Company Registration No. SC434438 (Scotland)
LOCHFYNE LANGOUSTINES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LOCHFYNE LANGOUSTINES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
LOCHFYNE LANGOUSTINES LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
28,811
96,414
Investments
6
950,002
950,002
978,813
1,046,416
Current assets
Inventories
13,458
23,002
Trade and other receivables
7
137,962
107,191
Cash and cash equivalents
607
47,029
152,027
177,222
Current liabilities
9
(418,199)
(134,845)
Net current (liabilities)/assets
(266,172)
42,377
Total assets less current liabilities
712,641
1,088,793
Non-current liabilities
10
(1,205,475)
(1,235,613)
Net liabilities
(492,834)
(146,820)
Equity
Called up share capital
100
100
Other reserves
40,000
40,000
Retained earnings
(532,934)
(186,920)
Total equity
(492,834)
(146,820)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 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.
LOCHFYNE LANGOUSTINES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2022 and are signed on its behalf by:
James D McMillan
Director
Company Registration No. SC434438
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Lochfyne Langoustines Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
The Old Surgery, School Road, Tarbert, Argyll, PA29 6UL.
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 the revaluation of boats and licences and certain boats and licences at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are aware that the disruption to the company's supply chain caused by COVID-19 has had a material impact on the company's trading performance since the balance sheet date and throughout 2020 and to the extent that this disruption continues for any extended period of time after the date of signing these accounts could impact on the company's ability to continue as a going concern. These financial statements are prepared on the going concern basis as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licences
NIL
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Processing plant
NIL
Boats
NIL
Plant and machinery
20% reducing balance
Motor 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
.
1.6
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities 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
.
1.7
Impairment of non-current assets
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.
1.8
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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 statement of financial position 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
trade and other receivables
and cash and bank balances, 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
trade and other payables
, bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Financial liabilities classified as payable within one year are not amortised.
1.11
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.
1.12
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
non-current 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.
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
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
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
7
7
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Intangible fixed assets
Other
£
Cost or valuation
At 1 January 2021 and 31 December 2021
15,000
Amortisation and impairment
At 1 January 2021 and 31 December 2021
15,000
Carrying amount
At 31 December 2021
At 31 December 2020
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2021
2020
£
£
Cost
-
-
Accumulated amortisation
-
-
Carrying value
-
-
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2021
105,450
129,888
235,338
Disposals
(105,450)
(105,450)
At 31 December 2021
129,888
129,888
Depreciation and impairment
At 1 January 2021
45,450
93,474
138,924
Depreciation charged in the year
7,603
7,603
Eliminated in respect of disposals
(45,450)
(45,450)
At 31 December 2021
101,077
101,077
Carrying amount
At 31 December 2021
28,811
28,811
At 31 December 2020
60,000
36,414
96,414
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
950,002
950,002
The investment represents the whole of the issued share capital of Loch Fyne Seafarms Ltd.
7
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
61,463
105,197
Amounts owed by group undertakings
75,153
Other receivables
1,346
1,994
137,962
107,191
LOCHFYNE LANGOUSTINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Capital Reserves
During 2017 the directors capitalised £40,000 of amounts due to them to increase the company's capital base.
9
Current liabilities
2021
2020
£
£
Bank loans and overdrafts
3,482
81,998
Trade payables
235,517
271,816
Amounts owed to group undertakings
(389,549)
Taxation and social security
56,547
42,010
Other payables
122,653
128,570
418,199
134,845
Included in other payables is an amount of £30,000 due to a director of the company.
Bibby Finance Limited have a fixed charge over all the property, Tarbert and floating charge over the other assets of the company.
10
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
44,483
50,000
Other payables
1,160,992
1,185,613
1,205,475
1,235,613
Included in other payables is an amount of £778,923 due to the directors of the company which is subordinated to all other creditors. Vendor loans for the purchase of Loch Fyne Seafarms Ltd. amounting to £228,000 are secured over the assets of the company and Loch Fyne Seafarms Ltd.
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James D McMillan
Andrew McMillan
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