Western Promise Fishing Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC576869

WESTERN PROMISE FISHING LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2025

WESTERN PROMISE FISHING LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2025

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

WESTERN PROMISE FISHING LTD

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr H A MacKenzie

Company secretary	Mrs C McGregor

Registered office	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

Accountants	Ritsons
	Chartered Accountants
	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

WESTERN PROMISE FISHING LTD

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTERN PROMISE FISHING LTD

YEAR ENDED 30 SEPTEMBER 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Western Promise Fishing Ltd for the year ended 30 September 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Western Promise Fishing Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Western Promise Fishing Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Western Promise Fishing Ltd and its director for our work or for this report.

It is your duty to ensure that Western Promise Fishing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Western Promise Fishing Ltd. You consider that Western Promise Fishing Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Western Promise Fishing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ritsons Chartered Accountants

26-30 Marine Place Buckie Moray AB56 1UT

17 June 2026

WESTERN PROMISE FISHING LTD

STATEMENT OF FINANCIAL POSITION

30 September 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	5	202,319	220,060
Tangible assets	6	57,499	57,510
		---------	---------
		259,818	277,570

CURRENT ASSETS

Debtors	7	34,845	33,661
Cash at bank and in hand		25,602	53,935
		--------	--------
		60,447	87,596

CREDITORS: amounts falling due within one year	8	86,712	75,670
		--------	--------
NET CURRENT (LIABILITIES)/ASSETS		( 26,265)	11,926
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		233,553	289,496

CREDITORS: amounts falling due after more than one year	9	80,088	117,800
		---------	---------
NET ASSETS		153,465	171,696
		---------	---------

CAPITAL AND RESERVES

Called up share capital	20,000	20,000
Profit and loss account	133,465	151,696
	---------	---------
SHAREHOLDERS FUNDS	153,465	171,696
	---------	---------

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

WESTERN PROMISE FISHING LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2025

These financial statements were approved by the board of directors and authorised for issue on 17 June 2026 , and are signed on behalf of the board by:

Mr H A MacKenzie
Director

Company registration number: SC576869

WESTERN PROMISE FISHING LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.

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.

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 are initially recorded at cost.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Licence	-	Straightline over 15 years
Quota	-	Straightline over 15 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost.

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:

Vessel	-	5% - 10% straightline
Plant	-	20% - 25% straightline
Motor vehicles	-	20% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2024: Nil).

5. Intangible assets

	Licence	Quota	Total
	£	£	£
Cost
At 1 October 2024 and 30 September 2025	247,000	19,000	266,000
	---------	--------	---------
Amortisation
At 1 October 2024	37,069	8,871	45,940
Charge for the year	16,474	1,267	17,741
	---------	--------	---------
At 30 September 2025	53,543	10,138	63,681
	---------	--------	---------
Carrying amount
At 30 September 2025	193,457	8,862	202,319
	---------	--------	---------
At 30 September 2024	209,931	10,129	220,060
	---------	--------	---------

6. Tangible assets

	Vessel	Plant	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2024	45,420	19,796	24,995	90,211
Additions	–	14,553	–	14,553
	--------	--------	--------	---------
At 30 September 2025	45,420	34,349	24,995	104,764
	--------	--------	--------	---------
Depreciation
At 1 October 2024	6,158	16,545	9,998	32,701
Charge for the year	2,736	6,829	4,999	14,564
	--------	--------	--------	---------
At 30 September 2025	8,894	23,374	14,997	47,265
	--------	--------	--------	---------
Carrying amount
At 30 September 2025	36,526	10,975	9,998	57,499
	--------	--------	--------	---------
At 30 September 2024	39,262	3,251	14,997	57,510
	--------	--------	--------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	25,119	33,661
Other debtors	9,726	–
	--------	--------
	34,845	33,661
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	13,794	15,708
Trade creditors	22,955	4,035
Corporation tax	–	7,838
Social security and other taxes	1,151	1,151
Other creditors	48,812	46,938
	--------	--------
	86,712	75,670
	--------	--------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	55,198	71,514
Other creditors	24,890	46,286
	--------	---------
	80,088	117,800
	--------	---------

10. Related party transactions

As at 30 September 2025 the company owed the director £30,500 (2024: £30,500) by way of a director's loan account. During the year dividends of £nil (2024: £nil) were paid to the directors.