SEA LADY TRAWLERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
Company Registration No. SC537730 (Scotland)
PAGES FOR FILING WITH REGISTRAR
SEA LADY TRAWLERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SEA LADY TRAWLERS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
793,250
814,125
Tangible assets
4
1,257,809
1,297,912
Investments
5
3,000
3,000
2,054,059
2,115,037
Current assets
Debtors
6
532,186
411,111
Cash at bank and in hand
29,824
20,067
562,010
431,178
Creditors: amounts falling due within one year
7
(772,350)
(906,635)
Net current liabilities
(210,340)
(475,457)
Total assets less current liabilities
1,843,719
1,639,580
Provisions for liabilities
(238,984)
(246,604)
Net assets
1,604,735
1,392,976
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,071,575
1,095,413
Profit and loss reserves
533,060
297,463
Total equity
1,604,735
1,392,976
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
SEA LADY TRAWLERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2020
31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2021 and are signed on its behalf by:
Mr Tom F Nicholson
Director
Company Registration No. SC537730
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 3 -
1
Accounting policies
Company information
Sea Lady Trawlers Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Nivens Quay, Port Street, Annan, Dumfriesshire, DG12 6BN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
the sales of shellfish & fish
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.
Turnover is recognised when goods are physically delivered to the customer.
1.3
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise of fishing licences. Such assets are attached to associated fishing vessels and are therefore amortised on a straight line basis over the estimated useful life of the vessel, 15 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
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
2.5% straight line
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Motor vehicles
25% reducing balance
Fishing Vessels
2.5% straight line
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 4 -
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
.
1.5
Fixed asset 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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.7
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.
1.8
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.
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors 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 creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
1.9
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.
1.10
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.
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 6 -
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
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:
2020
2019
Number
Number
Total
3
2
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
3
Intangible fixed assets
Other
£
Cost or valuation
At 1 November 2019 and 31 October 2020
835,000
Amortisation and impairment
At 1 November 2019
20,875
Amortisation charged for the year
20,875
At 31 October 2020
41,750
Carrying amount
At 31 October 2020
793,250
At 31 October 2019
814,125
Licences are carried at valuation.
If licences were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2020
2019
£
£
Cost
-
-
Accumulated amortisation
-
-
Carrying value
-
-
4
Tangible fixed assets
Plant and machinery etc
Fishing Vessels
Total
£
£
£
Cost or valuation
At 1 November 2019 and 31 October 2020
53,301
1,300,000
1,353,301
Depreciation and impairment
At 1 November 2019
22,889
32,500
55,389
Depreciation charged in the year
7,603
32,500
40,103
At 31 October 2020
30,492
65,000
95,492
Carrying amount
At 31 October 2020
22,809
1,235,000
1,257,809
At 31 October 2019
30,412
1,267,500
1,297,912
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
4
Tangible fixed assets
(Continued)
- 8 -
Fishing vessels are carried at valuation.
If
fishing vessels
were measured using the cost model, the carrying amounts
would
have been approximately:
2020
2019
£
£
Cost
1,068,159
1,068,159
Accumulated depreciation
(111,485)
81,948
Carrying value
956,674
1,150,107
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
3,000
3,000
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
70,860
82,989
Amounts owed by group undertakings
269,392
203,904
Other debtors
191,934
124,218
532,186
411,111
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
56,256
128,744
Amounts owed to group undertakings
658,237
699,339
Other creditors
57,857
78,552
772,350
906,635
SEA LADY TRAWLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 9 -
8
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:
2020
2019
£
£
5,200
5,200
9
Events after the reporting date
At the date on which the financial statements were approved, the financial implications arising from the Coronavirus (Covid-19) outbreak, which has affected the UK,
remain
uncertain. The director
has reviewed the likely financial impact on the company and has modified operations to allow the company to trade safely when possible.
The
company has benefitted from the financial assistance provided by the UK government and the
director
is
of the opinion that the company remains a going concern.
10
Related party transactions
Sea Lady Trawlers Ltd is a related party of Ptarmigan Trawlers Ltd by virtue of common control. Included within 'other creditors' at 31 October 2020 is an interest free loan due of £52,357 (2019 - £52,357). This loan is repayable on demand.
Sea Lady Trawlers Ltd is a related party of Newbie Services Annan Ltd by virtue of common control and significant influence. Included within 'other debtors' at 31 October 2020 is an interest free loan owed amounting to £51,255 (2019 - £52,100). This loan is repayable on demand.
11
Parent company
The parent company of Sea Lady Trawlers Ltd is TN Enterprises Ltd and its registered office is Nivens Quay, Port Street, Annan, Dumfriesshire, DG12 6BN.