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Registration number: SC499294

The Fishouse (Oban) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Fishouse (Oban) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

The Fishouse (Oban) Limited

Company Information

Director

Mr Paul Sloan

Company secretary

Mrs Susan Scott

Registered office

1 The Pier
Oban
Argyll
PA34 4LW

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

The Fishouse (Oban) Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Paul Sloan

Principal activity

The principal activity of the company is operating a restaurant

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 June 2024
 

.........................................
Mr Paul Sloan
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Fishouse (Oban) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Fishouse (Oban) Limited for the year ended 31 March 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Fishouse (Oban) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Fishouse (Oban) Limited and state those matters that we have agreed to state to the Board of Directors of The Fishouse (Oban) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fishouse (Oban) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Fishouse (Oban) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Fishouse (Oban) Limited. You consider that The Fishouse (Oban) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Fishouse (Oban) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

23 June 2024

 

The Fishouse (Oban) Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,381,773

789,244

Cost of sales

 

(860,543)

(610,591)

Gross profit

 

521,230

178,653

Administrative expenses

 

(312,021)

(317,885)

Operating profit/(loss)

 

209,209

(139,232)

Interest payable and similar expenses

 

(423)

-

Profit/(loss) before tax

3

208,786

(139,232)

Tax on profit/(loss)

 

(22,940)

(12)

Profit/(loss) for the financial year

 

185,846

(139,244)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Fishouse (Oban) Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit/(loss) for the year

185,846

(139,244)

Total comprehensive income for the year

185,846

(139,244)

 

The Fishouse (Oban) Limited

(Registration number: SC499294)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,519

25,038

Tangible assets

5

463,619

264,557

 

476,138

289,595

Current assets

 

Debtors

6

123,557

163,215

Cash at bank and in hand

 

72,637

56,518

 

196,194

219,733

Creditors: Amounts falling due within one year

7

(78,832)

(64,325)

Net current assets

 

117,362

155,408

Total assets less current liabilities

 

593,500

445,003

Creditors: Amounts falling due after more than one year

7

(258,659)

(296,008)

Net assets

 

334,841

148,995

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

334,837

148,991

Shareholders' funds

 

334,841

148,995

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 June 2024
 

 

The Fishouse (Oban) Limited

(Registration number: SC499294)
Balance Sheet as at 31 March 2024

.........................................
Mr Paul Sloan
Director

 

The Fishouse (Oban) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

4

148,991

148,995

Profit for the year

-

185,846

185,846

At 31 March 2024

4

334,837

334,841

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

4

288,235

288,239

Loss for the year

-

(139,244)

(139,244)

At 31 March 2023

4

148,991

148,995

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Land & buildings

over lifetime of the lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over estimated useful life of 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 10).

3

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

30,537

39,110

Amortisation expense

12,519

12,519

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

125,190

125,190

At 31 March 2024

125,190

125,190

Amortisation

At 1 April 2023

100,152

100,152

Amortisation charge

12,519

12,519

At 31 March 2024

112,671

112,671

Carrying amount

At 31 March 2024

12,519

12,519

At 31 March 2023

25,038

25,038

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

143,559

270,735

414,294

Additions

109,576

120,023

229,599

At 31 March 2024

253,135

390,758

643,893

Depreciation

At 1 April 2023

-

149,737

149,737

Charge for the year

-

30,537

30,537

At 31 March 2024

-

180,274

180,274

Carrying amount

At 31 March 2024

253,135

210,484

463,619

At 31 March 2023

143,559

120,998

264,557

Included within the net book value of land and buildings above is £253,135 (2023 - £143,559) in respect of short leasehold land and buildings.
 

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

123,557

163,215

 

123,557

163,215

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

46,312

58,766

Taxation and social security

32,008

2,774

Other creditors

512

2,785

78,832

64,325

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,267

36,008

Other non-current financial liabilities

 

232,392

260,000

 

258,659

296,008

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,267

36,008

10

Related party transactions

Summary of transactions with parent

 

The Fishouse (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Sloan Wells Holdings Limited
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

260,000

260,000

Advanced

47,131

47,131

Repaid

(74,739)

(74,739)

At end of period

232,392

232,392

2023

Parent
£

Total
£

Advanced

260,000

260,000

At end of period

260,000

260,000

Terms of loans from related parties

Unsecured loan
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Sloan Wells Holdings Limited, incorporated in Scotland.