REGISTERED NUMBER: SC294800 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Orion Fishing Company Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B Harvey

Mrs M Harvey

Mr S J Mawhinney

REGISTERED OFFICE:

Denholm Fishselling Limited

Unit 1-2

Old School, Cawdor

Nairn

Highland

IV12 5BL

REGISTERED NUMBER:

SC294800 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

70,266

77,163

Tangible assets

5

2,275,828

2,464,546

2,346,094

2,541,709

CURRENT ASSETS

Debtors

6

49,729

20,555

Cash at bank

176,325

146,267

226,054

166,822

CREDITORS

Amounts falling due within one year

7

281,694

305,258

NET CURRENT LIABILITIES

(55,640

)

(138,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,290,454

2,403,273

CREDITORS

Amounts falling due after more than one year

8

(1,341,416

)

(1,444,839

)

PROVISIONS FOR LIABILITIES

10

(395,401

)

(396,536

)

ACCRUALS AND DEFERRED INCOME

-

(38,726

)

NET ASSETS

553,637

523,172

CAPITAL AND RESERVES

Called up share capital

572,108

572,108

Share premium

196,461

196,461

Retained earnings

(214,932

)

(245,397

)

SHAREHOLDERS' FUNDS

553,637

523,172

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 28 August 2026 and were signed on its behalf by:

Mr S J Mawhinney - Director

1.	STATUTORY INFORMATION

Orion Fishing Company 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.

The financial statements have been prepared in UK £ sterling.

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents all income generated by operations of the fishing vessel, excluding value added tax. 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 the fishing licence and quota. The assets have initially been measured at cost and are reported using the 'Cost model' basis, being amortised over a 15 year period on a straight line basis.

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.

Fishing vessel

-

20% on cost, 10% on cost and 5% on cost

Marine equipment

-

25% on cost and 20% on cost

Motor vehicles

-

20% on cost

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

The fishing vessel is depreciated at a rate of 5% straight line and integrated items which form part of the vessel are depreciated at 10% and 20% straight line relative to the nature of the particular items and their estimated useful life.

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

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

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

Deferred grant funding

Capital grants received are set aside in the Balance Sheet and released to the Profit & Loss Account over a period of time corresponding to the depreciation policy on the related asset.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Fishing

licence &

quota

£

COST

At 1 January 2025

and 31 December 2025

613,500

AMORTISATION

At 1 January 2025

536,337

Amortisation for year

6,897

At 31 December 2025

543,234

NET BOOK VALUE

At 31 December 2025

70,266

At 31 December 2024

77,163

Intangible assets comprise the fishing licence and quota which are reported using the cost model basis, being amortised over a 15 year period. At the date of last valuation in July 2021, the combined market value of the licence and quota was estimated at £1,254,000..

5.	TANGIBLE FIXED ASSETS

Fishing

Marine

Motor

vessel

equipment

vehicles

Totals

£

£

£

£

COST

At 1 January 2025

2,960,441

128,503

40,240

3,129,184

Additions

-

9,975

-

9,975

At 31 December 2025

2,960,441

138,478

40,240

3,139,159

DEPRECIATION

At 1 January 2025

567,555

89,035

8,048

664,638

Charge for year

166,112

24,533

8,048

198,693

At 31 December 2025

733,667

113,568

16,096

863,331

NET BOOK VALUE

At 31 December 2025

2,226,774

24,910

24,144

2,275,828

At 31 December 2024

2,392,886

39,468

32,192

2,464,546

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

Motor

vehicles

£

COST

At 1 January 2025

and 31 December 2025

40,240

DEPRECIATION

At 1 January 2025

8,048

Charge for year

8,048

At 31 December 2025

16,096

NET BOOK VALUE

At 31 December 2025

24,144

At 31 December 2024

32,192

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

49,729

20,555

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

91,804

82,318

Other loans

42,102

42,102

Hire purchase contracts

8,333

8,333

Trade creditors

18,415

44,060

Summer Rose Fishing Co Ltd

62,972

70,854

Tax

477

-

Directors' current accounts

57,591

57,591

281,694

305,258

The balance of 'Other Creditors' includes the sum of £57,591 (£57,591 - 2024) owed by the company to the Directors, Mr & Mrs B Harvey. The balance of creditors also includes a separate amount of £62,972 (£70,854 - 2024) owing to the 'Summer Rose Fishing Company Limited' which is a company controlled by the directors Mr B.Harvey and Mrs M.Harvey.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans - 1-2 years

97,725

84,230

Bank loans - 2-5 years

332,651

292,596

Bank loans more 5 yr by instal

906,863

1,055,503

Hire purchase contracts

4,177

12,510

1,341,416

1,444,839

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

906,863

1,055,503

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank loans

1,429,043

1,514,647

A Bond and Floating charge is held by the Royal Bank of Scotland together with a Mortgage over the fishing vessel Orion BF 432.

10.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

395,401

396,536

Deferred

tax

£

Balance at 1 January 2025

396,536

Provided during year

(1,135

)

Balance at 31 December 2025

395,401

Deferred tax has been fully provided for in relation to the accelerated capital allowances claimed on fixed assets and also in relation to the potential gains on the fishing licence and quota held based on current estimated values.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is a loan from the directors Mr & Mrs Harvey amounting to £57,591 (£57,591 - 2024). There are no specific terms of repayment and no interest is accrued.

12.	RELATED PARTY DISCLOSURES

During the year the company declared payments totalling £56,700 (£53,400 - 2024) to the 'Summer Rose Fishing Company Ltd', which is a company controlled by Mr B.Harvey and Mrs M.Harvey, in respect of crew services provided.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, Mr B.Harvey and Mrs M.Harvey.