Sharyn Louise Fishing Company Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC449250

Sharyn Louise Fishing Company Ltd

Unaudited financial statements

31 December 2025

Sharyn Louise Fishing Company Ltd

Statement of financial position

31 December 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	164,875	164,875
Tangible assets	6	237,337	254,615
		---------	---------
		402,212	419,490

Current assets

Debtors	7	17,931		13,861

Creditors: Amounts falling due within one year	8	( 393,916)		( 432,205)
		---------		---------
Net current liabilities			( 375,985)		( 418,344)
			---------		---------
Total assets less current liabilities			26,227		1,146
			-------		------
Net assets			26,227		1,146
			-------		------

Capital and reserves

Called up share capital	9	300,000	300,000
Profit and loss account		( 273,773)	( 298,854)
		---------	---------
Shareholders funds		26,227	1,146
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

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

Directors' responsibilities:

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

These financial statements were approved by the board of directors and authorised for issue on 29 May 2026 , and are signed on behalf of the board by:

L.H.D Limited
Director

Company registration number: SC449250

Sharyn Louise Fishing Company Ltd

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mair's Quay, Holmsgarth, Lerwick, Shetland, Scotland, ZE1 0PW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis. This is based on the continued support of the company's directors, creditors and bankers.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets relate to fishing licences and quotas, and are stated at cost. The directors undertake an annual impairment of these assets and believe that the residual value is higher than the carrying value. This is on the basis that such assets are transferrable between vessels and can be sold on the open market. There is no history of such assets being sold on at a loss.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Boat	-	Over 20 years
Motor vehicles	-	Over 5 years
Equipment	-	Over 5 years

Impairment of fixed assets

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

4. Employee numbers

The average number of employees during the year was 2 (2024: 2 ).

5. Intangible assets

	Licences & Quotas
	£
Cost
At 1 January 2025 and 31 December 2025	164,875
	---------
Amortisation
At 1 January 2025 and 31 December 2025	–
	---------
Carrying amount
At 31 December 2025	164,875
	---------
At 31 December 2024	164,875
	---------

6. Tangible assets

	Boat	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2025 and 31 December 2025	300,000	8,639	2,750	311,389
	---------	------	------	---------
Depreciation
At 1 January 2025	52,500	3,724	550	56,774
Charge for the year	15,000	1,728	550	17,278
	---------	------	------	---------
At 31 December 2025	67,500	5,452	1,100	74,052
	---------	------	------	---------
Carrying amount
At 31 December 2025	232,500	3,187	1,650	237,337
	---------	------	------	---------
At 31 December 2024	247,500	4,915	2,200	254,615
	---------	------	------	---------

7. Debtors

	2025	2024
	£	£
Other debtors	17,931	13,861
	-------	-------

8. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	103,500	121,500
Trade creditors	277,202	284,776
Accruals and deferred income	13,214	25,226
Social security and other taxes	–	703
	---------	---------
	393,916	432,205
	---------	---------

Bank loans and overdrafts of £103,500 (2024: £121,500) are secured by a charge over the fishing vessel .

9. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	300,000	300,000	300,000	300,000
	---------	---------	---------	---------