Company No: SC171236 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	2,133,910		2,133,910
Tangible assets	4	4,425,491		4,724,973
		6,559,401		6,858,883
Current assets
Debtors	5	569,856		408,684
Cash at bank and in hand		9,731		5,726
		579,587		414,410
Creditors: amounts falling due within one year	6	( 527,192)		( 444,889)
Net current assets/(liabilities)		52,395		(30,479)
Total assets less current liabilities		6,611,796		6,828,404
Creditors: amounts falling due after more than one year	7	( 1,341,782)		( 2,076,938)
Provision for liabilities	8	( 284,370)		( 290,749)
Net assets		4,985,644		4,460,717
Capital and reserves
Called-up share capital	9	1,685,000		1,685,000
Profit and loss account		3,300,644		2,775,717
Total shareholders' funds		4,985,644		4,460,717

For the financial 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Harcus Fishing Company Limited (registered number: SC171236) were approved and authorised for issue by the Board of Directors on 20 August 2026. They were signed on its behalf by:

Thomas Harcus Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harcus Fishing Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Kinsale, Dalespot, St. Ola, KW15 1SX, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for goods and services which fall within the Company's ordinary activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

The company's fishing licenses and quota are included at cost and are not amortised, as the directors believe they have indefinite useful lives.

Trademarks, patents and licences	not amortised
Other intangible assets	not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	13.55 years straight line
Vehicles	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Intangible assets

	Trademarks, patents and licences		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2025	491,410		1,642,500		2,133,910
At 31 December 2025	491,410		1,642,500		2,133,910
Accumulated amortisation
At 01 January 2025	0		0		0
At 31 December 2025	0		0		0
Net book value
At 31 December 2025	491,410		1,642,500		2,133,910
At 31 December 2024	491,410		1,642,500		2,133,910

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2025	42,231		5,629,757		80,307		5,752,295
Additions	0		0		4,000		4,000
At 31 December 2025	42,231		5,629,757		84,307		5,756,295
Accumulated depreciation
At 01 January 2025	0		989,291		38,031		1,027,322
Charge for the financial year	0		289,549		13,933		303,482
At 31 December 2025	0		1,278,840		51,964		1,330,804
Net book value
At 31 December 2025	42,231		4,350,917		32,343		4,425,491
At 31 December 2024	42,231		4,640,466		42,276		4,724,973

5. Debtors

	2025		2024
	£		£
Trade debtors	536,808		355,363
Other debtors	33,048		53,321
	569,856		408,684

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	149,087		252,511
Trade creditors	169,453		127,033
Taxation and social security	181,851		40,546
Other creditors	26,801		24,799
	527,192		444,889

Bank loans are secured by a fixed charge and the fishing vessel.

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

	2025		2024
	£		£
Bank loans	1,341,782		2,076,938

Bank loans are secured by a fixed charge and the fishing vessel.

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 290,749)		( 282,424)
Credited/(charged) to the Statement of Income and Retained Earnings	6,379		( 8,325)
At the end of financial year	( 284,370)		( 290,749)

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,600,000 Ordinary A shares of £ 1.00 each	1,600,000		1,600,000
85,000 Ordinary B shares of £ 1.00 each	85,000		85,000
	1,685,000		1,685,000

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Directors Loan Account	20,000		20,000

This loan is interest free and has no set repayment terms.