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Company registration number: SC592301
D Leadbetter & Son (Shellfish) Ltd
Trading as D Leadbetter & Son (Shellfish) Ltd
Unaudited filleted financial statements
31 March 2024
D Leadbetter & Son (Shellfish) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
D Leadbetter & Son (Shellfish) Ltd
Directors and other information
Directors
Mrs Ailsa M Leadbetter
Mr David S Leadbetter
Ms Rhona Leadbetter
Company number SC592301
Registered office 14 Willow Crescent
Kinghorn
Fife
KY3 9YL
Business address 14 Willow Crescent
Kinghorn
Fife
KY3 9YL
Accountants Simmers & Co
Albany Chambers
Albany Street
Oban
Argyll & Bute
PA34 4AL
D Leadbetter & Son (Shellfish) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of D Leadbetter & Son (Shellfish) Ltd
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 financial statements of D Leadbetter & Son (Shellfish) Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of D Leadbetter & Son (Shellfish) Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of D Leadbetter & Son (Shellfish) Ltd and state those matters that we have agreed to state to the board of directors of D Leadbetter & Son (Shellfish) Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D Leadbetter & Son (Shellfish) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that D Leadbetter & Son (Shellfish) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of D Leadbetter & Son (Shellfish) Ltd. You consider that D Leadbetter & Son (Shellfish) Ltd 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 financial statements of D Leadbetter & Son (Shellfish) Ltd. 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 financial statements.
Simmers & Co
Chartered Accountants
Albany Chambers
Albany Street
Oban
Argyll & Bute
PA34 4AL
16 August 2024
D Leadbetter & Son (Shellfish) Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 57,032 67,832
Tangible assets 6 360,464 381,699
_______ _______
417,496 449,531
Current assets
Stocks 2,000 2,500
Debtors 7 24,480 52,794
Cash at bank and in hand 43,111 36,773
_______ _______
69,591 92,067
Creditors: amounts falling due
within one year 8 ( 148,030) ( 177,298)
_______ _______
Net current liabilities ( 78,439) ( 85,231)
_______ _______
Total assets less current liabilities 339,057 364,300
Creditors: amounts falling due
after more than one year 9 ( 160,604) ( 202,652)
Provisions for liabilities ( 60,859) ( 64,156)
_______ _______
Net assets 117,594 97,492
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 117,494 97,392
_______ _______
Shareholders funds 117,594 97,492
_______ _______
For the 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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr David S Leadbetter Mrs Ailsa M Leadbetter
Director Director
Company registration number: SC592301
D Leadbetter & Son (Shellfish) Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 22,859 22,959
Profit for the year 174,533 174,533
_______ _______ _______
Total comprehensive income for the year - 174,533 174,533
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 97,392 97,492
Profit for the year 120,102 120,102
_______ _______ _______
Total comprehensive income for the year - 120,102 120,102
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 31 March 2024 100 117,494 117,594
_______ _______ _______
D Leadbetter & Son (Shellfish) Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is c/o Leadbetter, 14 Willow Crescent, Kinghorn, Fife, KY3 9YL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 171,676 147,684
Social security costs 12,050 6,744
Other pension costs 2,483 1,200
_______ _______
186,209 155,628
_______ _______
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 25,000 106,000 131,000
_______ _______ _______
Amortisation
At 1 April 2023 12,500 50,668 63,168
Charge for the year 2,500 8,300 10,800
_______ _______ _______
At 31 March 2024 15,000 58,968 73,968
_______ _______ _______
Carrying amount
At 31 March 2024 10,000 47,032 57,032
_______ _______ _______
At 31 March 2023 12,500 55,332 67,832
_______ _______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 93,710 488,452 37,015 100,403 719,580
Additions - 3,703 1,234 43,080 48,017
_______ _______ _______ _______ _______
At 31 March 2024 93,710 492,155 38,249 143,483 767,597
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 3,748 271,269 17,058 45,806 337,881
Charge for the year 1,874 37,661 5,298 24,419 69,252
_______ _______ _______ _______ _______
At 31 March 2024 5,622 308,930 22,356 70,225 407,133
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 88,088 183,225 15,893 73,258 360,464
_______ _______ _______ _______ _______
At 31 March 2023 89,962 217,183 19,957 54,597 381,699
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,646 24,386
Other debtors 22,834 28,408
_______ _______
24,480 52,794
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 19,326 45,681
Trade creditors 1,647 8,413
Corporation tax 46,127 53,630
Social security and other taxes 4,116 3,489
Other creditors 76,814 66,085
_______ _______
148,030 177,298
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 97,957 159,416
Other creditors 62,647 43,236
_______ _______
160,604 202,652
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Director providing accounting service - 30,000
_______ _______
One director provides accounting services to the company