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REGISTERED NUMBER: SC442665 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MAPCO SEAFOODS LTD

MAPCO SEAFOODS LTD (REGISTERED NUMBER: SC442665)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MAPCO SEAFOODS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: N Rashid





REGISTERED OFFICE: 1 Bloomfield Cottage
South Road
Peterhead
AB42 2XX





REGISTERED NUMBER: SC442665 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
aberdeenshire
AB42 1WN

MAPCO SEAFOODS LTD (REGISTERED NUMBER: SC442665)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 168,468 1,116,076
Investments 5 12,000 -
180,468 1,116,076

CURRENT ASSETS
Debtors 6 306,313 15,344
Cash at bank and in hand 258,455 70,777
564,768 86,121
CREDITORS
Amounts falling due within one year 7 50,815 37,069
NET CURRENT ASSETS 513,953 49,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

694,421

1,165,128

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 8 - 492,500
Retained earnings 694,411 672,618
SHAREHOLDERS' FUNDS 694,421 1,165,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

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 6th June 2024 and were signed by:




N Rashid - Director


MAPCO SEAFOODS LTD (REGISTERED NUMBER: SC442665)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Mapco Seafoods 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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Long leasehold - in accordance with the property
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2023 - 2 ) .

MAPCO SEAFOODS LTD (REGISTERED NUMBER: SC442665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1st April 2023 736,398 379,678 47,396 3,144 1,166,616
Disposals (567,930 ) (379,678 ) - - (947,608 )
At 31st March 2024 168,468 - 47,396 3,144 219,008
DEPRECIATION
At 1st April 2023
and 31st March 2024 - - 47,396 3,144 50,540
NET BOOK VALUE
At 31st March 2024 168,468 - - - 168,468
At 31st March 2023 736,398 379,678 - - 1,116,076

Cost or valuation at 31st March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Cost 168,468 47,396 3,144 219,008

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 168,468 417,168

Freehold property was valued on an open market basis basis on 31st May 2017 by Ryden .

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 12,000
At 31st March 2024 12,000
NET BOOK VALUE
At 31st March 2024 12,000

MAPCO SEAFOODS LTD (REGISTERED NUMBER: SC442665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 8,313 11,644
Amounts owed by group undertakings - 3,700
Other debtors 40,000 -
48,313 15,344

Amounts falling due after more than one year:
Inter company loan 258,000 -

Aggregate amounts 306,313 15,344

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 503 35,604
VAT 48,496 83
Other creditors 1,316 832
Accrued expenses 500 550
50,815 37,069

8. RESERVES
Revaluation
reserve
£   
At 1st April 2023 492,500
Property revaluation (492,500 )

At 31st March 2024 -