REGISTERED NUMBER: SC334881 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

A G R FISHING CO. LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A B Ritchie

SECRETARY:

Mrs L Strachan

REGISTERED OFFICE:

14 Charleston

St Combs

Fraserburgh

Aberdeenshire

AB43 8YT

REGISTERED NUMBER:

SC334881 (Scotland)

FIXED ASSETS

Intangible assets

5

-

64,660

Tangible assets

6

176,406

208,963

176,406

273,623

CURRENT ASSETS

Debtors

7

12,113

8,128

Cash at bank

31,349

-

43,462

8,128

CREDITORS

Amounts falling due within one year

8

202,179

416,876

NET CURRENT LIABILITIES

(158,717

)

(408,748

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,689

(135,125

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

17,687

(135,127

)

SHAREHOLDERS' FUNDS

17,689

(135,125

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 October 2017 and were signed by:

A B Ritchie - Director

1.	STATUTORY INFORMATION

A G R Fishing Co. 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these

financial statements are rounded to the nearest pound.

These financial statements for the year ended 31 December 2016 are the first financial statements of A G R

Fishing Co. Ltd prepared in accordance with Section 1A "Small Entities" of Financial Reporting Standard 102,

the financial reporting standard applicable in the UK and Republic of Ireland. The date of transition to FRS102

was 1 January 2015. The reported financial position and financial performance for the previous period are not

affected by the transition to FRS102.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of

causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover represents net invoiced sales of seafood, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Fishing licences are being amortised evenly over their estimated useful life of twenty years.

Intangible fixed assets and amortisation

Intangible assets comprise the fishing licence purchased with the vessel which are initially recorded at cost.

Licences are amortised to the Profit and loss account over twenty years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on reducing balance and 10% on reducing balance

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2015 - 1 ) .

5.	INTANGIBLE FIXED ASSETS

Fishing

licences

£

COST

At 1 January 2016

97,700

Disposals

(97,700

)

At 31 December 2016

-

AMORTISATION

At 1 January 2016

33,040

Eliminated on disposal

(33,040

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

64,660

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

199,377

65,919

265,296

Disposals

-

(65,379

)

(65,379

)

At 31 December 2016

199,377

540

199,917

DEPRECIATION

At 1 January 2016

19,214

37,119

56,333

Charge for year

3,982

180

4,162

Eliminated on disposal

-

(36,984

)

(36,984

)

At 31 December 2016

23,196

315

23,511

NET BOOK VALUE

At 31 December 2016

176,181

225

176,406

At 31 December 2015

180,163

28,800

208,963

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

4,420

-

Other debtors

7,693

8,128

12,113

8,128

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

176,607

Trade creditors

60,632

88,400

Taxation and social security

7,965

1,200

Other creditors

133,582

150,669

202,179

416,876

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdraft

-

3,217

Bank loans

-

173,390

-

176,607

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

ordinary

£1

2

2

11.	RELATED PARTY DISCLOSURES

Included within Other creditors is a loan due to the company's director, A Ritchie, of £55,245 (2015 - £56,213).

This loan is non interest bearing and has no fixed terms of repayment.

12.	ULTIMATE CONTROLLING PARTY