IRIS Accounts Production v26.1.10.61 SC200275 Board of Directors 1.1.25 31.12.25 31.12.25 false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC200275 2024-12-31 SC200275 2025-12-31 SC200275 2025-01-01 2025-12-31 SC200275 2023-12-31 SC200275 2024-01-01 2024-12-31 SC200275 2024-12-31 SC200275 ns15:Scotland 2025-01-01 2025-12-31 SC200275 ns14:PoundSterling 2025-01-01 2025-12-31 SC200275 ns10:Director1 2025-01-01 2025-12-31 SC200275 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC200275 ns10:SmallEntities 2025-01-01 2025-12-31 SC200275 ns10:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 SC200275 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 SC200275 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC200275 ns10:FullAccounts 2025-01-01 2025-12-31 SC200275 1 2025-01-01 2025-12-31 SC200275 ns10:Director2 2025-01-01 2025-12-31 SC200275 ns10:Director3 2025-01-01 2025-12-31 SC200275 ns10:RegisteredOffice 2025-01-01 2025-12-31 SC200275 ns5:CurrentFinancialInstruments 2025-12-31 SC200275 ns5:CurrentFinancialInstruments 2024-12-31 SC200275 ns5:Non-currentFinancialInstruments 2025-12-31 SC200275 ns5:Non-currentFinancialInstruments 2024-12-31 SC200275 ns5:ShareCapital 2025-12-31 SC200275 ns5:ShareCapital 2024-12-31 SC200275 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-12-31 SC200275 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-12-31 SC200275 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 SC200275 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 SC200275 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 SC200275 ns5:PlantMachinery 2025-01-01 2025-12-31 SC200275 ns5:FurnitureFittings 2025-01-01 2025-12-31 SC200275 ns5:MotorVehicles 2025-01-01 2025-12-31 SC200275 ns5:ComputerEquipment 2025-01-01 2025-12-31 SC200275 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 SC200275 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 SC200275 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 SC200275 ns5:LandBuildings 2024-12-31 SC200275 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 SC200275 ns5:PlantMachinery 2024-12-31 SC200275 ns5:LandBuildings 2025-01-01 2025-12-31 SC200275 ns5:LandBuildings 2025-12-31 SC200275 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-12-31 SC200275 ns5:PlantMachinery 2025-12-31 SC200275 ns5:LandBuildings 2024-12-31 SC200275 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 SC200275 ns5:PlantMachinery 2024-12-31 SC200275 ns5:FurnitureFittings 2024-12-31 SC200275 ns5:MotorVehicles 2024-12-31 SC200275 ns5:ComputerEquipment 2024-12-31 SC200275 ns5:FurnitureFittings 2025-12-31 SC200275 ns5:MotorVehicles 2025-12-31 SC200275 ns5:ComputerEquipment 2025-12-31 SC200275 ns5:FurnitureFittings 2024-12-31 SC200275 ns5:MotorVehicles 2024-12-31 SC200275 ns5:ComputerEquipment 2024-12-31 SC200275 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2024-12-31 SC200275 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2025-01-01 2025-12-31 SC200275 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2025-12-31 SC200275 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2024-12-31 SC200275 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 SC200275 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC200275 ns5:Secured 2025-12-31 SC200275 ns5:Secured 2024-12-31 SC200275 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-12-31

REGISTERED NUMBER: SC200275 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Nicol Fishing Limited

| Nicol Fishing Limited (Registered number: SC200275) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Nicol Fishing Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | John Arthur Nicol

| John Alexander Nicol

| John David Nicol

| REGISTERED OFFICE: | 15 Castlehill Drive

| Gardenstown

| Banff

| Aberdeenshire

| AB45 3YG

| REGISTERED NUMBER: | SC200275 (Scotland)

| ACCOUNTANTS: | SBP

| Accountants

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| Nicol Fishing Limited (Registered number: SC200275) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 2,697,800 |  | 2,870,000 |  |

Tangible assets | 5 | 3,622,219 |  | 3,814,236 |  |

6,320,019 |  | 6,684,236 |  |

CURRENT ASSETS

Debtors | 6 | 81,777 |  | 74,581 |  |

Investments | 7 | 10,000 |  | 10,000 |  |

Cash at bank | 34,258 |  | 65,690 |  |

126,035 |  | 150,271 |  |

CREDITORS

Amounts falling due within one year | 8 | 211,062 |  | 226,064 |  |

NET CURRENT LIABILITIES | (85,027 | ) | (75,793 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,234,992 |  | 6,608,443 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (744,286 | ) | (1,047,437 | ) |

PROVISIONS FOR LIABILITIES | (831,194 | ) | (895,025 | ) |

NET ASSETS | 4,659,512 |  | 4,665,981 |  |

CAPITAL AND RESERVES

Called up share capital | 971,200 |  | 971,200 |  |

Fair value reserve | 11 | 716,879 |  | 846,029 |  |

Retained earnings | 2,971,433 |  | 2,848,752 |  |

SHAREHOLDERS' FUNDS | 4,659,512 |  | 4,665,981 |  |

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

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

| Nicol Fishing Limited (Registered number: SC200275) |

Balance Sheet - continued

31 December 2025

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

John Alexander Nicol - Director

| Nicol Fishing Limited (Registered number: SC200275) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Nicol Fishing Limited 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 as modified by the revaluation of certain assets.

| Turnover

| Turnover represents amounts receivable for fish sold and other fishing related income, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

| Intangible assets

| Intangible assets comprise fishing licence and quota rights which are reported on a valuation basis. The reported valuations are reassessed at the end of each accounting period and any adjustments are recorded through the Profit & Loss Account or Statement of Comprehensive Income, as appropriate.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost

| Short leasehold | - | 2% on cost

| Fishing vessels | - | 5% on cost

| Gear & equipment | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| No depreciation is charged on the land in relation to freehold property.

| Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Nicol Fishing Limited (Registered number: SC200275) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Current asset investments

| The current assets investments held are reported at cost.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 10 (2024 - 7 ) .

