REGISTERED NUMBER: SC721092 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Brighter Hope Fishing (Shetland) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T A Robertson

R D Robertson

G A Jamieson

SECRETARY:

J M Scollay

REGISTERED OFFICE:

Mair's Quay

Holmsgarth

Lerwick

Shetland

ZE1 0PW

REGISTERED NUMBER:

SC721092 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

1,272,000

1,152,000

Tangible assets

5

635,729

678,754

1,907,729

1,830,754

CURRENT ASSETS

Debtors

6

62,389

30,527

CREDITORS

Amounts falling due within one year

7

730,364

797,891

NET CURRENT LIABILITIES

(667,975

)

(767,364

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,239,754

1,063,390

CREDITORS

Amounts falling due after more than one year

8

(468,000

)

(573,000

)

PROVISIONS FOR LIABILITIES

(179,526

)

(102,120

)

NET ASSETS

592,228

388,270

CAPITAL AND RESERVES

Called up share capital

150,000

150,000

Retained earnings

442,228

238,270

592,228

388,270

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2026 and were signed on its behalf by:

R D Robertson - Director

T A Robertson - Director

G A Jamieson - Director

1.	STATUTORY INFORMATION

Brighter Hope Fishing (Shetland) 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.

Fishing licence are not currently being amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Vessel

-

5% on cost

Plant and machinery

-

20% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Fishing

licence

£

COST

At 1 January 2025

1,152,000

Additions

120,000

At 31 December 2025

1,272,000

NET BOOK VALUE

At 31 December 2025

1,272,000

At 31 December 2024

1,152,000

5.	TANGIBLE FIXED ASSETS

Plant and

Vessel

machinery

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

775,892

21,150

797,042

DEPRECIATION

At 1 January 2025

109,918

8,370

118,288

Charge for year

38,795

4,230

43,025

At 31 December 2025

148,713

12,600

161,313

NET BOOK VALUE

At 31 December 2025

627,179

8,550

635,729

At 31 December 2024

665,974

12,780

678,754

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

62,389

30,527

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

580,000

660,000

Taxation and social security

2,297

2,916

Other creditors

148,067

134,975

730,364

797,891

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Other creditors

468,000

573,000