4 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,710,335 1,710,335 1,710,335 3,062,520 1,050,633 143,685 1,194,318 1,868,202 2,011,887 xbrli:pure xbrli:shares iso4217:GBP SC401163 2022-04-01 2023-03-31 SC401163 2023-03-31 SC401163 2022-03-31 SC401163 2021-04-01 2022-03-31 SC401163 2022-03-31 SC401163 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC401163 bus:Director5 2022-04-01 2023-03-31 SC401163 core:PlantMachinery 2022-03-31 SC401163 core:PlantMachinery 2023-03-31 SC401163 core:WithinOneYear 2023-03-31 SC401163 core:WithinOneYear 2022-03-31 SC401163 core:AfterOneYear 2023-03-31 SC401163 core:AfterOneYear 2022-03-31 SC401163 core:ShareCapital 2023-03-31 SC401163 core:ShareCapital 2022-03-31 SC401163 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC401163 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC401163 core:BetweenOneFiveYears 2022-03-31 SC401163 core:PlantMachinery 2022-04-01 2023-03-31 SC401163 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC401163 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 SC401163 core:PlantMachinery 2022-03-31 SC401163 bus:SmallEntities 2022-04-01 2023-03-31 SC401163 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC401163 bus:FullAccounts 2022-04-01 2023-03-31 SC401163 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC401163 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC401163 bus:OrdinaryShareClass1 2023-03-31 SC401163 bus:OrdinaryShareClass1 2022-03-31
COMPANY REGISTRATION NUMBER: SC401163
Resilient Fishing (Whalsay) Limited
Unaudited financial statements
31 March 2023
Resilient Fishing (Whalsay) Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
1,710,335
1,710,335
Tangible assets
6
1,868,202
2,011,887
-----------
-----------
3,578,537
3,722,222
Current assets
Debtors
7
55,872
41,682
Cash at bank and in hand
8,698
8,482
-------
-------
64,570
50,164
Creditors: Amounts falling due within one year
8
( 271,250)
( 294,488)
---------
---------
Net current liabilities
( 206,680)
( 244,324)
-----------
-----------
Total assets less current liabilities
3,371,857
3,477,898
Creditors: Amounts falling due after more than one year
9
( 1,951,998)
( 2,158,741)
Provisions
Taxation including deferred tax
( 328,968)
( 325,138)
-----------
-----------
Net assets
1,090,891
994,019
-----------
-----------
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss account
1,040,891
944,019
-----------
---------
Shareholders funds
1,090,891
994,019
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Resilient Fishing (Whalsay) Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 October 2023 , and are signed on behalf of the board by:
LHD Limited
Director
Company registration number: SC401163
Resilient Fishing (Whalsay) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mair's Quay, Holmsgarth, Lerwick, Shetland, Scotland, ZE1 0PW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets relate to fishing licences and quotas, and are stated at cost. The directors undertake an annual impairment of these assets and believe that the residual value is higher than the carrying value. This is on the basis that such assets are transferrable between vessels and can be sold on the open market. There is no history of such assets being sold on at a loss.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
See below
Boat 20 years Nets and equipment 3 years Electronics 5 years
Impairment of fixed assets
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Intangible assets
Fishing licences and quotas
£
Cost
At 1 April 2022 and 31 March 2023
1,710,335
-----------
Amortisation
At 1 April 2022 and 31 March 2023
-----------
Carrying amount
At 31 March 2023
1,710,335
-----------
At 31 March 2022
1,710,335
-----------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
3,062,520
3,062,520
-----------
-----------
Depreciation
At 1 April 2022
1,050,633
1,050,633
Charge for the year
143,685
143,685
-----------
-----------
At 31 March 2023
1,194,318
1,194,318
-----------
-----------
Carrying amount
At 31 March 2023
1,868,202
1,868,202
-----------
-----------
At 31 March 2022
2,011,887
2,011,887
-----------
-----------
7. Debtors
2023
2022
£
£
Other debtors
55,872
41,682
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
67,652
65,459
Trade creditors
35,115
10,902
Social security and other taxes
33,244
19,447
Other creditors
135,239
198,680
---------
---------
271,250
294,488
---------
---------
Bank loans and overdrafts of £67,652 (2022: £65,459) and other loans of £111,083 (2022: £105,668) in other creditors are secured by a charge over the fishing vessel.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
343,836
439,496
Directors loan accounts
1,290,331
1,290,331
Other creditors
317,831
428,914
-----------
-----------
1,951,998
2,158,741
-----------
-----------
Bank loans and overdrafts of £343,836 (2022: £439,496) and other loans of £317,831 (2022: £428,914) in other creditors are secured by a charge over the fishing vessel.
Included within creditors: amounts falling due after more than one year is an amount of £73,227 (2022: £177,660) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
-------
-------
-------
-------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
15,170
12,235
Later than 1 year and not later than 5 years
21,206
-------
-------
15,170
33,441
-------
-------