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REGISTERED NUMBER: SC120814 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Loch Laxford Shellfish Limited

Loch Laxford Shellfish Limited (Registered number: SC120814)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Loch Laxford Shellfish Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: H R Ross
D W Taylor
J M Ross





REGISTERED OFFICE: 70 Foindle
by Lairg
Sutherland
IV27 4SU





REGISTERED NUMBER: SC120814 (Scotland)





ACCOUNTANTS: Mackay & Co
Chartered Accountants
Unit 8
Golspie Business Park
Golspie
Sutherland
KW10 6UB

Loch Laxford Shellfish Limited (Registered number: SC120814)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 683,363 479,666

CURRENT ASSETS
Debtors 98,651 102,910
Cash at bank 59,843 125,149
158,494 228,059
CREDITORS
Amounts falling due within one year 16,690 53,320
NET CURRENT ASSETS 141,804 174,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

825,167

654,405

PROVISIONS FOR LIABILITIES (153,681 ) (75,619 )

ACCRUALS AND DEFERRED INCOME (17,799 ) (27,543 )
NET ASSETS 653,687 551,243

CAPITAL AND RESERVES
Called up share capital 26,316 26,316
Share premium 98,684 98,684
Revaluation reserve 5 145,000 -
Retained earnings 383,687 426,243
SHAREHOLDERS' FUNDS 653,687 551,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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 Laxford Shellfish Limited (Registered number: SC120814)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 October 2023 and were signed on its behalf by:





J M Ross - Director


Loch Laxford Shellfish Limited (Registered number: SC120814)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Loch Laxford Shellfish 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on cost

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.

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.

Loch Laxford Shellfish Limited (Registered number: SC120814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2022 1,263,836
Additions 34,705
Disposals (5,605 )
Revaluations 145,000
At 31 March 2023 1,437,936
DEPRECIATION
At 1 April 2022 784,170
Charge for year (29,002 )
Eliminated on disposal (595 )
At 31 March 2023 754,573
NET BOOK VALUE
At 31 March 2023 683,363
At 31 March 2022 479,666

Cost or valuation at 31 March 2023 is represented by:

Totals
£   
Valuation in 2023 145,000
Cost 1,292,936
1,437,936

Loch Laxford Shellfish Limited (Registered number: SC120814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

If plant and equipment had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,134,424 -
Aggregate depreciation 618,675 -

Plant and equipment were valued on an open market basis on 31 March 2023 by an independent surveyor .

5. RESERVES
Revaluation
reserve
£   
Revaluation 145,000

At 31 March 2023 145,000

6. CONTINGENT LIABILITIES

Equipment deployed under water is uninsured. The net book value of this equipment at the Balance Sheet date was £278,784 (2022 - £288,397).