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Registration number: SC613425

Codfish Oban Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Codfish Oban Limited

Contents

Company Information

1

Director's 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 Unaudited Financial Statements

8 to 13

 

Codfish Oban Limited

Company Information

Director

Mr John Unkles Stewart

Registered office

13 George Street
Oban
Argyll
PA34 5RU

Accountants

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

 

Codfish Oban Limited

Director's Report for the Year Ended 31 March 2022

The director presents his report and the financial statements for the year ended 31 March 2022.

Director of the company

The director who held office during the year was as follows:

Mr John Unkles Stewart

Principal activity

The principal activity of the company is operating a fish & chip shop

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 and authorised by the director on 18 August 2022
 

.........................................
Mr John Unkles Stewart
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Codfish Oban Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Codfish Oban Limited for the year ended 31 March 2022 as set out on pages 4 to 13 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/regulation.

This report is made solely to the Board of Directors of Codfish Oban 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 Codfish Oban Limited and state those matters that we have agreed to state to the Board of Directors of Codfish Oban 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 Codfish Oban Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Codfish Oban 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 Codfish Oban Limited. You consider that Codfish Oban 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 Codfish Oban 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
PA35 1AG

18 August 2022

 

Codfish Oban Limited

Profit and Loss Account for the Year Ended 31 March 2022

Note

2022
£

2021
£

Turnover

 

457,696

-

Cost of sales

 

(227,020)

-

Gross profit

 

230,676

-

Administrative expenses

 

(220,876)

(191,789)

Other operating income

 

5,244

-

Operating profit/(loss)

 

15,044

(191,789)

Income from participating interests

 

-

53,594

Interest payable and similar expenses

 

-

(19,075)

   

-

34,519

Profit/(loss) before tax

3

15,044

(157,270)

Profit/(loss) for the financial year

 

15,044

(157,270)

The above results were derived from continuing operations.

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

 

Codfish Oban Limited

Statement of Comprehensive Income for the Year Ended 31 March 2022

2022
£

2021
£

Profit/(loss) for the year

15,044

(157,270)

Total comprehensive income for the year

15,044

(157,270)

 

Codfish Oban Limited

(Registration number: SC613425)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

239,619

235,000

Investments

5

1

1

 

239,620

235,001

Current assets

 

Stocks

6

8,731

5,000

Debtors

7

5,787

13,163

Cash at bank and in hand

 

2,468

61

 

16,986

18,224

Creditors: Amounts falling due within one year

8

(64,153)

(71,501)

Net current liabilities

 

(47,167)

(53,277)

Total assets less current liabilities

 

192,453

181,724

Creditors: Amounts falling due after more than one year

8

(345,685)

(350,000)

Net liabilities

 

(153,232)

(168,276)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(153,234)

(168,278)

Shareholders' deficit

 

(153,232)

(168,276)

For the financial year ending 31 March 2022 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.

Approved and authorised by the director on 18 August 2022
 

.........................................
Mr John Unkles Stewart
Director

 

Codfish Oban Limited

Statement of Changes in Equity for the Year Ended 31 March 2022

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

2

(168,278)

(168,276)

Profit for the year

-

15,044

15,044

At 31 March 2022

2

(153,234)

(153,232)

Share capital
£

Retained earnings
£

Total
£

At 1 December 2019

2

(11,008)

(11,006)

Loss for the year

-

(157,270)

(157,270)

At 31 March 2021

2

(168,278)

(168,276)

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 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.

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.

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

Freehold property

in accordance with the property

Plant and machinery

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2021 - 2).

3

Profit/loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

4,904

-

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

220,000

-

15,000

235,000

Additions

-

1,093

8,430

9,523

At 31 March 2022

220,000

1,093

23,430

244,523

Depreciation

Charge for the year

-

218

4,686

4,904

At 31 March 2022

-

218

4,686

4,904

Carrying amount

At 31 March 2022

220,000

875

18,744

239,619

At 31 March 2021

220,000

-

15,000

235,000

Included within the net book value of land and buildings above is £220,000 (2021 - £220,000) in respect of freehold land and buildings.
 

5

Investments

2022
£

2021
£

Investments in associates

1

1

Associates

£

Cost

At 1 April 2021

1

Provision

Carrying amount

At 31 March 2022

1

At 31 March 2021

1

6

Stocks

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2022
£

2021
£

Merchandise

3,731

-

Other inventories

5,000

5,000

8,731

5,000

7

Debtors

Current

2022
£

2021
£

Trade debtors

224

-

Other debtors

5,563

13,163

 

5,787

13,163

 

Codfish Oban Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

53,334

-

Accruals and deferred income

 

1,000

1,000

Other creditors

 

9,819

70,501

 

64,153

71,501

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

345,685

350,000

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

345,685

350,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

53,334

-