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REGISTERED NUMBER: SC317785 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

J.C.J.M. LIMITED

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)






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


J.C.J.M. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J W Mitchell
C J Mitchell
S N Taylor
J Watt





REGISTERED OFFICE: Units 1 & 2 Old School
Cawdor
Nairn
IV12 5BL





REGISTERED NUMBER: SC317785 (Scotland)

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 3,367,972 2,956,042
Tangible assets 6 2,934,069 3,157,036
Investments 7 244,540 505,264
6,546,581 6,618,342

CURRENT ASSETS
Debtors 8 157,680 972,885
Cash at bank 528,588 172,881
686,268 1,145,766
CREDITORS
Amounts falling due within one year 9 829,575 774,707
NET CURRENT (LIABILITIES)/ASSETS (143,307 ) 371,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,403,274

6,989,401

CREDITORS
Amounts falling due after more than one
year

10

(3,717,047

)

(4,192,029

)

PROVISIONS FOR LIABILITIES (245,114 ) (269,824 )

ACCRUALS AND DEFERRED INCOME (31,985 ) (42,130 )
NET ASSETS 2,409,128 2,485,418

CAPITAL AND RESERVES
Called up share capital 135 135
Share premium 742,255 742,255
Retained earnings 1,666,738 1,743,028
SHAREHOLDERS' FUNDS 2,409,128 2,485,418

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.

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

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 9 August 2024 and were signed on its behalf by:





S N Taylor - Director


J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

J.C.J.M. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fishing licence and quota
Fishing licence and quota are being amortised evenly over its estimated useful life of fifteen years.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing vessel - 10% on cost and 5% on cost
Plant and machinery - 25% on cost and 20% on cost
Motor vehicles - 20% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.


J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 4 ).

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTANGIBLE FIXED ASSETS
Fishing
licence
and quota
£   
COST
At 1 January 2023 5,414,974
Additions 750,000
At 31 December 2023 6,164,974
AMORTISATION
At 1 January 2023 2,458,932
Amortisation for year 338,070
At 31 December 2023 2,797,002
NET BOOK VALUE
At 31 December 2023 3,367,972
At 31 December 2022 2,956,042

6. TANGIBLE FIXED ASSETS
Fishing Plant and Motor
vessel machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 3,440,164 450,623 67,638 3,958,425
Additions - 26,704 - 26,704
At 31 December 2023 3,440,164 477,327 67,638 3,985,129
DEPRECIATION
At 1 January 2023 455,008 305,595 40,786 801,389
Charge for year 178,701 60,245 10,725 249,671
At 31 December 2023 633,709 365,840 51,511 1,051,060
NET BOOK VALUE
At 31 December 2023 2,806,455 111,487 16,127 2,934,069
At 31 December 2022 2,985,156 145,028 26,852 3,157,036

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 38,555
DEPRECIATION
At 1 January 2023 15,422
Charge for year 7,711
At 31 December 2023 23,133
NET BOOK VALUE
At 31 December 2023 15,422
At 31 December 2022 23,133

7. FIXED ASSET INVESTMENTS
Interest
in Investment
associate in LLP Totals
£    £    £   
COST
At 1 January 2023 263,076 242,188 505,264
Additions - 3,919 3,919
Share of profit/(loss) - (1,567 ) (1,567 )
Impairments (263,076 ) - (263,076 )
At 31 December 2023 - 244,540 244,540
NET BOOK VALUE
At 31 December 2023 - 244,540 244,540
At 31 December 2022 263,076 242,188 505,264

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 157,680 972,885

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 470,000 470,000
Hire purchase contracts 5,376 6,452
Trade creditors 111,469 167,905
Taxation and social security 80,486 10,536
Other creditors 162,244 119,814
829,575 774,707

J.C.J.M. LIMITED (REGISTERED NUMBER: SC317785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,683,223 3,108,233
Hire purchase contracts - 5,376
Other creditors 1,033,824 1,078,420
3,717,047 4,192,029

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,228,583 1,359,510

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,153,223 3,578,233

The bank holds a bond and floating charge over the business assets and a ships mortgage over the vessels.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.