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Registration number: SC427893

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Company Information

Directors

Mr Douglas Ian Lamont

Mr Martin Iain Lamont

Registered office

Rockcliffe
East Bay
Mallaig
Inverness-Shire
Invernessshire
PH41 4QF

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Douglas Ian Lamont

Mr Martin Iain Lamont

Principal activity

The principal activity of the company is fishing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr Martin Iain Lamont
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D. I. Lamont & Co. Limited for the year ended 30 June 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of D. I. Lamont & Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D. I. Lamont & Co. Limited and state those matters that we have agreed to state to the Board of Directors of D. I. Lamont & Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D. I. Lamont & Co. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D. I. Lamont & Co. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D. I. Lamont & Co. Limited. You consider that D. I. Lamont & Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D. I. Lamont & Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

16 October 2023

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

1,303,836

1,154,642

Cost of sales

 

(64,391)

(44,206)

Gross profit

 

1,239,445

1,110,436

Administrative expenses

 

(409,071)

(355,168)

Operating profit

 

830,374

755,268

Profit before tax

3

830,374

755,268

Tax on profit

 

(169,254)

(145,282)

Profit for the financial year

 

661,120

609,986

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

661,120

609,986

Total comprehensive income for the year

661,120

609,986

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

(Registration number: SC427893)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

108,780

108,780

Tangible assets

5

52,231

54,978

 

161,011

163,758

Current assets

 

Debtors

6

1,432

1,432

Cash at bank and in hand

 

343,976

152,714

 

345,408

154,146

Creditors: Amounts falling due within one year

7

(225,205)

(172,810)

Net current assets/(liabilities)

 

120,203

(18,664)

Net assets

 

281,214

145,094

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

281,114

144,994

Shareholders' funds

 

281,214

145,094

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

(Registration number: SC427893)
Balance Sheet as at 30 June 2023

.........................................
Mr Martin Iain Lamont
Director

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

144,994

145,094

Profit for the year

-

661,120

661,120

Dividends

-

(525,000)

(525,000)

At 30 June 2023

100

281,114

281,214

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

100

135,008

135,108

Profit for the year

-

609,986

609,986

Dividends

-

(600,000)

(600,000)

At 30 June 2022

100

144,994

145,094

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Boat fishing licences

In accordance with lifetime of licence

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

12,983

13,743

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

108,780

108,780

At 30 June 2023

108,780

108,780

Amortisation

Carrying amount

At 30 June 2023

108,780

108,780

At 30 June 2022

108,780

108,780

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

114,433

209,519

323,952

Additions

18,342

3,389

21,731

Disposals

-

(11,495)

(11,495)

At 30 June 2023

132,775

201,413

334,188

Depreciation

At 1 July 2022

82,806

186,168

268,974

Charge for the year

9,934

3,049

12,983

At 30 June 2023

92,740

189,217

281,957

Carrying amount

At 30 June 2023

40,035

12,196

52,231

At 30 June 2022

31,627

23,351

54,978

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

1,432

1,432

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

218,595

167,707

Accruals and deferred income

3,600

3,600

Other creditors

3,010

1,503

225,205

172,810

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

 

D. I. Lamont & Co. Limited

trading as D.I.Lamont & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

124,779

105,472

10

Parent and ultimate parent undertaking

Lamont Leasing Ltd originally acquired 50% of DI Lamont & Co Ltd on 15th November 2017. A further 25% was acquired on 30th April 2018.

 The company's immediate parent is Lamont Leasing Ltd, incorporated in Scotland.

 The most senior parent entity producing publicly available financial statements is Lamont Leasing Ltd. These financial statements are available upon request from Companies House, Scotland