REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
LOCH INCHARD FISHING COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
LOCH INCHARD FISHING COMPANY LIMITED |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Report of the Accountants | 8 |
LOCH INCHARD FISHING COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
28 Broad Street |
Peterhead |
Aberdeenshire |
AB42 1BY |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
BALANCE SHEET |
30 NOVEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
BALANCE SHEET - continued |
30 NOVEMBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
1. | STATUTORY INFORMATION |
Loch Inchard Fishing Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Amortisation is recognised so as to write off the cost or valuation less residual value over 10 years, which represents the best estimate of useful life. |
Given the directors' opinion that residual value is not below cost, no amortisation is provided in the year. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset cost less any residual value over its estimated useful life. |
Vessels - 25 years, once in use, unless residual value exceeds carrying value |
Motor Vehicles - 20% on reducing balance |
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 tax |
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. |
Going concern |
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operations for the foreseeable future, and therefore continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
4. | INTANGIBLE FIXED ASSETS |
Licences |
and |
quota |
£ |
COST |
At 1 December 2020 | 740,275 |
Additions | 220,000 |
At 30 November 2021 | 960,275 |
NET BOOK VALUE |
At 30 November 2021 | 960,275 |
At 30 November 2020 | 740,275 |
5. | TANGIBLE FIXED ASSETS |
Vessel | Vessel | Plant and |
Loch | Loch | machinery |
Inchard II | Inchard III | etc | Totals |
£ | £ | £ | £ |
COST OR REVALUATION |
At 1 December 2020 | 200,000 | 1,188,413 | 13,867 | 1,402,280 |
Additions | - | 1,633,439 | - | 1,633,439 |
Revaluations | (153,000 | ) | 178,148 | - | 25,148 |
At 30 November 2021 | 47,000 | 3,000,000 | 13,867 | 3,060,867 |
DEPRECIATION |
At 1 December 2020 | - | - | 2,773 | 2,773 |
Charge for period | - | - | 2,219 | 2,219 |
At 30 November 2021 | - | - | 4,992 | 4,992 |
NET BOOK VALUE |
At 30 November 2021 | 47,000 | 3,000,000 | 8,875 | 3,055,875 |
At 30 November 2020 | 200,000 | 1,188,413 | 11,094 | 1,399,507 |
Depreciation has not been provided on the vessel in operation as the directors believe that its carrying value represents its residual value. |
Cost or valuation at 30 November 2021 is represented by: |
Vessel | Vessel | Plant and |
Loch | Loch | machinery |
Inchard II | Inchard III | etc | Totals |
£ | £ | £ | £ |
Surplus/(deficit) on revaluation | (153,000 | ) | 178,148 | - | 25,148 |
Cost | 200,000 | 2,821,852 | 13,867 | 3,035,719 |
Revaluation at 2021 | 47,000 | 3,000,000 | 13,867 | 3,060,867 |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors | 101,291 | 14,875 |
Other creditors | 202,337 | 16,193 |
Directors' loan | 169,323 | 24,659 |
Bridging loan | 200,000 | - |
Amounts owed to participating interests | 24,000 | - |
698,871 | 55,727 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank development loan | 2,100,000 | 701,793 |
Amounts owed to participating interests | 107,000 | 107,000 |
Directors' loan | 322,000 | 322.000 |
2,529,000 | 1,130,793 |
There is a standard security over the company's tangible assets, in addition to a bond and floating charge over all assets in favour of the bank. The directors' loans and amounts due to associates are subordinated in favour of bank borrowings. |
9. | RESERVES |
Revaluation |
reserve |
£ |
Movement in year | 20,370 |
At 30 November 2021 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30 November 2021 and the period ended 30 November 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
LOCH INCHARD FISHING COMPANY LIMITED (REGISTERED NUMBER: SC646854) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
Loch Clash Fish Company Ltd is a minority shareholder. At the year end £131,000 (2020:£107,000) was due to Loch Clash Fish Company Ltd. |
Mr J M R Mackay and Mr I Mackay are remunerated for services provided to the company as self employed share fishermen. |
LOCH INCHARD FISHING COMPANY LIMITED |
REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
LOCH INCHARD FISHING COMPANY LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2021 set out on pages two to seven and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
28 Broad Street |
Peterhead |
Aberdeenshire |
AB42 1BY |