REGISTERED NUMBER: SC313803 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HELMSMAN (FISHING) LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr A J Buchan

Mr A Buchan

Mrs F C Buchan

Mrs C Buchan

SECRETARY:

Mr A J Buchan

REGISTERED OFFICE:

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

REGISTERED NUMBER:

SC313803 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

Bank of Scotland

The Direct Business Bank

600 Gorgie Road

Edinburgh

EH11 3PX

FIXED ASSETS

Tangible assets

3

93,967

71,885

Investments

4

3,675

4,004

97,642

75,889

CURRENT ASSETS

Debtors

5

-

79,309

Investments

6

1,087,612

740,743

Cash at bank

463,106

486,242

1,550,718

1,306,294

CREDITORS

Amounts falling due within one year

7

162,497

148,856

NET CURRENT ASSETS

1,388,221

1,157,438

TOTAL ASSETS LESS CURRENT LIABILITIES

1,485,863

1,233,327

CREDITORS

Amounts falling due after more than one year

8

(66,280

)

-

PROVISIONS FOR LIABILITIES

(45,164

)

-

NET ASSETS

1,374,419

1,233,327

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,374,417

1,233,325

SHAREHOLDERS' FUNDS

1,374,419

1,233,327

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 25 September 2026 and were signed on its behalf by:

Mr A J Buchan - Director

1.	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.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 20% straight line

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments held as fixed assets, being the company's interest is a fishing vessel partnership, are stated at cost less provision for permanent diminution in value.

Investments held as current assets are stated at fair value with changes recognised in the profit and loss. Dividends are brought to account in the profit and loss account when received.

2.	EMPLOYEES AND DIRECTORS

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

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

120,191

Additions

115,697

Disposals

(112,584

)

At 31 December 2025

123,304

DEPRECIATION

At 1 January 2025

48,306

Charge for year

22,760

Eliminated on disposal

(41,729

)

At 31 December 2025

29,337

NET BOOK VALUE

At 31 December 2025

93,967

At 31 December 2024

71,885

4.	FIXED ASSET INVESTMENTS

Investment

in

fishing

vessel

partnership

£

COST

At 1 January 2025

4,004

Share of profit/(loss)

(329

)

At 31 December 2025

3,675

NET BOOK VALUE

At 31 December 2025

3,675

At 31 December 2024

4,004

Investments in fishing vessel partnerships

Investments in fishing vessel partnership represents capital introduced by the company together with the company's share of undrawn profit or loss in Buchanness Fishing Partnership.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

-

79,309

6.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Investments

1,087,612

740,743

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

16,021

-

Taxation

142,642

146,358

Social security and other taxes

1,192

727

Directors' loan accounts

798

-

Accruals and deferred income

1,844

1,771

162,497

148,856

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

66,280

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits (to)/ from directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025

2024

£

£

Mr A J Buchan and Mrs C Buchan

Balance outstanding at start of year

(79,309

)

4,991

Amounts advanced

80,107

-

Amounts repaid

-

(84,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

798

(79,309

)

The loan is interest free and there are no fixed terms of repayment.

10.	ULTIMATE CONTROLLING PARTY

Mr & Mrs A J Buchan, directors, control the company by virtue of a 100% controlling interest in issued share capital of the company.