Company Registration No. SC164816 (Scotland)
Scrabster Seafoods Limited
Unaudited financial statements
for the year ended 30 April 2022
Pages for filing with the registrar
Scrabster Seafoods Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
Scrabster Seafoods Limited
Balance sheet
As at 30 April 2022
30 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
833,695
700,013
Investments
4
167,705
159,798
1,001,400
859,811
Current assets
Stocks
1,500
Debtors
5
554,978
491,764
Cash at bank and in hand
940,309
1,013,055
1,496,787
1,504,819
Creditors: amounts falling due within one year
6
(469,247)
(273,015)
Net current assets
1,027,540
1,231,804
Total assets less current liabilities
2,028,940
2,091,615
Creditors: amounts falling due after more than one year
7
(30,843)
(38,343)
Provisions for liabilities
8
(30,509)
(40,640)
Net assets
1,967,588
2,012,632
Capital and reserves
Called up share capital
300,000
300,100
Profit and loss reserves
1,667,588
1,712,532
Total equity
1,967,588
2,012,632
Scrabster Seafoods Limited
Balance sheet (continued)
As at 30 April 2022
30 April 2022
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 January 2023 and are signed on its behalf by:
William Calder Snr
Director
Company Registration No. SC164816 (Scotland)
Scrabster Seafoods Limited
Notes to the financial statements
For the year ended 30 April 2022
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 2022
1
Accounting policies (continued)
Page 4
1.4
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 2022
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.
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.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
1
Accounting policies (continued)
Page 6
1.9
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.
1.10
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.
1.11
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.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
1
Accounting policies (continued)
Page 7
1.12
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.
1.13
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.
1.14
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
12
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 8
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fishing boat and licence
Total
£
£
£
£
Cost
At 1 May 2021
453,550
381,385
335,250
1,170,185
Additions
173,272
1,737
30,000
205,009
Disposals
(21,050)
(21,050)
At 30 April 2022
626,822
362,072
365,250
1,354,144
Depreciation and impairment
At 1 May 2021
106,933
249,064
114,175
470,172
Depreciation charged in the year
6,291
38,082
23,525
67,898
Eliminated in respect of disposals
(17,621)
(17,621)
At 30 April 2022
113,224
269,525
137,700
520,449
Carrying amount
At 30 April 2022
513,598
92,547
227,550
833,695
At 30 April 2021
346,617
132,321
221,075
700,013
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 9
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
167,705
159,798
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2021
159,798
Valuation changes
7,907
At 30 April 2022
167,705
Carrying amount
At 30 April 2022
167,705
At 30 April 2021
159,798
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
335,369
206,779
Corporation tax recoverable
56,032
56,032
Other debtors
163,577
228,953
554,978
491,764
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 10
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,957
357
Trade creditors
302,602
192,972
Corporation tax
47,202
39,066
Other taxation and social security
4,335
6,915
Other creditors
113,151
33,705
469,247
273,015
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
30,843
38,343
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
30,509
40,640
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
2,163
2,276
Between two and five years
7,976
8,146
In over five years
150,662
148,242
160,801
158,664
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 11
10
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.
11
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
2022
2021
£
£
Amounts owed by related parties
69,660
72,585
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances to directors
-
33,582
1,613
(30,000)
5,195
33,582
1,613
(30,000)
5,195
The above loan is interest free and repayable on demand.
13
Parent company
The directors, as a group, are the ultimate controlling party of the company due to their ownership of the share capital.
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 12
14
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
202
2
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
.
2022-04-30
2021-05-01
false
28 January 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
William Calder Snr
Fiona Calder
William Calder Jnr
Fiona Calder
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