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COMPANY REGISTRATION NUMBER: SC296578
CLUNY FISH LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
CLUNY FISH LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
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
CLUNY FISH LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr L. Paterson
Mrs K. Paterson
Mr J. Paterson
Company secretary
Mrs K. Paterson
Registered office
1-3 Low Street
Buckie
Moray
AB56 1UX
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
CLUNY FISH LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLUNY FISH LIMITED
YEAR ENDED 31 JANUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cluny Fish Limited for the year ended 31 January 2024, 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 Cluny Fish Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Cluny Fish 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 Cluny Fish Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cluny Fish 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 profit of Cluny Fish Limited. You consider that Cluny Fish 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 Cluny Fish 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
CLUNY FISH LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
5
112
125
Tangible assets
6
227,797
143,970
---------
---------
227,909
144,095
CURRENT ASSETS
Stocks
88,648
42,535
Debtors
7
322,279
322,129
Cash at bank and in hand
864,894
477,532
------------
---------
1,275,821
842,196
CREDITORS: amounts falling due within one year
8
836,350
390,572
------------
---------
NET CURRENT ASSETS
439,471
451,624
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
667,380
595,719
PROVISIONS
Taxation including deferred tax
43,281
27,354
---------
---------
NET ASSETS
624,099
568,365
---------
---------
CAPITAL AND RESERVES
Called up share capital
20
20
Profit and loss account
624,079
568,345
---------
---------
SHAREHOLDERS FUNDS
624,099
568,365
---------
---------
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 January 2024 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 .
CLUNY FISH LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
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 L. Paterson
Director
Company registration number: SC296578
CLUNY FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1-3 Low Street, Buckie, Moray, AB56 1UX.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost.
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:
Recipes
-
10% reducing balance
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:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 36 ).
5. Intangible assets
Recipes
£
Cost
At 1 February 2023 and 31 January 2024
456
----
Amortisation
At 1 February 2023
331
Charge for the year
13
----
At 31 January 2024
344
----
Carrying amount
At 31 January 2024
112
----
At 31 January 2023
125
----
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
186,727
21,230
121,991
28,585
358,533
Additions
129,181
2,379
1,225
132,785
---------
--------
---------
--------
---------
At 31 January 2024
315,908
21,230
124,370
29,810
491,318
---------
--------
---------
--------
---------
Depreciation
At 1 February 2023
131,673
15,416
49,918
17,556
214,563
Charge for the year
27,634
872
18,614
1,838
48,958
---------
--------
---------
--------
---------
At 31 January 2024
159,307
16,288
68,532
19,394
263,521
---------
--------
---------
--------
---------
Carrying amount
At 31 January 2024
156,601
4,942
55,838
10,416
227,797
---------
--------
---------
--------
---------
At 31 January 2023
55,054
5,814
72,073
11,029
143,970
---------
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
312,727
299,529
Other debtors
9,552
22,600
---------
---------
322,279
322,129
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
239,040
201,295
Corporation tax
12,429
Other creditors
597,310
176,848
---------
---------
836,350
390,572
---------
---------
9. Related party transactions
As at 31 January 2024, the company owed the directors £170,810 (2023: £175,348) by way of directors loan accounts. During the year the company paid dividends of £4,000 (2023: £4,000) to the directors.