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REGISTERED NUMBER: SC248047 (Scotland)















Unaudited financial statements for the year ended 31 December 2022

For

Scot West Seafoods Ltd

Scot West Seafoods Ltd (Registered number: SC248047)






Contents of the financial statements
for the Year Ended 31 December 2022




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Scot West Seafoods Ltd

Company information
for the Year Ended 31 December 2022







Directors: A J R Martinez
J C Agramunt
Mrs J C Agramunt





Secretary: Mrs J C Agramunt





Registered office: Unit 26e
Kyle Industrial Estate
Kyle Of Lochalsh
ROSS-SHIRE
IV40 8AX





Registered number: SC248047 (Scotland)





Accountants: Equiom (Scotland)
15a Harbour Road
Inverness
INVERNESS-SHIRE
IV1 1SY

Scot West Seafoods Ltd (Registered number: SC248047)

Balance sheet
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 312,774 150,511
312,774 150,511

Current assets
Stocks 31,356 47,807
Debtors 6 722,164 742,012
Cash at bank and in hand 76,427 123,535
829,947 913,354
Creditors
Amounts falling due within one year 7 (430,848 ) (407,314 )
Net current assets 399,099 506,040
Total assets less current liabilities 711,873 656,551

Creditors
Amounts falling due after more than one
year

8

(2,839

)

(3,340

)
Net assets 709,034 653,211

Capital and reserves
Called up share capital 182,444 182,444
Other reserves 66,156 66,156
Retained earnings 460,434 404,611
Shareholders' funds 709,034 653,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Scot West Seafoods Ltd (Registered number: SC248047)

Balance sheet - continued
31 December 2022


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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mrs J C Agramunt - Director


Scot West Seafoods Ltd (Registered number: SC248047)

Notes to the financial statements
for the Year Ended 31 December 2022

1. Statutory information

Scot West Seafoods Ltd 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 preparation
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 25% straight line and 2% straight line
Plant and machinery etc - 33% straight line and 25% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. Employees and directors

The average number of employees during the year was 17 (2021 - 19 ) .

Scot West Seafoods Ltd (Registered number: SC248047)

Notes to the financial statements - continued
for the Year Ended 31 December 2022

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2022
and 31 December 2022 42,639
Amortisation
At 1 January 2022
and 31 December 2022 42,639
Net book value
At 31 December 2022 -
At 31 December 2021 -

5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2022 94,371 761,130 855,501
Additions 164,330 64,288 228,618
At 31 December 2022 258,701 825,418 1,084,119
Depreciation
At 1 January 2022 60,384 644,606 704,990
Charge for year 3,264 63,091 66,355
At 31 December 2022 63,648 707,697 771,345
Net book value
At 31 December 2022 195,053 117,721 312,774
At 31 December 2021 33,987 116,524 150,511

6. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 538,219 631,847
Other debtors 183,945 110,165
722,164 742,012

7. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts - 6,591
Trade creditors 173,213 306,893
Taxation and social security 97,722 70,941
Other creditors 159,913 22,889
430,848 407,314

Scot West Seafoods Ltd (Registered number: SC248047)

Notes to the financial statements - continued
for the Year Ended 31 December 2022

8. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Other creditors 2,839 3,340

9. Secured debts

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans - 6,591

The bank overdraft and loans are secured by a bond and floating charge over the whole assets of the company.

10. Related party disclosures

Included in trade debtors at the year end is £150,000 (2021: £150,000) due from Marescot Limited, a company which the director Jorge Cubells Agramunt had an interest in at 31 December 2022.

Included in trade debtors at the year end is £59,082 (2021: £68,820) due from Maresmar SLU, a company which the directors Jorge and Judit Cubells Agramunt had an interest in at 31 December 2022.

Included in trade debtors at the year end is £316,078 (2021: £398,986) due from Scotwest France, a company which the directors Jorge and Judit Cubells Agramunt had an interest in at 31 December 2022.

Included in other debtors at the year end is £76,000 (2021: £nil) due from Marescot Limited, a company which the director Jorge Cubells Agramunt had an interest in at 31 December 2021.

Included in other debtors at the year end is £31,142 (2021: £nil) due from Vikingmar APS a company which the director Jorge Cubells Agramunt had an interest in at 31 December 2022.

Included in trade creditors at the year end is £nil (2021: £10,048) owed to Maresmar SLU, a company which the directors Jorge and Judit Cubells Agramunt had an interest in at 31 December 20221.