Company registration number SC418954 (Scotland)
Scottish Seas Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with registrar
Scottish Seas Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Scottish Seas Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scottish Seas Limited for the year ended 31 December 2021 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Board of Directors of Scottish Seas Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Scottish Seas Limited and state those matters that we have agreed to state to the Board of Directors of Scottish Seas Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scottish Seas Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Scottish Seas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Scottish Seas Limited. You consider that Scottish Seas 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 financial statements of Scottish Seas 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 financial statements.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
29 August 2022
Scottish Seas Limited
Statement of financial position
as at 31 December 2021
2
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4,770
590
Cash at bank and in hand
13,326
977
18,096
1,567
Creditors: amounts falling due within one year
(4,049)
(45,552)
Net current assets/(liabilities)
14,047
(43,985)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
14,046
(43,986)
Total equity
14,047
(43,985)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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.

The 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.

The financial statements were approved by the board of directors and authorised for issue on 23 August 2022 and are signed on its behalf by:
William McKenzie
Director
Company registration number SC418954
Scottish Seas Limited
Notes to the financial statements
for the year ended 31 December 2021
3
1
Accounting policies
Company information

Scottish Seas Limited is a private company limited by shares incorporated in Scotland. The registered office is 47 Albert Street, Aberdeen, AB25 1XT.

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.

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 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.

1.3
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
2021
2020
Number
Number
Total
-
0
-
0
3
Parent company

The ultimate parent undertaking is North and West (Scotland) Association of Producer Organisations Limited as it owns 100% of the issued ordinary share capital.

2021-12-312021-01-01false29 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityWilliam McKenzieDavid AndersonAlan CoghillKevin McDonellDavid AndersonSC4189542021-01-012021-12-31SC4189542021-12-31SC4189542020-12-31SC418954core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC418954core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31SC418954core:ShareCapital2021-12-31SC418954core:ShareCapital2020-12-31SC418954core:RetainedEarningsAccumulatedLosses2021-12-31SC418954core:RetainedEarningsAccumulatedLosses2020-12-31SC418954bus:Director12021-01-012021-12-31SC4189542020-01-012020-12-31SC418954bus:PrivateLimitedCompanyLtd2021-01-012021-12-31SC418954bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC418954bus:FRS1022021-01-012021-12-31SC418954bus:AuditExemptWithAccountantsReport2021-01-012021-12-31SC418954bus:Director22021-01-012021-12-31SC418954bus:Director32021-01-012021-12-31SC418954bus:Director42021-01-012021-12-31SC418954bus:CompanySecretary12021-01-012021-12-31SC418954bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP