,230
66,248
Payable within one year
14,202
13,410
Payable after one year
40,028
52,838
LOCH FYNE SHELLFISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
8
Borrowings
(Continued)
- 9 -

The loan from The Royal Bank of Scotland has been guaranteed by way of a personal guarantee by Jamie Neilson, director of the company.

9
Non-current liabilities
2025
2024
£
£
Bank loans and overdrafts
40,028
52,838
Other payables
219,317
229,009
259,345
281,847
10
Fair Value Reserve
2025
2024
£
£
At the beginning and end of the year
49,050
49,050

2025-05-31 2024-06-01 false false false CCH Software CCH Accounts Production 2025.100 No description of principal activity Jamie Neilson Mrs Laura Neilson SC312670 2024-06-01 2025-05-31 SC312670 2025-05-31 SC312670 2024-05-31 SC312670 core:IntangibleAssetsOtherThanGoodwill 2025-05-31 SC312670 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 SC312670 core:LandBuildings core:OwnedOrFreeholdAssets 2025-05-31 SC312670 core:PlantMachinery 2025-05-31 SC312670 core:FurnitureFittings 2025-05-31 SC312670 core:MotorVehicles 2025-05-31 SC312670 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 SC312670 core:PlantMachinery 2024-05-31 SC312670 core:FurnitureFittings 2024-05-31 SC312670 core:MotorVehicles 2024-05-31 SC312670 core:ShareCapital 2025-05-31 SC312670 core:ShareCapital 2024-05-31 SC312670 core:FurtherSpecificReserve1ComponentTotalEquity 2025-05-31 SC312670 core:FurtherSpecificReserve1ComponentTotalEquity 2024-05-31 SC312670 core:RetainedEarningsAccumulatedLosses 2025-05-31 SC312670 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC312670 bus:Director1 2024-06-01 2025-05-31 SC312670 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-01 2025-05-31 SC312670 core:PlantMachinery 2024-06-01 2025-05-31 SC312670 core:FurnitureFittings 2024-06-01 2025-05-31 SC312670 core:MotorVehicles 2024-06-01 2025-05-31 SC312670 2023-06-01 2024-05-31 SC312670 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 SC312670 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 SC312670 core:PlantMachinery 2024-05-31 SC312670 core:FurnitureFittings 2024-05-31 SC312670 core:MotorVehicles 2024-05-31 SC312670 2024-05-31 SC312670 core:WithinOneYear 2025-05-31 SC312670 core:WithinOneYear 2024-05-31 SC312670 core:CurrentFinancialInstruments 2025-05-31 SC312670 core:CurrentFinancialInstruments 2024-05-31 SC312670 core:Non-currentFinancialInstruments 2025-05-31 SC312670 core:Non-currentFinancialInstruments 2024-05-31 SC312670 core:CurrentFinancialInstruments core:WithinOneYear 2025-05-31 SC312670 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 SC312670 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 SC312670 bus:FRS102 2024-06-01 2025-05-31 SC312670 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-05-31 SC312670 bus:Director2 2024-06-01 2025-05-31 SC312670 bus:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 SC312670 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP