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Registration number: SC666436

Greenstone Fishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Greenstone Fishing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

 

Greenstone Fishing Limited

Company Information

Directors

Mr Eoghann MacLeod

Mr Angus MacPhail

Registered office

6 Grean
Castlebay
Isle of Barra
Western Isles
HS9 5XU

Accountants

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

 

Greenstone Fishing Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

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

Mr Eoghann MacLeod

Mr Angus MacPhail

Principal activity

The principal activity of the company is operating a fishing boat

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 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Angus MacPhail
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Greenstone Fishing Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenstone Fishing Limited for the year ended 31 July 2023 as set out on pages 4 to 11 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 Greenstone Fishing 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 Greenstone Fishing Limited and state those matters that we have agreed to state to the Board of Directors of Greenstone Fishing 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 Greenstone Fishing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greenstone Fishing 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 loss of Greenstone Fishing Limited. You consider that Greenstone Fishing 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 Greenstone Fishing 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

21 February 2024

 

Greenstone Fishing Limited

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

135,859

189,307

Cost of sales

 

(84,814)

(78,146)

Gross profit

 

51,045

111,161

Administrative expenses

 

(81,422)

(95,047)

Operating (loss)/profit

 

(30,377)

16,114

Interest payable and similar expenses

 

(3,000)

(3,000)

(Loss)/profit before tax

3

(33,377)

13,114

(Loss)/profit for the financial year

 

(33,377)

13,114

The above results were derived from continuing operations.

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

 

Greenstone Fishing Limited

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

(Loss)/profit for the year

(33,377)

13,114

Total comprehensive income for the year

(33,377)

13,114

 

Greenstone Fishing Limited

(Registration number: SC666436)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

103,927

129,536

Current assets

 

Debtors

5

3,479

4,521

Cash at bank and in hand

 

33,883

42,796

 

37,362

47,317

Creditors: Amounts falling due within one year

6

(85,608)

(73,636)

Net current liabilities

 

(48,246)

(26,319)

Total assets less current liabilities

 

55,681

103,217

Creditors: Amounts falling due after more than one year

6

(83,390)

(97,549)

Net (liabilities)/assets

 

(27,709)

5,668

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(27,809)

5,568

Shareholders' (deficit)/funds

 

(27,709)

5,668

For the financial year ending 31 July 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 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Angus MacPhail
Director

 

Greenstone Fishing Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

5,568

5,668

Loss for the year

-

(33,377)

(33,377)

At 31 July 2023

100

(27,809)

(27,709)

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

100

(7,546)

(7,446)

Profit for the year

-

13,114

13,114

At 31 July 2022

100

5,568

5,668

 

Greenstone Fishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

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.

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.

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

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.

 

Greenstone Fishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

25,981

32,384

 

Greenstone Fishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

200,297

200,297

Additions

372

372

At 31 July 2023

200,669

200,669

Depreciation

At 1 August 2022

70,761

70,761

Charge for the year

25,981

25,981

At 31 July 2023

96,742

96,742

Carrying amount

At 31 July 2023

103,927

103,927

At 31 July 2022

129,536

129,536

5

Debtors

Current

2023
£

2022
£

Trade debtors

804

-

Other debtors

2,675

4,521

 

3,479

4,521

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,586

15,613

Other creditors

70,022

58,023

85,608

73,636

Creditors: amounts falling due after more than one year

 

Greenstone Fishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

83,390

97,549

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

43,333

49,530

Other borrowings

40,057

48,019

83,390

97,549