REGISTERED NUMBER: |
Sea Harvest Scotland Ltd. |
Audited Financial Statements |
for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
Sea Harvest Scotland Ltd. |
Audited Financial Statements |
for the Year Ended 29th February 2024 |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Contents of the Financial Statements |
for the year ended 29th February 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 | to | 6 |
Sea Harvest Scotland Ltd. |
Company Information |
for the year ended 29th February 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Notes to the Financial Statements |
for the year ended 29th February 2024 |
1. | Statutory information |
Sea Harvest Scotland Ltd. is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT. |
Revenue from sale of goods is recognised when all the following conditions are satisfied: |
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
I.T. equipment | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock consists of finished goods which are valued at the lower of cost and estimated selling price less costs to sell. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, other creditors, accruals, directors' loans and related party current accounts. |
Trade debtors, trade creditors, other creditors, accruals, directors' loans and related party current accounts (both being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 the 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Employee benefits |
Short-term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going concern |
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
4. | Tangible fixed assets |
Improvements |
Freehold | to | I.T. | Office |
property | property | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st March 2023 |
and 29th February 2024 |
Depreciation |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Secured debts |
HSBC UK Bank PLC holds a floating charge over all assets and undertaking of the company. |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
Sea Harvest Scotland Ltd. (Registered number: SC423669) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
9. | Directors' advances, credits and guarantees |
Included within other debtors is the following loan to a director: |
at 28 Feb | Amount | Amount | at 29 Feb |
2023 | Advanced | Repaid | 2024 |
Director 1 | 6,786 | - | (895 | ) | 5,891 |
Total | 6,786 | - | (895 | ) | 5,891 |
This loan is unsecured, interest has been charged on the overdrawn balance at the official rate published by HMRC and it is repayable on demand. |
10. | Related party disclosures |
During the year, the company paid management charges to D.R. Collin & Son Ltd (the parent of the group) to the value of £37,930 (2023 - £38,819) for an apportionment of overhead costs and management fees. |
11. | Post balance sheet events |
Since the year end, an interim dividend for the year ended 28th February 2025 was declared on 11th April 2024 at a value of £47,502 per A Ordinary share only. |
12. | Name of parent of group |
These financial statement are consolidated in the financial statements of D. R. Collin & Son Limited. The registered office of D. R. Collin & Son Limited is Unit 1 Coldingham Road Industrial Estate, Eyemouth, Scotland, TD14 5AN. |