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REGISTERED NUMBER: SC383101 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

SILVER SEA FISH LIMITED

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SILVER SEA FISH LIMITED

COMPANY INFORMATION
For The Year Ended 31 July 2023







DIRECTOR: James Alexander MacLean





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC383101 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 17,218 8,665
17,218 8,665

CURRENT ASSETS
Stocks 1,200 1,000
Debtors 6 259,468 299,536
Cash at bank and in hand 22,228 7,684
282,896 308,220
CREDITORS
Amounts falling due within one year 7 192,173 245,770
NET CURRENT ASSETS 90,723 62,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,941

71,115

CREDITORS
Amounts falling due after more than one year 8 (45,658 ) (40,815 )

PROVISIONS FOR LIABILITIES (4,304 ) (1,646 )
NET ASSETS 57,979 28,654

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 57,879 28,554
SHAREHOLDERS' FUNDS 57,979 28,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

BALANCE SHEET - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 April 2024 and were signed by:





James Alexander MacLean - Director


SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Silver Sea Fish Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 10,000
AMORTISATION
At 1 August 2022
and 31 July 2023 10,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 6,291 43,096 1,546 50,933
Additions - 21,995 - 21,995
Disposals - (43,096 ) - (43,096 )
At 31 July 2023 6,291 21,995 1,546 29,832
DEPRECIATION
At 1 August 2022 5,389 35,333 1,546 42,268
Charge for year 180 5,499 - 5,679
Eliminated on disposal - (35,333 ) - (35,333 )
At 31 July 2023 5,569 5,499 1,546 12,614
NET BOOK VALUE
At 31 July 2023 722 16,496 - 17,218
At 31 July 2022 902 7,763 - 8,665

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 17,995
At 31 July 2023 17,995
DEPRECIATION
Charge for year 4,499
At 31 July 2023 4,499
NET BOOK VALUE
At 31 July 2023 13,496

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 109,282 92,849
Other debtors 31,012 35,339
140,294 128,188

SILVER SEA FISH LIMITED (REGISTERED NUMBER: SC383101)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 119,174 171,348

Aggregate amounts 259,468 299,536

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,392 41,500
Hire purchase contracts 4,049 4,394
Trade creditors 113,479 160,630
Taxation and social security 51,554 35,903
Other creditors 3,699 3,343
192,173 245,770

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 33,849 40,815
Hire purchase contracts 11,809 -
45,658 40,815

9. RELATED PARTY DISCLOSURES

Director and shareholder James MacLean owns Glencoe Shellfish Limited. The Company buys product from Glencoe Shellfish Limited. All transactions are carried out under normal business terms.