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REGISTERED NUMBER: SC298366 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SEA FOAM LIMITED

SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

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 5


SEA FOAM 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





REGISTERED OFFICE: East Quay
The Harbour
Peterhead
Aberdeenshire
AB42 1JF





REGISTERED NUMBER: SC298366 (Scotland)





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

SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 127,741

CURRENT ASSETS
Debtors 5 158,524 158,224
Cash at bank 70 308
158,594 158,532
CREDITORS
Amounts falling due within one year 6 3,340,383 3,369,191
NET CURRENT LIABILITIES (3,181,789 ) (3,210,659 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,181,789

)

(3,082,918

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (3,181,790 ) (3,082,919 )
SHAREHOLDERS' FUNDS (3,181,789 ) (3,082,918 )

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


SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

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


1. STATUTORY INFORMATION

Sea Foam 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.

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.

Fishing quota are being amortised evenly over their estimated useful life of ten years.

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.

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of its parent company 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 7 (2022 - 7 ) .

SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

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


4. INTANGIBLE FIXED ASSETS
Fishing
quota
£   
COST
At 1 January 2023
and 31 December 2023 5,556,745
AMORTISATION
At 1 January 2023 5,429,004
Amortisation for year 127,741
At 31 December 2023 5,556,745
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 127,741

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 158,224 158,224
VAT 300 -
158,524 158,224

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 3,339,732 3,368,540
Accruals 651 651
3,340,383 3,369,191

7. 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

8. RELATED PARTY DISCLOSURES

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.

SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

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


9. ULTIMATE PARENT COMPANY

The ultimate parent company is Lunar Fishing Company Limited, which owns 100% of the issued share capital of Sea Foam Limited. The registered office and principal place of business is East Quay, The Harbour, Peterhead, AB42 1JF. 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 Sea Foam Limited have been noted for those family members, or for the directors.