Bonnie Isle Fishing Company Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC631390

Bonnie Isle Fishing Company Ltd

Unaudited financial statements

31 December 2025

Bonnie Isle Fishing Company Ltd

Statement of financial position

31 December 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	536,000	536,000
Tangible assets	6	406,568	435,609
		---------	---------
		942,568	971,609

Current assets

Debtors	7	21,453		10,902

Creditors: Amounts falling due within one year	8	( 1,223,914)		( 1,274,649)
		-----------		-----------
Net current liabilities			( 1,202,461)		( 1,263,747)
			-----------		-----------
Total assets less current liabilities			( 259,893)		( 292,138)
			---------		---------
Net liabilities			( 259,893)		( 292,138)
			---------		---------

Capital and reserves

Called up share capital	9	6,000	6,000
Capital contribution reserve		141,600	–
Profit and loss account		( 407,493)	( 298,138)
		---------	---------
Shareholders deficit		( 259,893)	( 292,138)
		---------	---------

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 20 July 2026 , and are signed on behalf of the board by:

L.H.D. Limited
Director

Company registration number: SC631390

Bonnie Isle 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 Scotland. 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

Notwithstanding the balance sheet deficit, 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 expenses 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 recover 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 differences.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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
Nets and Gear	-	Over 5 years
Electronic Equipment	-	Over 5 years

4. Employee numbers

The average number of employees during the year was 2 (2024: 4 ).

5. Intangible assets

	Licences and Quotas
	£
Cost
At 1 January 2025 and 31 December 2025	536,000
	---------
Amortisation
At 1 January 2025 and 31 December 2025	–
	---------
Carrying amount
At 31 December 2025	536,000
	---------
At 31 December 2024	536,000
	---------

6. Tangible assets

	Boat	Nets and Gear	Electronic Equipment	Total
	£	£	£	£
Cost
At 1 January 2025 and 31 December 2025	580,814	37,892	25,949	644,655
	---------	-------	-------	---------
Depreciation
At 1 January 2025	145,205	37,892	25,949	209,046
Charge for the year	29,041	–	–	29,041
	---------	-------	-------	---------
At 31 December 2025	174,246	37,892	25,949	238,087
	---------	-------	-------	---------
Carrying amount
At 31 December 2025	406,568	–	–	406,568
	---------	-------	-------	---------
At 31 December 2024	435,609	–	–	435,609
	---------	-------	-------	---------

7. Debtors

	2025	2024
	£	£
Other debtors	21,453	10,902
	-------	-------

8. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	386,240	431,680
Accruals and deferred income	83,726	18,083
Director loan accounts	212,400	354,000
Other creditors	541,548	470,886
	-----------	-----------
	1,223,914	1,274,649
	-----------	-----------

The overdraft is secured by a mortgage over the fishing vessel, together with a floating charge over the assets of the company and directors life insurance policies.

9. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	6,000	6,000	6,000	6,000
	------	------	------	------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	14,066	18,487
Later than 1 year and not later than 5 years	4,030	18,096
	-------	-------
	18,096	36,583
	-------	-------