REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
JOHN MACALISTER (OBAN) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
JOHN MACALISTER (OBAN) LIMITED |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
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 |
JOHN MACALISTER (OBAN) LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Broombank |
North Connel |
Oban |
Argyll |
PA37 1RD |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
BALANCE SHEET - continued |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
John MacAlister (Oban) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
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 |
Buildings | - |
Boats & equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received. |
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
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. |
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are oblig.ations 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. |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | 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 held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
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. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below. |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Non-financial assets |
At each balance sheet date, the company reviews its tangible and intangible .assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). the recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Boat |
licence |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Boats & | and |
Buildings | equipment | fittings |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Buildings |
The building was a storage shed with an integral workshop constructed on land leased from Oban Livestock Mart. The building was completely destroyed by fire during 2021, since then the company has commenced re-construction with the costs of re-construction work outweighing the insurance proceeds, hence the additional costs to 31.12.22 are recognised in the balance sheet. |
There is some doubt that the Oban Livestock Mart own the ground upon which the building is constructed, for which they have charged a ground rent for many years. Negotiations are progressing and the directors fully expect that an acceptable ground lease will be signed shortly along with evidence provided by Oban Livestock Mart of their interest in the relevant ground. As such the directors consider the aforementioned accounting treatment to be acceptable. |
6. | FIXED ASSET INVESTMENTS |
Interest |
in joint | Other |
venture | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 270,575 |
Impairments | ( |
) | (41,010 | ) |
At 31 December 2022 | 229,565 |
NET BOOK VALUE |
At 31 December 2022 | 229,565 |
At 31 December 2021 | 270,575 |
Unlisted investments |
The unlisted investment comprises the company's share in Harvest Moon LLP, a limited liability partnership registered at 1-3 Dalrymple Street Fraserburgh, AB43 98H. |
7. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by joint ventures | 316,973 | 25,539 |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by joint ventures | 636,000 | 626,000 |
Aggregate amounts |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to joint ventures | 78,708 | 78,190 |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Long term directors loans | 26,340 | 26,340 |
Repayable by instalments |
Bank loans > 5 years | 357,110 | - |
Hire purchase | 65,706 | - |
422,816 | - |
JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 154,880 | 37,824 |
Obligations under hire purchase contracts are secured over the assets in which the agreements relate to. |
The bank loans are subject to a floating charge over the assets and undertakings of the company. |
The bank loans are marine mortgages for the ships included in fixed assets, they are secured over the |
assets to which the agreements relate. |
11. | FINANCIAL COMMITMENTS |
Total future minimum lease payments under non-cancellable operating leases are as follows:- |
- within one year £14,196 (£48,266 2021) |
- between one and five years £20,161 (nil 2021) |
12. | RELATED PARTY TRANSACTIONS |
Transactions with entities in which the entity itself has a participating interest |
The value of related party transactions with entities in which the company has control, joint control or significant influence was £1,246,845, (£927,246 in 2021) |
Other related party transactions |
Key management personnel £55,380, (£23,455 in 2021) |
Amounts due to key management personnel are unsecured, interest free and have no fixed terms of repayment. |