REGISTERED NUMBER: SC460605 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2025

for

LK54 Fishing Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Pottinger

J A Pottinger

REGISTERED OFFICE:

An - Cala

Bridge End

Burra

Shetland

ZE2 9LE

REGISTERED NUMBER:

SC460605 (Scotland)

ACCOUNTANTS:

Jim Clark Accountancy Ltd

6 West Hillcrest

Upper Sound

Lerwick

Shetland

ZE1 0JZ

FIXED ASSETS

Intangible assets

4

5,589

8,038

Tangible assets

5

69,498

58,520

75,087

66,558

CURRENT ASSETS

Debtors

12,413

14,689

Cash at bank

43,757

1,801

56,170

16,490

CREDITORS

Amounts falling due within one year

27,870

22,573

NET CURRENT ASSETS/(LIABILITIES)

28,300

(6,083

)

TOTAL ASSETS LESS CURRENT LIABILITIES

103,387

60,475

CREDITORS

Amounts falling due after more than one year

(6,054

)

-

PROVISIONS FOR LIABILITIES

(14,066

)

(10,610

)

NET ASSETS

83,267

49,865

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

83,265

49,863

83,267

49,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 May 2026 and were signed on its behalf by:

J A Pottinger - Director

1.	STATUTORY INFORMATION

LK54 Fishing Ltd 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.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Boat licences are being amortised evenly over their estimated useful life of ten 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

-

25% on reducing balance

Vessel equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2024

and 31 October 2025

24,494

AMORTISATION

At 1 November 2024

16,456

Amortisation for year

2,449

At 31 October 2025

18,905

NET BOOK VALUE

At 31 October 2025

5,589

At 31 October 2024

8,038

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2024

204,642

Additions

41,434

Disposals

(30,098

)

At 31 October 2025

215,978

DEPRECIATION

At 1 November 2024

146,122

Charge for year

17,759

Eliminated on disposal

(17,401

)

At 31 October 2025

146,480

NET BOOK VALUE

At 31 October 2025

69,498

At 31 October 2024

58,520

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2024 - £65,250) were paid to the directors.

The directors operate current accounts with the company and as at 31 October 2025 the combined balance owing to them was £315.92 (2024 - £334.60). There are no specific terms of repayment and no interest is accrued.

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who between them own 100% of the issued share capital.