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REGISTERED NUMBER: SC652031 (Scotland)










Unaudited Financial Statements

for the Period

1 February 2022 to 28 February 2023

for

S M Fisheries Limited

S M Fisheries Limited (Registered number: SC652031)






Contents of the Financial Statements
for the Period 1 February 2022 to 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S M Fisheries Limited

Company Information
for the Period 1 February 2022 to 28 February 2023







DIRECTOR: S R McNab





REGISTERED OFFICE: Windywalls
Papa Westray
Orkney
KW17 2BU





REGISTERED NUMBER: SC652031 (Scotland)





ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ

S M Fisheries Limited (Registered number: SC652031)

Balance Sheet
28 February 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
10,400 Intangible assets 4 -
9,066 Tangible assets 5 -
19,466 -

CURRENT ASSETS
641 Debtors 6 5,091
811 Cash at bank 1,700
1,452 6,791
CREDITORS
17,742 Amounts falling due within one year 7 6,700
(16,290 ) NET CURRENT ASSETS/(LIABILITIES) 91
3,176 TOTAL ASSETS LESS CURRENT
LIABILITIES

91

1,723 PROVISIONS FOR LIABILITIES -
1,453 NET ASSETS 91

CAPITAL AND RESERVES
1 Called up share capital 1
1,452 Retained earnings 90
1,453 SHAREHOLDERS' FUNDS 91

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

S M Fisheries Limited (Registered number: SC652031)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2023 and were signed by:





S R McNab - Director


S M Fisheries Limited (Registered number: SC652031)

Notes to the Financial Statements
for the Period 1 February 2022 to 28 February 2023

1. STATUTORY INFORMATION

S M Fisheries Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of shellfish landed within the trading period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

S M Fisheries Limited (Registered number: SC652031)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


S M Fisheries Limited (Registered number: SC652031)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 February 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022 13,000
Disposals (13,000 )
At 28 February 2023 -
AMORTISATION
At 1 February 2022 2,600
Eliminated on disposal (2,600 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 31 January 2022 10,400

S M Fisheries Limited (Registered number: SC652031)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 February 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 14,430
Disposals (14,430 )
At 28 February 2023 -
DEPRECIATION
At 1 February 2022 5,364
Eliminated on disposal (5,364 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 31 January 2022 9,066

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 30
Other debtors 5,091 611
5,091 641

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 177 2,161
Taxation and social security 5,367 963
Other creditors 1,156 14,618
6,700 17,742

8. RELATED PARTY DISCLOSURES

Crew share of £9844 was paid to the director.