Company registration number SC191697 (Scotland)
CROVIE FISHING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CROVIE FISHING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROVIE FISHING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
76,257
55,535
Investments
4
109,457
140,851
185,714
196,386
Current assets
Debtors
5
621,437
677,837
Cash at bank and in hand
58,136
81,696
679,573
759,533
Creditors: amounts falling due within one year
6
(878,501)
(1,054,717)
Net current liabilities
(198,928)
(295,184)
Total assets less current liabilities
(13,214)
(98,798)
Creditors: amounts falling due after more than one year
7
(34,838)
(23,917)
Provisions for liabilities
68,975
117,117
Net assets/(liabilities)
20,923
(5,598)
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
20,919
(5,602)
Total equity
20,923
(5,598)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CROVIE FISHING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
G THAIN
G Thain
Director
Company registration number SC191697 (Scotland)
CROVIE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Crovie Fishing Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 14 Carden Place, Aberdeen, AB10 1UR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit for the period, however at the balance sheet date the company has net current liabilities of £198,928 (2022: £295,184). Included within creditors due within one year, is an amount owed to a director of £822,376 (2022: £1,011,479), the director has confirmed that this balance will only repaid when funds permit and won’t be repaid ahead of any third part creditors. The financial statements have therefore been prepared on a going concern basis.true
1.3
Turnover
Turnover represents amounts receivable for the provision of labour services and is recognised when the service is provided during the year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
- 10% reducing balance
Furniture, fittings and equipment
- 25% straight line
Motor vehicles
- 20% straight line
Plant and machinery
- 5% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CROVIE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and 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 comprehensive income.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
1.10
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
CROVIE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold land and buildings
Furniture, fittings and equipment
Motor vehicles
Plant and machinery
Total
£
£
£
£
£
Cost
At 1 January 2023
51,270
43,130
7,733
4,094
106,227
Additions
1,830
2,264
27,455
-
31,549
At 31 December 2023
53,100
45,394
35,188
4,094
137,776
Depreciation and impairment
At 1 January 2023
3,845
38,521
7,733
593
50,692
Depreciation charged in the year
5,310
2,567
2,745
205
10,827
At 31 December 2023
9,155
41,088
10,478
798
61,519
Carrying amount
At 31 December 2023
43,945
4,306
24,710
3,296
76,257
At 31 December 2022
47,425
4,609
-
3,501
55,535
CROVIE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
1
1
Other investments other than loans
109,456
140,850
109,457
140,851
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1
140,850
140,851
Additions
-
2,896
2,896
Disposals
-
(34,290)
(34,290)
At 31 December 2023
1
109,456
109,457
Carrying amount
At 31 December 2023
1
109,456
109,457
At 31 December 2022
1
140,850
140,851
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
8,400
Other debtors
621,437
669,437
621,437
677,837
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,082
4,414
Taxation and social security
17,598
6,823
Other creditors
857,821
1,043,480
878,501
1,054,717
Included within other creditors are obligations under finance lease agreements of £10,846 (2022: £7,000) which are secured over the asset to which they relate.
CROVIE FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
34,838
23,917
Other creditors are obligations under finance lease agreements which are secured over the asset to which they relate.
8
Related party transactions
During the year, the company made advances to the director of £311,583. The company received credits from the director of £122,480. At the year end the company was due the director of £822,376 (2022 - £1,011,479).