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REGISTERED NUMBER: SC192125 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: John Grieve
Elizabeth Park Grieve
Nicola Grieve
Robbie Grieve





SECRETARY: Nicola Grieve





REGISTERED OFFICE: Loch Leven
ONICH
Fort William
Inverness-shire
PH33 6SA





REGISTERED NUMBER: SC192125 (Scotland)





ACCOUNTANTS: R A Clement Associates
Chartered Accountants
Argyll Square
Oban
Argyll
PA34 4AZ

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,000 42,000
Tangible assets 5 99,277 107,782
Investments 6 53,454 70,539
194,731 220,321

CURRENT ASSETS
Stocks 10,000 7,260
Debtors 7 60,400 80,927
Cash at bank and in hand 129,609 115,188
200,009 203,375
CREDITORS
Amounts falling due within one year 8 457,263 386,794
NET CURRENT LIABILITIES (257,254 ) (183,419 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(62,523

)

36,902

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings (62,529 ) 36,896
SHAREHOLDERS' FUNDS (62,523 ) 36,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

BALANCE SHEET - continued
31 December 2023


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 Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





John Grieve - Director


LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lochleven Shellfish (Scotland) Limited 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenants Improvements - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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.

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

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 8 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 42,000
NET BOOK VALUE
At 31 December 2023 42,000
At 31 December 2022 42,000

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Tenants Plant and and
Improvements machinery fittings
£    £    £   
COST
At 1 January 2023 39,870 219,500 17,172
Additions - 17,047 -
At 31 December 2023 39,870 236,547 17,172
DEPRECIATION
At 1 January 2023 39,870 166,633 17,172
Charge for year - 13,478 -
At 31 December 2023 39,870 180,111 17,172
NET BOOK VALUE
At 31 December 2023 - 56,436 -
At 31 December 2022 - 52,867 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 185,402 2,833 464,777
Additions - 2,482 19,529
At 31 December 2023 185,402 5,315 484,306
DEPRECIATION
At 1 January 2023 130,487 2,833 356,995
Charge for year 13,729 827 28,034
At 31 December 2023 144,216 3,660 385,029
NET BOOK VALUE
At 31 December 2023 41,186 1,655 99,277
At 31 December 2022 54,915 - 107,782

LOCHLEVEN SHELLFISH (SCOTLAND) LIMITED (REGISTERED NUMBER: SC192125)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 70,539
Share of profit/(loss) (17,085 )
At 31 December 2023 53,454
NET BOOK VALUE
At 31 December 2023 53,454
At 31 December 2022 70,539

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,790 66,393
Other debtors 24,610 14,534
60,400 80,927

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,727 30,934
Taxation and social security 3,260 4,797
Other creditors 416,276 351,063
457,263 386,794

9. RELATED PARTY DISCLOSURES

There are a number of related parties trading with the company, all are carried out under normal trading conditions. The relationships are as follows:-


Company RelationshipNature of trading

Lochleven Seafood Centre LtdJ Grieve is a directorCustomer and tenant


MFV KG
Partnership between company and R
Grieve

Supplier of shellfish


The company also rents the factory from a partnership made up of J Grieve, J Boada and J Beltran, John Grieve is a director in Lochleven Shellfish (Scotland) Ltd.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.