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REGISTERED NUMBER: SC688535 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LUNAR FPR LIMITED

LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


LUNAR FPR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J Buchan
Mr A Buchan
Mr J G Buchan
Mr S W Banks
Miss J Buchan
Mr A J Buchan
Mr W C Buchan





SECRETARY: Mr A Buchan





REGISTERED OFFICE: East Quay
Peterhead
United Kingdom
AB42 1JF





REGISTERED NUMBER: SC688535 (Scotland)





INDEPENDENT AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,604,004 22,379,582

CURRENT ASSETS
Stocks 1,902,694 1,464,293
Debtors 5 3,433,360 1,813,954
Cash at bank 172,084 26,252
5,508,138 3,304,499
CREDITORS
Amounts falling due within one year 6 28,526,383 27,250,100
NET CURRENT LIABILITIES (23,018,245 ) (23,945,601 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,414,241

)

(1,566,019

)

PROVISIONS FOR LIABILITIES 2,242,835 1,784,051
NET LIABILITIES (3,657,076 ) (3,350,070 )

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 (3,657,176 ) (3,350,170 )
SHAREHOLDERS' FUNDS (3,657,076 ) (3,350,070 )

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 19 September 2024 and were signed on its behalf by:





Mr A Buchan - Director


LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

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


1. STATUTORY INFORMATION

Lunar FPR 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods:
Turnover from the sale of goods represents revenue earned from the sale of wholesale and processed fish products. The sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services:
Turnover from the rendering of services represents revenue earned from the provision of fish protein recovery services. Turnover is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost and Over the remaining term of the lease
Plant and machinery - Over 5 to 10 years
Motor vehicles - Over 4 to 8 years

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.


LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

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


2. ACCOUNTING POLICIES - continued
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.

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.

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.

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of Lunar Fishing Company Limited which has undertaken to ensure all liabilities are met as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 6,272,334 17,211,035 24,130 23,507,499
Additions 758,989 369,166 - 1,128,155
At 31 December 2023 7,031,323 17,580,201 24,130 24,635,654
DEPRECIATION
At 1 January 2023 85,390 1,030,461 12,066 1,127,917
Charge for year 132,460 1,765,240 6,033 1,903,733
At 31 December 2023 217,850 2,795,701 18,099 3,031,650
NET BOOK VALUE
At 31 December 2023 6,813,473 14,784,500 6,031 21,604,004
At 31 December 2022 6,186,944 16,180,574 12,064 22,379,582

LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,020,425 89,672
Amounts owed by group undertakings 1,136,386 1,134,478
Other debtors 276,549 589,804
3,433,360 1,813,954

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 529,699 683,795
Amounts owed to group undertakings 27,658,165 26,542,683
Other creditors 338,519 23,622
28,526,383 27,250,100

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 January 2023 (3,350,170 )
Deficit for the year (307,006 )
At 31 December 2023 (3,657,176 )

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Iain Arthur FCCA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 34,400 50,725

LUNAR FPR LIMITED (REGISTERED NUMBER: SC688535)

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


11. ULTIMATE PARENT COMPANY

The ultimate parent company is Lunar Fishing Company Limited, which owns 100% of the issued share capital of Lunar FPR Limited. Copies of its accounts can be obtained from the Registrar of Companies, Companies House, 4th Floor. Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

The directors named in the Directors Report attached to these financial statements are shareholders of Lunar Fishing Company Limited, but do not by dint of those holdings exercise a majority holding of the issued share capital or exercise majority voting rights within that company. Other close family members of the Directors hold shares in Lunar Fishing Company Limited. No material interests in any customer or suppliers of Lunar FPR Limited have been noted for those family members, or for the directors.