REGISTERED NUMBER: |
Coquet Island Shellfish Limited |
Strategic Report, |
Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30th April 2023 |
REGISTERED NUMBER: |
Coquet Island Shellfish Limited |
Strategic Report, |
Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30th April 2023 |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Contents of the Financial Statements |
for the year ended 30th April 2023 |
Page |
Company information | 1 |
Strategic report | 2 | to | 3 |
Report of the directors | 4 | to | 5 |
Report of the independent auditors | 6 | to | 9 |
Statement of comprehensive income | 10 |
Balance sheet | 11 |
Statement of changes in equity | 12 |
Cash flow statement | 13 |
Notes to the cash flow statement | 14 |
Notes to the financial statements | 15 | to | 25 |
Coquet Island Shellfish Limited |
Company Information |
for the year ended 30th April 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Strategic Report |
for the year ended 30th April 2023 |
The directors present their strategic report for the year ended 30th April 2023. |
Review of business |
The board are satisfied the accounts show a relatively successful outcome and profitability. |
Profitability has been compromised due to electricity prices and Nitrogen freezing costs which are index linked to the electricity price. Labour costs are also higher due to minimum wage legislation increasing costs. Quayside purchase prices have also contributed to a reduction in profitability, prices being almost above the rate at which we can make profitable sales. Prawn tail purchases and sales are extremely marginal and the business needs to find a better production method and better marketing for this moving forward. |
Fresh sales in langoustines have been down this year due to poor sales prices and lack of demand. King scallop in fresh sales remain a key part of the business although due to break downs and guard work these volumes have been compromised. |
Asia is still a target market moving forward, we have exported here previously and found it to be lucrative but licensing issues remain a problem. |
We continue to invest in the infrastructure of the factory to pursue excellence. |
Results for the year |
The results for the year show a profit on ordinary activities before tax of £2,229,086 (2022: £1,771,356). The Board are satisfied with the performance for the financial year. |
The board monitor the progress of the company by the following KPIs: |
2023 | 2022 |
Turnover | £24,592,232 | £17,746,534 |
GP | 14.5% | 17.1% |
ROCE | 45.7% | 47.4% |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Strategic Report |
for the year ended 30th April 2023 |
Principal risks and uncertainties |
The key business risks affecting the company are: |
- Product availability and pricing |
- Inflation |
- Foreign exchange |
- Interest rates |
- Labour resources |
The directors regularly review risk strategy and make arrangements to reduce exposure using appropriate financial instruments. |
The company manages its cash and borrowing requirements in order to minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. |
The company has sufficient funding arrangements in place with their bankers to ensure the growth of the business can be maintained. |
On behalf of the board: |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Report of the Directors |
for the year ended 30th April 2023 |
The directors present their report with the financial statements of the company for the year ended 30th April 2023. |
Principal activity |
The principal activity of the company in the year under review was that of shellfish and seafood processing. |
Dividends |
During the year ended 30th April 2023 interim dividends of £775,180 were paid out to shareholders. |
The directors also proposed the payment of a final dividend for the year ended 30th April 2023 of £7.50 per ordinary B share, after the year end date. |
Therefore, the total distribution of dividends for the year ended 30th April 2023 was £1,375,330. |
Events since the end of the year |
Information relating to events since the end of the year is given in the notes to the financial statements. |
Directors |
The directors shown below have held office during the whole of the period from 1st May 2022 to the date of this report. |
Directors' responsibilities statement |
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Report of the Directors |
for the year ended 30th April 2023 |
Auditors |
The auditors, Rennie Welch Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Coquet Island Shellfish Limited |
Opinion |
We have audited the financial statements of Coquet Island Shellfish Limited (the 'company') for the year ended 30th April 2023 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Coquet Island Shellfish Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' responsibilities statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Coquet Island Shellfish Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
Audit response to risks identified |
- the nature of the industry and sector, control environment and business performance. |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
-- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance. |
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud. |
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and have not identified any significant areas with potential for fraud to occur. We hold this view on the basis on that the company is classified under the Companies Act 2006 as a medium company for reporting purposes, under which anomalies would be detected. |
Further to this no non-routine financial accounting has taken place from which we would expect an increase of fraud or error to occur. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors. |
