Company Registration No. SC164816 (Scotland)
Scrabster Seafoods Limited
Financial statements
for the year ended 30 April 2020
Pages for filing with the Registrar
Scrabster Seafoods Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13
Scrabster Seafoods Limited
Balance sheet
As at 30 April 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
643,247
1,111,499
Investments
6
55,164
58,220
698,411
1,169,719
Current assets
Debtors
7
780,015
1,001,892
Cash at bank and in hand
1,684,739
190,367
2,464,754
1,192,259
Creditors: amounts falling due within one year
8
(1,032,821)
(928,623)
Net current assets
1,431,933
263,636
Total assets less current liabilities
2,130,344
1,433,355
Creditors: amounts falling due after more than one year
9
(56,887)
(30,319)
Provisions for liabilities
10
(49,475)
(70,468)
Net assets
2,023,982
1,332,568
Capital and reserves
Called up share capital
300,100
300,100
Profit and loss reserves
1,723,882
1,032,468
Total equity
2,023,982
1,332,568
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Scrabster Seafoods Limited
Balance sheet (continued)
As at 30 April 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 April 2021 and are signed on its behalf by:
William Calder Snr
Director
Company Registration No. SC164816
Scrabster Seafoods Limited
Notes to the financial statements
For the year ended 30 April 2020
Page 3
1
Accounting policies
Company information
Scrabster Seafoods Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Seafood Park, Scrabster, Thurso, Caithness, KW14 7UJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for undertaking the wholesale distribution of fish
and shellfish
. Turnover is shown net of VAT and trade discounts. All turnover is accounted for on an accruals basis.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
2% straight line
Plant and machinery
10% straight line
Motor vehicles
25% straight line
Fishing boat and licence
10% straight line
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
.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
1
Accounting policies (continued)
Page 4
1.4
Fixed asset investments
Interests in subsidiaries
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.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at 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.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
1
Accounting policies (continued)
Page 5
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including
creditors and
bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
1
Accounting policies (continued)
Page 6
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
1
Accounting policies (continued)
Page 7
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
Page 8
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
21
27
3
Directors' remuneration and dividends
2020
2019
£
£
Remuneration paid to directors
98,670
104,227
Dividends paid to directors
18,000
18,000
The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 3 (2019 - 3).
4
Dividends
2020
2019
£
£
Final paid
22,000
22,000
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
Page 9
5
Tangible fixed assets
Land and buildings
Plant and machinery
Fishing boat and licence
Total
£
£
£
£
Cost
At 1 May 2019
702,388
570,942
475,000
1,748,330
Additions
-
77,002
250
77,252
Disposals
(387,876)
(270,616)
(140,000)
(798,492)
At 30 April 2020
314,512
377,328
335,250
1,027,090
Depreciation and impairment
At 1 May 2019
210,717
349,214
76,900
636,831
Depreciation charged in the year
6,289
56,231
26,250
88,770
Eliminated in respect of disposals
(116,363)
(212,895)
(12,500)
(341,758)
At 30 April 2020
100,643
192,550
90,650
383,843
Carrying amount
At 30 April 2020
213,869
184,778
244,600
643,247
At 30 April 2019
491,671
221,728
398,100
1,111,499
6
Fixed asset investments
2020
2019
£
£
Investments
55,164
58,220
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
6
Fixed asset investments (continued)
Page 10
Movements in fixed asset investments
Shares in group undertakings
Listed investments
Total
£
£
£
Cost or valuation
At 1 May 2019
48,422
9,798
58,220
Disposals
(3,056)
-
(3,056)
At 30 April 2020
45,366
9,798
55,164
Carrying amount
At 30 April 2020
45,366
9,798
55,164
At 30 April 2019
48,422
9,798
58,220
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
399,820
646,180
Corporation tax recoverable
54,924
21,612
Amounts owed by group undertakings
10,538
10,407
Other debtors
314,733
323,693
780,015
1,001,892
8
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
31
1,744
Trade creditors
615,335
752,192
Corporation tax
120,703
-
Other taxation and social security
11,695
9,643
Other creditors
285,057
165,044
1,032,821
928,623
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
Page 11
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
56,887
30,319
10
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
49,475
70,468
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
Page 12
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The auditor's report was signed on 30 April 2021
The senior statutory auditor was Eunice McAdam.
The auditor was Saffery Champness LLP.
12
Financial commitments, guarantees and contingent liabilities
The company's bankers hold transaction related guarantees in favour of
a
trade association and HM Revenue and Customs, with values of £1
25
,000
and £25,000 respectively.
13
Operating lease commitments
Lessee
The company has a long-term lease on a building, which is committed until November 2102. The lease charge in the year was £5,940 (2019: £4,950) and is subject to inflationary increases.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2020
Page 13
14
Related party transactions
2020
2019
£
£
The balances due to/(from) related parties at the year end were as follows:
P/F Scrabster Seafoods (Faroes)
279,059
281,008
The Holborn Partnership
(66,642)
(53,030)
William Calder Snr and Fiona Calder
(23,043)
1,365
William Calder Jnr
(69,098)
(55,283)
P/F Scrabster Seafoods (Faroes) is a wholly owned subsidiary of the company.
Fiona Calder and William Calder Jnr, who are both directors of the company, are also both partners in The Holborn Partnership.
William Calder Jnr is a director of the company.
15
Parent company
The directors, as a group, are the ultimate controlling party of the company due to their ownership of the share capital.
16
COVID-19
The C
OVID
-19 pandemic continues to cause significant disruption to societies and economies across the globe.
Although the
C
ompany ha
s
been significantly affected, the accounts for the year ended 30
April
2020 will not capture the full financial impact that
COVID
-19 will have on the activities and finances of the
Company.
In March 2020 and in accordance with government advice, essential staff
were able to operate as normal but administrative staff began to work remotely.
Measures taken to contain the spread of the virus, including social distancing, travel restrictions and closures of non-essential services have triggered significant disruptions to our activities.
The
Company
furloughed staff and entered into the Coronavirus Job Retention Scheme for government support for eligible employees and other government support packages relevant to the ongoing activities of the
Company
.
2020-04-30
2019-05-01
false
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
William Calder Snr
Fiona Calder
William Calder Jnr
Fiona Calder
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