4. | INTANGIBLE FIXED ASSETS

| Licence &

| quota

£ |

| COST OR VALUATION

| At 1 January 2025 | 2,870,000 |  |

| Revaluations | (172,200 | ) |

| At 31 December 2025 | 2,697,800 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,697,800 |  |

| At 31 December 2024 | 2,870,000 |  |

| Cost or valuation at 31 December 2025 is represented by:

| Licence &

| quota

£ |

| Valuation in 2021 | 1,101,039 |  |

| Valuation in 2025 | (172,200 | ) |

| Cost | 1,768,961 |  |

2,697,800 |  |

| Nicol Fishing Limited (Registered number: SC200275) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS

| Freehold |  | Short |  | Fishing

| property |  | leasehold |  | vessels

£ | £ | £ |

| COST

| At 1 January 2025 | 291,911 |  | 18,000 |  | 4,694,838 |  |

| Additions | 24,896 |  | - |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 31 December 2025 | 316,807 |  | 18,000 |  | 4,694,838 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 8,820 |  | 1,352,560 |  |

| Charge for year | 3,138 |  | 360 |  | 234,742 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2025 | 3,138 |  | 9,180 |  | 1,587,302 |  |

| NET BOOK VALUE

| At 31 December 2025 | 313,669 |  | 8,820 |  | 3,107,536 |  |

| At 31 December 2024 | 291,911 |  | 9,180 |  | 3,342,278 |  |

| Gear & |  | Motor |  | Computer |

| equipment |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 389,405 |  | 67,135 |  | 2,048 |  | 5,463,337 |  |

| Additions | 19,964 |  | 48,835 |  | 1,244 |  | 94,939 |  |

| Disposals | - |  | (27,245 | ) | - |  | (27,245 | ) |

| At 31 December 2025 | 409,369 |  | 88,725 |  | 3,292 |  | 5,531,031 |  |

| DEPRECIATION

| At 1 January 2025 | 242,318 |  | 44,150 |  | 1,253 |  | 1,649,101 |  |

| Charge for year | 25,058 |  | 16,416 |  | 1,086 |  | 280,800 |  |

| Eliminated on disposal | - |  | (21,089 | ) | - |  | (21,089 | ) |

| At 31 December 2025 | 267,376 |  | 39,477 |  | 2,339 |  | 1,908,812 |  |

| NET BOOK VALUE

| At 31 December 2025 | 141,993 |  | 49,248 |  | 953 |  | 3,622,219 |  |

| At 31 December 2024 | 147,087 |  | 22,985 |  | 795 |  | 3,814,236 |  |

| Nicol Fishing Limited (Registered number: SC200275) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2025 | 39,890 |  |

| Additions | 43,590 |  |

| At 31 December 2025 | 83,480 |  |

| DEPRECIATION

| At 1 January 2025 | 23,061 |  |

| Charge for year | 15,105 |  |

| At 31 December 2025 | 38,166 |  |

| NET BOOK VALUE

| At 31 December 2025 | 45,314 |  |

| At 31 December 2024 | 16,829 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Other debtors | 81,777 |  | 74,581 |  |

7. | CURRENT ASSET INVESTMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Unlisted investments | 10,000 |  | 10,000 |  |

| The current asset investments are stated at original cost.

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | 58,156 |  | 55,940 |  |

| Hire purchase contracts | 10,532 |  | 5,535 |  |

| Trade creditors | 12,175 |  | 7,701 |  |

| Taxation and social security | 93,383 |  | 85,665 |  |

| Other creditors | 36,816 |  | 71,223 |  |

211,062 |  | 226,064 |  |

| Nicol Fishing Limited (Registered number: SC200275) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans | 727,801 |  | 1,043,286 |  |

| Hire purchase contracts | 16,485 |  | 4,151 |  |

744,286 |  | 1,047,437 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loan over 5 years | 456,329 |  | 775,369 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans | 785,957 |  | 1,099,226 |  |

| Bank borrowings are secured by means of mortgages over the company's fishing vessels, and a floating charge over all assets.

11. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 January 2025 | 846,029 |  |

| Transfer to FV reserve | (129,150 | ) |

| At 31 December 2025 | 716,879 |  |

12. | RELATED PARTY DISCLOSURES

| The director's operate current accounts with the company and as at the financial year end the combined balance owing to them was £26,478 (2024: £61,815). Whilst the loan balances are considered short term, there are no fixed terms of repayment and no interest is accrued.

13. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the shareholders.