Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Joe Strachan 05/12/2016 Bruce Strachan 14/03/2013 Bruce Alexander Strachan 14/03/2013 Nicola Strachan 14/03/2013 11 September 2024 The principal activity of the Company during the financial year was the manufacture and repair of fishing nets. SC445104 2024-04-30 SC445104 bus:Director1 2024-04-30 SC445104 bus:Director2 2024-04-30 SC445104 bus:Director3 2024-04-30 SC445104 bus:Director4 2024-04-30 SC445104 2023-04-30 SC445104 core:CurrentFinancialInstruments 2024-04-30 SC445104 core:CurrentFinancialInstruments 2023-04-30 SC445104 core:ShareCapital 2024-04-30 SC445104 core:ShareCapital 2023-04-30 SC445104 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC445104 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC445104 core:LandBuildings 2023-04-30 SC445104 core:PlantMachinery 2023-04-30 SC445104 core:Vehicles 2023-04-30 SC445104 core:FurnitureFittings 2023-04-30 SC445104 core:LandBuildings 2024-04-30 SC445104 core:PlantMachinery 2024-04-30 SC445104 core:Vehicles 2024-04-30 SC445104 core:FurnitureFittings 2024-04-30 SC445104 bus:OrdinaryShareClass1 2024-04-30 SC445104 2023-05-01 2024-04-30 SC445104 bus:FilletedAccounts 2023-05-01 2024-04-30 SC445104 bus:SmallEntities 2023-05-01 2024-04-30 SC445104 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC445104 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC445104 bus:Director1 2023-05-01 2024-04-30 SC445104 bus:Director2 2023-05-01 2024-04-30 SC445104 bus:Director3 2023-05-01 2024-04-30 SC445104 bus:Director4 2023-05-01 2024-04-30 SC445104 core:PlantMachinery 2023-05-01 2024-04-30 SC445104 core:Vehicles 2023-05-01 2024-04-30 SC445104 core:FurnitureFittings 2023-05-01 2024-04-30 SC445104 2022-05-01 2023-04-30 SC445104 core:LandBuildings 2023-05-01 2024-04-30 SC445104 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC445104 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC445104 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC445104 (Scotland)

STRACHAN TRAWLS (FRASERBURGH) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

STRACHAN TRAWLS (FRASERBURGH) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

STRACHAN TRAWLS (FRASERBURGH) LTD

BALANCE SHEET

AS AT 30 APRIL 2024
STRACHAN TRAWLS (FRASERBURGH) LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 279,515 314,803
279,515 314,803
Current assets
Stocks 42,104 40,677
Debtors 4 326,647 309,177
Cash at bank and in hand 623,447 454,885
992,198 804,739
Creditors: amounts falling due within one year 5 ( 149,494) ( 93,227)
Net current assets 842,704 711,512
Total assets less current liabilities 1,122,219 1,026,315
Provision for liabilities 6 ( 24,412) ( 33,996)
Net assets 1,097,807 992,319
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,097,707 992,219
Total shareholders' funds 1,097,807 992,319

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Strachan Trawls (Fraserburgh) Ltd (registered number: SC445104) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Nicola Strachan
Director
STRACHAN TRAWLS (FRASERBURGH) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
STRACHAN TRAWLS (FRASERBURGH) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Strachan Trawls (Fraserburgh) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 4 Balaclava Quay, Fraserburgh, AB43 9EB, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the manufacture and repair of fishing nets net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the goods and services are provided.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 130,000 87,887 192,392 28,298 438,577
Additions 750 1,260 3,734 6,840 12,584
Disposals 0 ( 7,105) 0 ( 4,835) ( 11,940)
At 30 April 2024 130,750 82,042 196,126 30,303 439,221
Accumulated depreciation
At 01 May 2023 0 54,985 55,507 13,282 123,774
Charge for the financial year 0 8,258 34,221 4,181 46,660
Disposals 0 ( 6,688) 0 ( 4,040) ( 10,728)
At 30 April 2024 0 56,555 89,728 13,423 159,706
Net book value
At 30 April 2024 130,750 25,487 106,398 16,880 279,515
At 30 April 2023 130,000 32,902 136,885 15,016 314,803

4. Debtors

2024 2023
£ £
Trade debtors 306,371 293,491
Other debtors 20,276 15,686
326,647 309,177

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 36,081 40,314
Taxation and social security 102,147 37,958
Obligations under finance leases and hire purchase contracts 0 5,760
Other creditors 11,266 9,195
149,494 93,227

Obligations under finance leases and hire purchase contracts (2023- £5,760) are secured over the assets to which they relate.

6. Provision for liabilities

2024 2023
£ £
Deferred tax 24,412 33,996

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 193,756 201,506

These operating leases relate to units rented by the company.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 3,525 5,344
Amounts owed by Directors (824) 0

These amounts are interest free and have no fixed repayment terms.