Tulloch Crab Fishing Company Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Tulloch Crab Fishing Company Limited is a private company, limited by shares, incorporated in Scotland, registered number SC432782 . The registered office is C/O LHD Limited Mair's Quay, Holmsgarth, Lerwick, Shetland, ZE1 0PW.

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

Other intangible assets are fishing quota and licences. They are amortised to profit and loss account overtheir estimated economic 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:

Plant & Machinery	25% on reducing balance
Motor Vehicles	25% on reducing balance
Gear	25% on cost
Boat	5% on cost

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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Tulloch Crab Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.6. Financial Instruments

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

Financial instruments are recognised in the company’s balance sheet 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 debtors 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 future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 creditors re 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 payments 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7. 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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Tulloch Crab Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.7. 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.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Intangible Assets

	Fishing Licence & Quota
	£
Cost
As at 1 September 2024	44,000
Additions	40,000

As at 31 August 2025	84,000

Amortisation
As at 1 September 2024	22,486
Provided during the period	3,093

As at 31 August 2025	25,579

Net Book Value
As at 31 August 2025	58,421

As at 1 September 2024	21,514

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Tulloch Crab Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Gear
	£	£	£	£
Cost
As at 1 September 2024	24,661	35,951	64,990	180,998
Additions	-	-	38,450	56,050
Disposals	-	-	(19,990 )	(24,292 )

As at 31 August 2025	24,661	35,951	83,450	212,756

Depreciation
As at 1 September 2024	-	17,167	33,838	148,645
Provided during the period	-	4,696	15,983	16,940
Disposals	-	-	(18,078 )	(24,292 )

As at 31 August 2025	-	21,863	31,743	141,293

Net Book Value
As at 31 August 2025	24,661	14,088	51,707	71,463

As at 1 September 2024	24,661	18,784	31,152	32,353


	Boat	Total
	£	£
Cost
As at 1 September 2024	1,346,617	1,653,217
Additions	100,000	194,500
Disposals	-	(44,282 )

As at 31 August 2025	1,446,617	1,803,435

Depreciation
As at 1 September 2024	252,899	452,549
Provided during the period	69,564	107,183
Disposals	-	(42,370 )

As at 31 August 2025	322,463	517,362

Net Book Value
As at 31 August 2025	1,124,154	1,286,073

As at 1 September 2024	1,093,718	1,200,668

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Tulloch Crab Fishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	162,711	62,057
Other debtors	55,978	43,795

	218,689	105,852

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	7,331	6,241
Other creditors	582,468	537,738
Taxation and social security	2,381	-

	592,180	543,979

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other creditors	249,316	266,785

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	200	200

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		58,421		21,514
Tangible Assets	5		1,286,073		1,200,668

			1,344,494		1,222,182
CURRENT ASSETS
Debtors	6	218,689		105,852
Cash at bank and in hand		1,820		1,299

		220,509		107,151
Creditors: Amounts Falling Due Within One Year	7	(592,180 )		(543,979 )

NET CURRENT ASSETS (LIABILITIES)			(371,671 )		(436,828 )

TOTAL ASSETS LESS CURRENT LIABILITIES			972,823		785,354

Creditors: Amounts Falling Due After More Than One Year	8		(249,316 )		(266,785 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(209,051 )		(158,273 )

NET ASSETS			514,456		360,296

CAPITAL AND RESERVES
Called up share capital	9		200		200
Profit and Loss Account			514,256		360,096

SHAREHOLDERS' FUNDS			514,456		360,296