Report of the Independent Auditors to the Members of |
Coquet Island Shellfish Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Statement of Comprehensive |
Income |
for the year ended 30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
2,223,932 | 1,766,194 |
Other operating income |
Operating profit | 5 |
Interest payable and similar expenses | 7 | ( |
) |
Profit before taxation |
Tax on profit | 8 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Balance Sheet |
30th April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
15 |
( |
) |
Provisions for liabilities | 19 | ( |
) | ( |
) |
Accruals and deferred income | 20 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Statement of Changes in Equity |
for the year ended 30th April 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st May 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2023 |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Cash Flow Statement |
for the year ended 30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Government Grants |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 83,125 | 625 |
Amount withdrawn by directors | (85,625 | ) | - |
Government grants |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
391,408 |
Cash and cash equivalents at end of year |
2 |
892,035 |
669,707 |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Cash Flow Statement |
for the year ended 30th April 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Impairment losses | - | 30,500 |
Government grants | ( |
) | ( |
) |
Finance costs | (2,716 | ) | 2,752 |
2,454,676 | 1,948,446 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts: |
Year ended 30th April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 892,035 | 669,707 |
Year ended 30th April 2022 |
30.4.22 | 1.5.21 |
£ | £ |
Cash and cash equivalents | 669,707 | 391,408 |
3. | Analysis of changes in net funds |
Other |
non-cash |
At 1.5.22 | Cash flow | changes | At 30.4.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 669,707 | 222,328 | 892,035 |
669,707 | 892,035 |
Debt |
Finance leases | - | 13,956 | - | (57,819 | ) |
Debts falling due |
within 1 year | (68,204 | ) | 68,204 | - | - |
(68,204 | ) | 82,160 | - | (57,819 | ) |
Total | 601,503 | 304,488 | - | 834,216 |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements |
for the year ended 30th April 2023 |
1. | Statutory information |
Coquet Island Shellfish Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT. |
Revenue from sale of goods is recognised when all the following conditions are satisfied: |
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down of loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
2. | Accounting policies - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade creditors, other creditors, accruals, bank loans, hire purchase contracts, directors' loans and current accounts with related parties. |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction cost, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expenses is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Trade debtors and other debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors with no stated interest rate are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors, other creditors and accruals are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditors for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors with no stated interest rate are recognised at the transaction price. |
Directors' loans and current accounts with related parties (both being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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 taxation |
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. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
2. | Accounting policies - continued |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date or the forward contract rate, where such contracts are in place. All differences are taken to the profit and loss account. |
Hire purchase and leasing commitments |
Leases in which substantially all risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. |
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. |
Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligations so ass to achieve a constant periodic rate of interest on the remaining balance of the liability. |
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. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
2. | Accounting policies - continued |
Employee benefits |
Short-term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Government grants |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
Investments |
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. |
Within the year ended 30th April 2022, the position of the investment indicated that the likelihood of any economic benefit or pay-out in respect of the company's shareholding is unlikely and as such are deemed to have a recoverable value of £NIL. On this basis, the shares were impaired and will continue to be held at this value in the year ended 30th April 2023, on review these factors have not changed which would indicate a reversal of the impairment charge. |
Going concern |
As set out in the strategic report, the directors have identified some economic factors which have impacted the business' performance and profitability in the year. The directors are aware of the risks of these factors and although the company has remained in a profitable position in 2023, they are actively reviewing operations to implement change to ensure the long term profitability and viability of the company is not compromised. |
