Company Registration No. SC164816 (Scotland)
Scrabster Seafoods Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
Scrabster Seafoods Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Scrabster Seafoods Limited
Balance sheet
As at 30 April 2023
30 April 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
864,856
833,695
Investments
4
164,654
167,705
1,029,510
1,001,400
Current assets
Stocks
3,000
1,500
Debtors
5
530,135
554,978
Cash at bank and in hand
508,910
940,309
1,042,045
1,496,787
Creditors: amounts falling due within one year
6
(656,339)
(469,247)
Net current assets
385,706
1,027,540
Total assets less current liabilities
1,415,216
2,028,940
Creditors: amounts falling due after more than one year
7
(23,342)
(30,843)
Provisions for liabilities
8
-
0
(30,509)
Net assets
1,391,874
1,967,588
Capital and reserves
Called up share capital
300,000
300,000
Profit and loss reserves
1,091,874
1,667,588
Total equity
1,391,874
1,967,588
Scrabster Seafoods Limited
Balance sheet (continued)
As at 30 April 2023
30 April 2023
2

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 year ended 30 April 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 year 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.

The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
William Calder Snr
Director
Company Registration No. SC164816
Scrabster Seafoods Limited
Notes to the financial statements
For the year ended 30 April 2023
3
1
Accounting policies
Company information

Scrabster Seafoods Limited is a private company limited by shares incorporated in Scotland. The registered office is Seafood Park, Scrabster, Thurso, Caithness, KW14 7UJ.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for undertaking the wholesale distribution of fish and shellfish. Turnover is shown net of VAT and trade discounts. All turnover is accounted for on an accruals basis.

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.

1.3
Tangible fixed assets

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

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings
2% straight line
Plant and machinery
10% straight line
Motor vehicles
25% straight line
Fishing boat and licence
10% 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
5
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
6
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
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.

2
Employees

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

2023
2022
Number
Number
Total
8
10
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Fishing boat and licence
Total
£
£
£
£
Cost
At 1 May 2022
626,822
362,072
365,250
1,354,144
Additions
80,577
333
-
0
80,910
At 30 April 2023
707,399
362,405
365,250
1,435,054
Depreciation and impairment
At 1 May 2022
113,224
269,525
137,700
520,449
Depreciation charged in the year
6,290
19,934
23,525
49,749
At 30 April 2023
119,514
289,459
161,225
570,198
Carrying amount
At 30 April 2023
587,885
72,946
204,025
864,856
At 30 April 2022
513,598
92,547
227,550
833,695
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
8
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
164,654
167,705
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2022
167,705
Valuation changes
(3,051)
At 30 April 2023
164,654
Carrying amount
At 30 April 2023
164,654
At 30 April 2022
167,705
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
303,425
335,369
Corporation tax recoverable
59,603
56,032
Other debtors
167,107
163,577
530,135
554,978
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,880
1,957
Trade creditors
454,249
302,602
Corporation tax
-
0
47,202
Other taxation and social security
4,494
4,335
Other creditors
195,716
113,151
656,339
469,247
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
9
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,342
30,843
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
30,509
9
Financial commitments, guarantees and contingent liabilities

The company's bankers hold transaction related guarantees in favour of a trade association and HM Revenue and Customs, with values of £125,000 and £25,000 respectively.

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
2022
£
£
Within one year
2,216
2,163
Between two and five years
8,863
7,976
In over five years
165,213
150,662
176,292
160,801
11
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

2023
2022
£
£
Amounts owed by related parties
55,992
69,660
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
10
12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances to directors
-
5,308
1,734
(44,000)
(36,958)
5,308
1,734
(44,000)
(36,958)

The above loan is interest free and repayable on demand.

2023-04-302022-05-01false19 January 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityWilliam Calder SnrFiona CalderWilliam Calder JnrFiona CalderSC1648162022-05-012023-04-30SC1648162023-04-30SC1648162022-04-30SC164816core:LandBuildings2023-04-30SC164816core:OtherPropertyPlantEquipment2023-04-30SC164816core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-30SC164816core:LandBuildings2022-04-30SC164816core:OtherPropertyPlantEquipment2022-04-30SC164816core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-30SC164816core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30SC164816core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-30SC164816core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-30SC164816core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-30SC164816core:CurrentFinancialInstruments2023-04-30SC164816core:CurrentFinancialInstruments2022-04-30SC164816core:ShareCapital2023-04-30SC164816core:ShareCapital2022-04-30SC164816core:RetainedEarningsAccumulatedLosses2023-04-30SC164816core:RetainedEarningsAccumulatedLosses2022-04-30SC164816bus:Director12022-05-012023-04-30SC164816core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-012023-04-30SC164816core:PlantMachinery2022-05-012023-04-30SC164816core:MotorVehicles2022-05-012023-04-30SC1648162021-05-012022-04-30SC164816core:LandBuildings2022-04-30SC164816core:OtherPropertyPlantEquipment2022-04-30SC164816core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-30SC1648162022-04-30SC164816core:LandBuildings2022-05-012023-04-30SC164816core:OtherPropertyPlantEquipment2022-05-012023-04-30SC164816core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-05-012023-04-30SC164816core:WithinOneYear2023-04-30SC164816core:WithinOneYear2022-04-30SC164816core:Non-currentFinancialInstruments2023-04-30SC164816core:Non-currentFinancialInstruments2022-04-30SC164816core:BetweenTwoFiveYears2023-04-30SC164816core:BetweenTwoFiveYears2022-04-30SC164816core:MoreThanFiveYears2023-04-30SC164816core:MoreThanFiveYears2022-04-30SC164816bus:PrivateLimitedCompanyLtd2022-05-012023-04-30SC164816bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-30SC164816bus:FRS1022022-05-012023-04-30SC164816bus:AuditExemptWithAccountantsReport2022-05-012023-04-30SC164816bus:Director22022-05-012023-04-30SC164816bus:Director32022-05-012023-04-30SC164816bus:CompanySecretary12022-05-012023-04-30SC164816bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP