Company registration number SC225485 (Scotland)
OCEAN BLUE QUOTA COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
OCEAN BLUE QUOTA COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
OCEAN BLUE QUOTA COMPANY LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
266
911
Tangible assets
4
9,020
5,752
Investments
5
5
15,736
9,291
22,399
Current assets
Stocks
7
287,508
576,760
Debtors
6
2,270,282
770,111
Cash at bank and in hand
71,748
30,876
2,629,538
1,377,747
Creditors: amounts falling due within one year
8
(1,288,975)
(938,875)
Net current assets
1,340,563
438,872
Total assets less current liabilities
1,349,854
461,271
Creditors: amounts falling due after more than one year
9
-
0
(38,079)
Provisions for liabilities
(2,065)
(1,666)
Net assets
1,347,789
421,526
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,347,787
421,524
Total equity
1,347,789
421,526

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

OCEAN BLUE QUOTA COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
W SMITH
D SMITH
W Smith
D Smith
Director
Director
Company Registration No. SC225485
OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Ocean Blue Quota Company Ltd is a private company limited by shares incorporated in Scotland. The registered office is 48-50 Broad Street, Peterhead, AB42 1BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over period of lease
Fixtures and fittings
20% reducing balance
Computers
33% straight line

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.10
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2021
Number
Number
Total
2
2
3
Intangible fixed assets
Website
£
Cost
At 1 January 2022 and 31 May 2023
2,276
Amortisation and impairment
At 1 January 2022
1,555
Amortisation charged for the period
455
At 31 May 2023
2,010
Carrying amount
At 31 May 2023
266
At 31 December 2021
911
OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2022
2,145
21,203
23,127
46,475
Additions
-
0
1,042
7,610
8,652
Disposals
-
0
-
0
(466)
(466)
At 31 May 2023
2,145
22,245
30,271
54,661
Depreciation and impairment
At 1 January 2022
1,128
21,203
18,392
40,723
Depreciation charged in the period
434
17
4,933
5,384
Eliminated in respect of disposals
-
0
-
0
(466)
(466)
At 31 May 2023
1,562
21,220
22,859
45,641
Carrying amount
At 31 May 2023
583
1,025
7,412
9,020
At 31 December 2021
1,017
-
0
4,735
5,752
OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 8 -
5
Fixed asset investments
2023
2021
£
£
Other investments other than loans
5
15,736
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2022
15,736
Disposals
(15,731)
At 31 May 2023
5
Carrying amount
At 31 May 2023
5
At 31 December 2021
15,736
6
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
1,746,250
6,018
Other debtors
50,250
119,093
1,796,500
125,111
2023
2021
Amounts falling due after more than one year:
£
£
Other debtors
473,782
645,000
Total debtors
2,270,282
770,111
7
Stocks
2023
2021
£
£
Fish quota and licenses
287,508
576,760
OCEAN BLUE QUOTA COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
-
0
9,566
Trade creditors
(133)
15,792
Corporation tax
179,810
-
0
Other taxation and social security
295,475
4,426
Other creditors
813,823
909,091
1,288,975
938,875
9
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans
-
0
38,079
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2021
£
£
Between two and five years
12,000
12,000
11
Related party transactions

During the year, the company made advances to the directors of £9,935. Credits of £38,000 were received which resulted in amounts due from the company at the year end of £294,331 (2021- £266,266 ).

 

The loan is unsecured and interest free with no fixed repayment terms in place.

 

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