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REGISTERED NUMBER: SC423669 (Scotland)











































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: Mrs J Callander
J G Callander
J C Cook
P J Virtue
Mrs S A Wilson





Secretary: R Mark





Registered office: Unit 1
Coldingham Road Industrial Estate
Eyemouth
Berwickshire
TD14 5AN





Registered number: SC423669 (Scotland)





Auditors: Rennie Welch Audit Limited
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 79,046 81,634

Current assets
Stocks 2,653 1,735
Debtors 5 347,937 541,322
Cash at bank 390,306 381,693
740,896 924,750
Creditors
Amounts falling due within one year 6 240,004 421,073
Net current assets 500,892 503,677
Total assets less current liabilities 579,938 585,311

Provisions for liabilities 66 123
Net assets 579,872 585,188

Capital and reserves
Called up share capital 100 100
Retained earnings 579,772 585,088
Shareholders' funds 579,872 585,188

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 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 2nd August 2024 and were signed on its behalf by:





Mrs S A Wilson - Director


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 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 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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Improvements to property - 8% on reducing balance
I.T. equipment - 20% on cost
Office equipment - 20% on cost

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 4 (2023 - 4 ) .

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 88,113 3,155 11,812 11,226 114,306
Depreciation
At 1st March 2023 11,620 1,242 11,812 7,998 32,672
Charge for year 1,530 153 - 905 2,588
At 29th February 2024 13,150 1,395 11,812 8,903 35,260
Net book value
At 29th February 2024 74,963 1,760 - 2,323 79,046
At 28th February 2023 76,493 1,913 - 3,228 81,634

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 336,012 526,171
Amounts owed by group undertakings 1,554 1,388
Other debtors 10,371 13,763
347,937 541,322

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 148,683 299,831
Amounts owed to group undertakings 28,422 73,290
Taxation and social security 36,026 28,735
Other creditors 26,873 19,217
240,004 421,073

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.

Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)
for and on behalf of Rennie Welch Audit Limited

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 FebAmountAmountat 29 Feb
2023AdvancedRepaid2024

Director 16,786- (895)5,891
Total6,786-(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.