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Registration number: SC427893

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 12

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Company Information

Directors

Mr Douglas Ian Lamont

Mr Martin Iain Lamont

Registered office

Rockcliffe
East Bay
Mallaig
Invernessshire
PH41 4QF

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Directors' Report for the Year Ended 30 June 2018

The directors present their report and the financial statements for the year ended 30 June 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr Douglas Ian Lamont

Mr Martin Iain Lamont

Principal activity

The principal activity of the company is fishing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 5 November 2018 and signed on its behalf by:

.........................................
Mr Martin Iain Lamont
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited
for the Year Ended 30 June 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D. I. Lamont & Co Limited for the year ended 30 June 2018 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of D. I. Lamont & Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D. I. Lamont & Co Limited and state those matters that we have agreed to state to the Board of Directors of D. I. Lamont & Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D. I. Lamont & Co Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D. I. Lamont & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D. I. Lamont & Co Limited. You consider that D. I. Lamont & Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D. I. Lamont & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

5 November 2018

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Profit and Loss Account for the Year Ended 30 June 2018

Note

2018
£

2017
£

Turnover

 

1,313,764

1,006,915

Cost of sales

 

(22,477)

(9,733)

Gross profit

 

1,291,287

997,182

Administrative expenses

 

(295,800)

(252,169)

Operating profit

 

995,487

745,013

Profit before tax

2

995,487

745,013

Taxation

 

(195,604)

(132,951)

Profit for the financial year

 

799,883

612,062

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Statement of Comprehensive Income for the Year Ended 30 June 2018

2018
£

2017
£

Profit for the year

799,883

612,062

Total comprehensive income for the year

799,883

612,062

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

(Registration number: SC427893)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

3

83,780

66,000

Tangible assets

4

145,932

182,414

 

229,712

248,414

Current assets

 

Debtors

5

36,106

589,653

Cash at bank and in hand

 

264,607

188,441

 

300,713

778,094

Creditors: Amounts falling due within one year

6

(225,131)

(151,371)

Net current assets

 

75,582

626,723

Net assets

 

305,294

875,137

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

305,194

875,037

Total equity

 

305,294

875,137

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 November 2018 and signed on its behalf by:
 

.........................................

Mr Martin Iain Lamont
Director

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Statement of Changes in Equity for the Year Ended 30 June 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2017

100

875,037

875,137

Profit for the year

-

799,883

799,883

Total comprehensive income

-

799,883

799,883

Dividends

-

(1,369,726)

(1,369,726)

At 30 June 2018

100

305,194

305,294

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2016

100

850,975

851,075

Profit for the year

-

612,062

612,062

Total comprehensive income

-

612,062

612,062

Dividends

-

(588,000)

(588,000)

At 30 June 2017

100

875,037

875,137

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Boat fishing licences

In accordance with lifetime of licence

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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

Trade creditors 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 creditor 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 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Profit before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

36,482

37,959

3

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2017

66,000

66,000

Additions acquired separately

17,780

17,780

At 30 June 2018

83,780

83,780

Amortisation

Carrying amount

At 30 June 2018

83,780

83,780

At 30 June 2017

66,000

66,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2017

73,946

238,947

312,893

At 30 June 2018

73,946

238,947

312,893

Depreciation

At 1 July 2017

40,948

89,531

130,479

Charge for the year

6,599

29,883

36,482

At 30 June 2018

47,547

119,414

166,961

Carrying amount

At 30 June 2018

26,399

119,533

145,932

At 30 June 2017

32,998

149,416

182,414

5

Debtors

2018
£

2017
£

Other debtors

36,106

589,653

36,106

589,653

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

-

4,773

Taxation and social security

24,653

2,095

Accruals and deferred income

3,600

3,600

Other creditors

196,878

140,903

225,131

151,371

7

Share capital

Allotted, called up and fully paid shares

 

D. I. Lamont & Co Limited

trading as D.I.Lamont & Co Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

54,072

19,663