REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
THE LOCH CLASH FISH COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
THE LOCH CLASH FISH COMPANY LIMITED |
THE LOCH CLASH FISH COMPANY LIMITED (REGISTERED NUMBER: SC042610) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 5 |
THE LOCH CLASH FISH COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
28 Broad Street |
Peterhead |
Aberdeenshire |
AB42 1BY |
THE LOCH CLASH FISH COMPANY LIMITED (REGISTERED NUMBER: SC042610) |
ABRIDGED BALANCE SHEET |
31 MARCH 2018 |
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
THE LOCH CLASH FISH COMPANY LIMITED (REGISTERED NUMBER: SC042610) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
The Loch Clash Fish Company Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers |
during the year. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that |
it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments |
Investments in shares are included at fair value. |
Interest in fishing vessel partnership |
The cost and depreciation thereon of the company's 25% interest in the fixed asset of a fishing vessel partnership are included |
in the tangible fixed assets. The company's share of the partnership profit shown in the partnership accounts to 31 March is |
included in the operating profit or loss. The corresponding amount is included in debtors and cash is withdrawn from the |
partnership when appropriate. |
Pensions |
The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the |
company in independently administered funds. The amount charged against profits represents the contributions payable to |
the schemes in respect of the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE LOCH CLASH FISH COMPANY LIMITED (REGISTERED NUMBER: SC042610) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 April 2017 | 221,709 |
Additions | 4,150 |
Expenses incurred incl. VAT | (2,969 | ) |
Gains on sale | 4,736 |
Withdrawn in year | (28,081 | ) |
Fair value adjustment | (7,421 | ) |
At 31 March 2018 | 192,124 |
NET BOOK VALUE |
At 31 March 2018 | 192,124 |
At 31 March 2017 | 221,709 |
The historic cost of investments was £200,000 (2017: £197,461). |
6. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 5,827 | 7,607 |
Deferred |
tax |
£ |
Balance at 1 April 2017 |
Provided during year | ( |
) |
Balance at 31 March 2018 |
THE LOCH CLASH FISH COMPANY LIMITED (REGISTERED NUMBER: SC042610) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
6. | PROVISIONS FOR LIABILITIES - continued |
Full provision for the potential liability has been made, and relates to the interest in the vessel partnership and the fair value |
gains on listed investments. |
At 31 March 2018, there is a potential deferred tax asset of £7,373, using a tax rate of 19% (2017: £7,760) relating to losses |
in the main business for which no provision has been made. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 120 | 120 |
8. | RESERVES |
Share |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2017 | 353,697 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 March 2018 | 343,751 |
Retained earnings include non-distributable earnings amounting to £nil (2017: £19,641), in respect of fair value gains/losses |
in listed investments less related deferred tax. |
9. | CONTINGENT LIABILITIES |
The company has indemnified the bank in respect of a guarantee for £200,000 (2017: £200,000) granted to The Don Fishing |
Co. Limited arising in the normal course of business. |
10. | RELATED PARTY DISCLOSURES |
The company us now under the control of Mr David Ross who received all the dividends paid in the year. |