As a result of this they 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 financial statements. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Revenue by geographical location |
The directors consider that to disclose a geographical analysis of turnover would be seriously prejudicial to the company's interests. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales, production and distribution |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Foreign exchange differences | ( |
) |
6. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,500 |
5,500 |
Non audit services £2,000 (2022 - £2,000). |
7. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank interest |
Corporation tax interest | ( |
) | ( |
) |
Hire purchase interest |
( |
) |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax expense (credit) | 104,063 | 11,443 |
Total tax charge | 477,502 | 345,986 |
9. | Dividends |
2023 | 2022 |
£ | £ |
B Ordinary shares of £1 each |
Interim |
C Ordinary share of £1 |
Interim |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
10. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1st May 2022 |
and 30th April 2023 |
Amortisation |
At 1st May 2022 |
Amortisation for year |
At 30th April 2023 |
Net book value |
At 30th April 2023 |
At 30th April 2022 |
11. | Tangible fixed assets |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1st May 2022 |
Additions |
Disposals | ( |
) |
At 30th April 2023 |
Depreciation |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2023 |
Net book value |
At 30th April 2023 |
At 30th April 2022 |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
11. | Tangible fixed assets - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1st May 2022 |
Additions |
Disposals | ( |
) |
At 30th April 2023 |
Depreciation |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2023 |
Net book value |
At 30th April 2023 |
At 30th April 2022 |
12. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
13. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
14. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Wages and salaries control | ( |
) |
Other creditors | 3,929 | 2,202 |
Directors' current accounts | 5,625 | 8,125 |
Accruals |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
15. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 17) |
16. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
17. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
18. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 57,819 | - |
HSBC holds a fixed and floating charge over the property and assets of the company. As well as a legal assignment of contract monies. |
Hire purchase contracts are secured against the assets to which they relate. |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
19. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st May 2022 |
Provided during year |
Balance at 30th April 2023 |
20. | Accruals and deferred income |
2023 | 2022 |
£ | £ |
Deferred government grants | 13,813 | - |
21. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 480 | 480 |
B Ordinary | £1 | 80,020 | 80,020 |
C Ordinary | £1 | 1 | 1 |
80,501 | 80,501 |
22. | Reserves |
Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments. |
Capital redemption reserve represents a non-distributable reserve recognising the nominal value of the cumulative share buybacks made by the company in previous years. |
23. | Pension commitments |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £39,751 (2022 - £29,859) |
Contributions totalling £2,469 (2022 - £1,797) were payable to the schemes at the end of the year and are included in creditors. |
24. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Coquet Island Shellfish Limited (Registered number: 04874060) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2023 |
25. | Related party disclosures |
During the year the company made sales to D.R. Collin & Son Ltd, parent of group, which amounted to £85,953 (2022 - £77,397). They also received purchases amounting to £980,143 (2022 - £599,331). At the year end there was an amount of £60,587 (2022 - £411,056) due to D.R. Collin & Son Ltd from the company. All transactions were carried out at arms length. |
During the year the company made sales to Keltic Seafare (Scotland) Limited, a company within the group, which amounted to £NIL (2022 - £854). They also received purchases amounting to £11,406 (2022 - £2,633). At the year end there was an amount of £356 (2022 - £NIL) due to Keltic Seafare (Scotland) from the company. All transaction were carried out at arms length. |
During the year the company made sales to D. R. Collin (Fish) Limited, a company within the group, which amounted to £579 (2022 - £13,238). At the year end there was an amount of £NIL (2022 - £464) due from D. R. Collin (Fish) Limited to the company. All transactions were carried out at arms length. |
During the year the company made sales to D. R. Collin International Group SARL, a foreign company within the group, which amounted to £6,911,842 (2022 - £9,838,603). At the year end there was an amount of £483,598 (2022 - £912,405) due from D. R. Collin International Group SARL to the company. All transactions were carried out at arms length. |
At the year end there was a loan due from the company to a director of £5,625 (2022 - £8,125). This loan was unsecured, interest free and repayable on demand. |
26. | Post balance sheet events |
A final dividend for the financial year ended 30th April 2023 was declared on 15th June 2023 at £7.50 per B ordinary share. |
27. | Name of parent of group |
These financial statements are consolidated in the financial statements of D. R. Collin & Son Ltd. The registered office of D.R. Collin & Son Ltd is Unit 1, Coldingham Road Industrial Estate, Eyemouth, Berwickshire, TD14 5AN. |