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COMPANY REGISTRATION NUMBER: SC511113
FLADDA MAID FISHING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
FLADDA MAID FISHING COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
FLADDA MAID FISHING COMPANY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr A. M. M. MacLeod
Mr J. G. MacKenzie
Company secretary
Mrs C McGregor
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
FLADDA MAID FISHING COMPANY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLADDA MAID FISHING COMPANY LIMITED
YEAR ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fladda Maid Fishing Company Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Fladda Maid Fishing Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Fladda Maid Fishing Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fladda Maid Fishing Company Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Fladda Maid Fishing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fladda Maid Fishing Company Limited. You consider that Fladda Maid Fishing Company 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 financial statements of Fladda Maid Fishing Company 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 financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
4 April 2024
FLADDA MAID FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
4
56,632
64,167
Tangible assets
5
798,188
815,021
---------
---------
854,820
879,188
CURRENT ASSETS
Debtors
6
7,511
7,449
Cash at bank and in hand
15,729
15,448
--------
--------
23,240
22,897
CREDITORS: amounts falling due within one year
7
394,866
281,756
---------
---------
NET CURRENT LIABILITIES
371,626
258,859
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
483,194
620,329
CREDITORS: amounts falling due after more than one year
8
730,981
776,035
PROVISIONS
Taxation including deferred tax
17,035
---------
---------
NET LIABILITIES
( 247,787)
( 172,741)
---------
---------
CAPITAL AND RESERVES
Called up share capital
50,000
50,000
Profit and loss account
( 297,787)
( 222,741)
---------
---------
SHAREHOLDERS DEFICIT
( 247,787)
( 172,741)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FLADDA MAID FISHING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Mr A. M. M. MacLeod
Director
Company registration number: SC511113
FLADDA MAID FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Fishing Licence
-
Straightline over 15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fishing Vessel
-
5% straight line
Plant & Equipment
-
10% - 20% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
20% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Licences
£
Cost
At 1 January 2023 and 31 December 2023
112,971
---------
Amortisation
At 1 January 2023
48,804
Charge for the year
7,535
---------
At 31 December 2023
56,339
---------
Carrying amount
At 31 December 2023
56,632
---------
At 31 December 2022
64,167
---------
5. Tangible assets
Fishing vessel
Plant & equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
850,000
49,509
17,975
1,189
918,673
Additions
38,500
38,500
---------
--------
--------
-------
---------
At 31 December 2023
850,000
49,509
56,475
1,189
957,173
---------
--------
--------
-------
---------
Depreciation
At 1 January 2023
42,500
42,939
17,975
238
103,652
Charge for the year
42,500
2,970
9,625
238
55,333
---------
--------
--------
-------
---------
At 31 December 2023
85,000
45,909
27,600
476
158,985
---------
--------
--------
-------
---------
Carrying amount
At 31 December 2023
765,000
3,600
28,875
713
798,188
---------
--------
--------
-------
---------
At 31 December 2022
807,500
6,570
951
815,021
---------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
450
Other debtors
7,511
6,999
-------
-------
7,511
7,449
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
56,113
67,172
Trade creditors
159,477
65,342
Social security and other taxes
4,710
Graceful Fishing Company Ltd loan
24,700
Other creditors
149,866
149,242
---------
---------
394,866
281,756
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
730,981
776,035
---------
---------
9. Related party transactions
Included within other creditors is a directors loan of £139,629 (2022: £139,005), the loan is interest free and repayable on demand. Included within other creditors are shareholder loans of £8,923 (2022: £8,923).