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REGISTERED NUMBER: SC229249 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 FEBRUARY 2023

FOR

FAITHLIE TRAWL INTERNATIONAL LIMITED

FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAITHLIE TRAWL INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 1 FEBRUARY 2023







DIRECTORS: W Hepburn
W A Hepburn





SECRETARY: W Hepburn





REGISTERED OFFICE: Bruces Yard
Commerce Street
Fraserburgh
AB43 9LP





REGISTERED NUMBER: SC229249 (Scotland)

FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

BALANCE SHEET
1 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 302,963 334,042
302,963 334,042

CURRENT ASSETS
Stocks 62,032 52,482
Debtors 7 280,735 227,828
Cash at bank and in hand 375,480 317,412
718,247 597,722
CREDITORS
Amounts falling due within one year 8 423,903 325,129
NET CURRENT ASSETS 294,344 272,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

597,307

606,635

CREDITORS
Amounts falling due after more than one
year

9

(113,392

)

(135,691

)

PROVISIONS FOR LIABILITIES (47,360 ) (32,635 )
NET ASSETS 436,555 438,309

CAPITAL AND RESERVES
Called up share capital 11 400 400
Retained earnings 436,155 437,909
SHAREHOLDERS' FUNDS 436,555 438,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 February 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.

FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

BALANCE SHEET - continued
1 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





W Hepburn - Director


FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 FEBRUARY 2023

1. STATUTORY INFORMATION

Faithlie Trawl International 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

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 - 4% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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


FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued
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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the term of the lease, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 13 ) .

FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 FEBRUARY 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 2 February 2022
and 1 February 2023 32,085
AMORTISATION
At 2 February 2022
and 1 February 2023 32,085
NET BOOK VALUE
At 1 February 2023 -
At 1 February 2022 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 2 February 2022 122,180 415,749 537,929
Additions - 67,533 67,533
Disposals - (52,941 ) (52,941 )
At 1 February 2023 122,180 430,341 552,521
DEPRECIATION
At 2 February 2022 73,305 130,582 203,887
Charge for year 4,887 60,972 65,859
Eliminated on disposal - (20,188 ) (20,188 )
At 1 February 2023 78,192 171,366 249,558
NET BOOK VALUE
At 1 February 2023 43,988 258,975 302,963
At 1 February 2022 48,875 285,167 334,042

Included within the net book value of £258,975 is £201,046 (2022 - £217,355) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £43,267 (2022 - £37,712).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 239,149 180,011
Other debtors 41,586 47,817
280,735 227,828

FAITHLIE TRAWL INTERNATIONAL LIMITED (REGISTERED NUMBER: SC229249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 37,237 34,895
Trade creditors 177,147 233,992
Taxation and social security 4,240 13,427
Other creditors 195,279 32,815
423,903 325,129

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 24,167 34,167
Hire purchase contracts 89,225 101,524
113,392 135,691

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 126,462 136,419

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400 Ordinary £1 400 400