Yarrow Fishery Limited SC328901 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is fish farming. Digita Accounts Production Advanced 6.30.9574.0 true SC328901 2021-01-01 2021-12-31 SC328901 2021-12-31 SC328901 bus:OrdinaryShareClass1 2021-12-31 SC328901 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC328901 core:ShareCapital 2021-12-31 SC328901 core:CurrentFinancialInstruments 2021-12-31 SC328901 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 SC328901 core:Non-currentFinancialInstruments 2021-12-31 SC328901 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 SC328901 core:MoreThanFiveYears 1 2021-12-31 SC328901 core:FurnitureFittingsToolsEquipment 2021-12-31 SC328901 core:LandBuildings 2021-12-31 SC328901 core:MotorVehicles 2021-12-31 SC328901 core:OtherPropertyPlantEquipment 2021-12-31 SC328901 1 2021-12-31 SC328901 bus:SmallEntities 2021-01-01 2021-12-31 SC328901 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC328901 bus:FullAccounts 2021-01-01 2021-12-31 SC328901 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC328901 bus:RegisteredOffice 2021-01-01 2021-12-31 SC328901 bus:CompanySecretary1 2021-01-01 2021-12-31 SC328901 bus:Director1 2021-01-01 2021-12-31 SC328901 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC328901 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC328901 bus:Agent1 2021-01-01 2021-12-31 SC328901 core:Goodwill 2021-01-01 2021-12-31 SC328901 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 SC328901 core:LandBuildings 2021-01-01 2021-12-31 SC328901 core:MotorVehicles 2021-01-01 2021-12-31 SC328901 core:OfficeEquipment 2021-01-01 2021-12-31 SC328901 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 SC328901 core:PlantMachinery 2021-01-01 2021-12-31 SC328901 1 2021-01-01 2021-12-31 SC328901 countries:Scotland 2021-01-01 2021-12-31 SC328901 2020-12-31 SC328901 core:FurnitureFittingsToolsEquipment 2020-12-31 SC328901 core:LandBuildings 2020-12-31 SC328901 core:MotorVehicles 2020-12-31 SC328901 core:OtherPropertyPlantEquipment 2020-12-31 SC328901 2020-01-01 2020-12-31 SC328901 2020-12-31 SC328901 bus:OrdinaryShareClass1 2020-12-31 SC328901 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC328901 core:ShareCapital 2020-12-31 SC328901 core:CurrentFinancialInstruments 2020-12-31 SC328901 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 SC328901 core:Non-currentFinancialInstruments 2020-12-31 SC328901 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 SC328901 core:MoreThanFiveYears 1 2020-12-31 SC328901 core:FurnitureFittingsToolsEquipment 2020-12-31 SC328901 core:LandBuildings 2020-12-31 SC328901 core:MotorVehicles 2020-12-31 SC328901 core:OtherPropertyPlantEquipment 2020-12-31 SC328901 1 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC328901

Yarrow Fishery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Yarrow Fishery Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Yarrow Fishery Limited

Company Information

Director

S Auty

Company secretary

E Sowerby

Registered office

Yarrow Fishery
Yarrowford
Selkirk
TD7 5JZ

Solicitors

A M Simpson & Son
14 Well Street
Moffat
DG10 9DP

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Yarrow Fishery Limited for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Yarrow Fishery Limited for the year ended 31 December 2021 as set out on pages 3 to 10 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Yarrow Fishery Limited, as a body, in accordance with the terms of our engagement letter dated 19 June 2008. Our work has been undertaken solely to prepare for your approval the accounts of Yarrow Fishery Limited and state those matters that we have agreed to state to the Board of Directors of Yarrow Fishery Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yarrow Fishery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Yarrow Fishery 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 Yarrow Fishery Limited. You consider that Yarrow Fishery 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 Yarrow Fishery 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.

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

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

11 August 2022

 

Yarrow Fishery Limited

(Registration number: SC328901)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

44,122

31,152

Current assets

 

Stocks

6

101,300

105,340

Debtors

7

10,156

5,522

Cash at bank and in hand

 

66,666

66,235

 

178,122

177,097

Creditors: Amounts falling due within one year

8

(109,488)

(92,663)

Net current assets

 

68,634

84,434

Total assets less current liabilities

 

112,756

115,586

Creditors: Amounts falling due after more than one year

8

(17,825)

(25,000)

Provisions for liabilities

(6,219)

(3,369)

Net assets

 

88,712

87,217

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

87,712

86,217

Shareholders' funds

 

88,712

87,217

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 August 2022
 

.........................................
S Auty
Director

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Yarrow Fishery
Yarrowford
Selkirk
TD7 5JZ

The principal place of business is:
Yarrowford
Selkirk
TD7 5JZ
Scotland

These financial statements were authorised for issue by the director on 11 August 2022.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land & buildings

10.53% straight line

Plant & machinery

15% straight line

Motor vehicles

25% straight line

Office equipment

25% straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2020 - 3).

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

10,675

7,181

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2021

75,211

4,148

40,540

81,556

201,455

Additions

-

-

17,357

6,287

23,644

At 31 December 2021

75,211

4,148

57,897

87,843

225,099

Depreciation

At 1 January 2021

66,249

4,148

29,760

70,145

170,302

Charge for the year

1,228

-

5,720

3,727

10,675

At 31 December 2021

67,477

4,148

35,480

73,872

180,977

Carrying amount

At 31 December 2021

7,734

-

22,417

13,971

44,122

At 31 December 2020

8,961

-

10,780

11,411

31,152

Included within the net book value of land and buildings above is £7,734 (2020 - £8,961) in respect of freehold land and buildings.
 

6

Stocks

2021
£

2020
£

Other inventories

101,300

105,340

7

Debtors

Current

2021
£

2020
£

Trade debtors

8,695

2,915

Prepayments

399

387

Other debtors

1,062

2,220

 

10,156

5,522

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

10

4,813

-

Trade creditors

 

4,954

6,191

Taxation and social security

 

50

1,571

Accruals and deferred income

 

11,740

6,753

Other creditors

 

87,931

78,148

 

109,488

92,663

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

17,825

25,000

2021
£

2020
£

Due after more than five years

After more than five years by instalments

-

2,204

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

17,825

25,000

 

Yarrow Fishery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Current loans and borrowings

Bank borrowings

4,813

-

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5% with a completion date of 16 June 2026. The carrying amount at year end is £22,638 (2020 - £25,000).

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,520 (2020 - £6,520).

12

Related party transactions

Other transactions with the director

S Auty a director and shareholder, advanced loans to the company during the year, at the balance sheet date the amounts owed to S Auty was £43,966.

E Sowerby a director and shareholder, advanced loans to the company, at the balance sheet date the amounts owed to E Sowerby was £43,965.