Company No: SC097149 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	18,479		34,359
Tangible assets	4	37,031		40,648
Investments	5	279,041		349,609
		334,551		424,616
Current assets
Debtors	6	57,909		2,931
Cash at bank and in hand	7	478,208		394,853
		536,117		397,784
Creditors
Amounts falling due within one year	8	( 27,154)		( 33,550)
Net current assets		508,963		364,234
Total assets less current liabilities		843,514		788,850
Provisions for liabilities	9, 10	( 15,012)		( 13,964)
Net assets		828,502		774,886
Capital and reserves
Called-up share capital	11	1,000		1,000
Revaluation reserve		22,731		22,731
Profit and loss account		804,771		751,155
Total shareholders' funds		828,502		774,886

For the financial year ending 31 March 2021 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 in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of G.K. Fishing Limited (registered number: SC097149) were approved and authorised for issue by the Director on 12 March 2022. They were signed on its behalf by:

Douglas Pirie 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

G.K. Fishing 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 The Gables, West End, Whitehills, AB45 2NL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point of invoice.

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

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Trademarks, patents and licences

20 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, 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	5 years straight line
Vehicles	25 % reducing balance

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
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs carried at cost less impairment.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 April 2020	304,583		304,583
At 31 March 2021	304,583		304,583
Accumulated amortisation
At 01 April 2020	270,224		270,224
Charge for the financial year	15,880		15,880
At 31 March 2021	286,104		286,104
Net book value
At 31 March 2021	18,479		18,479
At 31 March 2020	34,359		34,359

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2020	22,483		71,009		53,296		146,788
Additions	0		1,167		0		1,167
At 31 March 2021	22,483		72,176		53,296		147,955
Accumulated depreciation
At 01 April 2020	0		69,524		36,616		106,140
Charge for the financial year	0		615		4,169		4,784
At 31 March 2021	0		70,139		40,785		110,924
Net book value
At 31 March 2021	22,483		2,037		12,511		37,031
At 31 March 2020	22,483		1,485		16,680		40,648

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 April 2020	349,609		349,609
Share of partnership profits	83,264		83,264
Drawings	(153,832)		(153,832)
At 31 March 2021	279,041		279,041
Provisions for impairment
At 01 April 2020	0		0
At 31 March 2021	0		0
Carrying value at 31 March 2021	279,041		279,041
Carrying value at 31 March 2020	349,609		349,609

6. Debtors

	2021		2020
	£		£
Trade debtors	72		0
Corporation tax	39,657		0
Other debtors	18,180		2,931
	57,909		2,931

7. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	478,208		394,853

8. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	136		0
Other creditors	3,546		1,900
Corporation tax	22,198		30,743
Other taxation and social security	1,274		907
	27,154		33,550

9. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 April 2020	13,964		13,964
Charged to the Statement of Income and Retained Earnings	1,048		1,048
At 31 March 2021	15,012		15,012

Deferred tax

	2021		2020
	£		£
Accelerated capital allowances	15,012		13,964
Provision for deferred tax	15,012		13,964

10. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 13,964)		( 16,642)
(Charged)/credited to the Statement of Income and Retained Earnings	( 1,048)		2,678
At the end of financial year	( 15,012)		( 13,964)

11. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each	1,000		1,000

12. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Directors Loan Account	(16,792)		(1,861)