Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetrue470474true2023-01-01falseProcessing and sale of seafood products.false SC223362 2023-01-01 2023-12-31 SC223362 2022-01-01 2022-12-31 SC223362 2023-12-31 SC223362 2022-12-31 SC223362 2023-01-01 SC223362 2022-01-01 SC223362 3 2023-01-01 2023-12-31 SC223362 3 2022-01-01 2022-12-31 SC223362 4 2023-01-01 2023-12-31 SC223362 4 2022-01-01 2022-12-31 SC223362 d:CompanySecretary1 2023-01-01 2023-12-31 SC223362 d:Director1 2023-01-01 2023-12-31 SC223362 d:Director2 2023-01-01 2023-12-31 SC223362 d:Director3 2023-01-01 2023-12-31 SC223362 d:Director4 2023-01-01 2023-12-31 SC223362 d:Director4 2023-12-31 SC223362 d:Director5 2023-01-01 2023-12-31 SC223362 d:RegisteredOffice 2023-01-01 2023-12-31 SC223362 e:Buildings 2023-01-01 2023-12-31 SC223362 e:Buildings 2023-12-31 SC223362 e:Buildings 2022-12-31 SC223362 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC223362 e:PlantMachinery 2023-01-01 2023-12-31 SC223362 e:PlantMachinery 2023-12-31 SC223362 e:PlantMachinery 2022-12-31 SC223362 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC223362 e:MotorVehicles 2023-01-01 2023-12-31 SC223362 e:MotorVehicles 2023-12-31 SC223362 e:MotorVehicles 2022-12-31 SC223362 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC223362 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC223362 e:OtherPropertyPlantEquipment 2023-12-31 SC223362 e:OtherPropertyPlantEquipment 2022-12-31 SC223362 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC223362 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC223362 e:CurrentFinancialInstruments 2023-12-31 SC223362 e:CurrentFinancialInstruments 2022-12-31 SC223362 e:Non-currentFinancialInstruments 2023-12-31 SC223362 e:Non-currentFinancialInstruments 2022-12-31 SC223362 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 SC223362 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 SC223362 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 SC223362 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 SC223362 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 SC223362 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 SC223362 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 SC223362 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 SC223362 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC223362 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 SC223362 e:UKTax 2023-01-01 2023-12-31 SC223362 e:UKTax 2022-01-01 2022-12-31 SC223362 e:ShareCapital 2023-12-31 SC223362 e:ShareCapital 2022-12-31 SC223362 e:ShareCapital 2022-01-01 SC223362 e:CapitalRedemptionReserve 2023-12-31 SC223362 e:CapitalRedemptionReserve 2022-12-31 SC223362 e:CapitalRedemptionReserve 2022-01-01 SC223362 e:OtherMiscellaneousReserve 2023-12-31 SC223362 e:OtherMiscellaneousReserve 2022-12-31 SC223362 e:OtherMiscellaneousReserve 2022-01-01 SC223362 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC223362 e:RetainedEarningsAccumulatedLosses 2023-12-31 SC223362 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC223362 e:RetainedEarningsAccumulatedLosses 2022-12-31 SC223362 e:RetainedEarningsAccumulatedLosses 2022-01-01 SC223362 d:FRS102 2023-01-01 2023-12-31 SC223362 d:Audited 2023-01-01 2023-12-31 SC223362 d:FullAccounts 2023-01-01 2023-12-31 SC223362 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC223362 e:Subsidiary1 2023-01-01 2023-12-31 SC223362 e:Subsidiary1 1 2023-01-01 2023-12-31 SC223362 e:Subsidiary2 2023-01-01 2023-12-31 SC223362 e:Subsidiary2 1 2023-01-01 2023-12-31 SC223362 e:WithinOneYear 2023-12-31 SC223362 e:WithinOneYear 2022-12-31 SC223362 e:BetweenOneFiveYears 2023-12-31 SC223362 e:BetweenOneFiveYears 2022-12-31 SC223362 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC223362 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC223362 e:OtherDeferredTax 2023-12-31 SC223362 e:OtherDeferredTax 2022-12-31 SC223362 4 2023-01-01 2023-12-31 SC223362 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered Number:SC223362













THISTLE SEAFOODS LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
THISTLE SEAFOODS LIMITED
 

COMPANY INFORMATION


Directors
R F Scatterty 
P D Macdougall 
S A Main 
D J S Crichton (resigned 7 March 2023)
N Gray 




Company secretary
Raeburn Christie Clark & Wallace LLP



Registered number
SC223362



Registered office
The Harbour
Boddam

Peterhead

Aberdeenshire

AB42 3AU




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
THISTLE SEAFOODS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 31


 
THISTLE SEAFOODS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company is the processing and sale of seafood products to the United Kingdom and its growing export markets.

Business review
 
The optimism that the board held for 2023 was well placed with a more stable trading environment and the strategic plans the company had been working on in prior years coming to fruition. Strong revenue growth saw the company’s turnover increase by 15%, surpassing £133m, through a major contract win aligned with successful category development with existing customers. Profit before Tax of £5.2m was also strong as the company successfully managed to recover from the impact of widespread inflation in 2022 that saw extreme increases in energy and raw material costs significantly impact the company’s profitability. The PBT was also positively impacted by a large historic legal dispute settled in favour of the company.
The strong cash generation from the financial year allowed the board to significantly reduce the debt raised for the purchase of the additional manufacturing site in Uddingston to position the company in an extremely strong position to finance future growth and expansion of the company’s manufacturing capabilities. 
The biggest challenge to the company continues to be the highly volatile geopolitical environment and the board does not expect this to change in the near term. The company’s strong financial position, well invested manufacturing facilities, and excellent staff allows the company to navigate these challenging times with confidence. The company also benefits from a customer base that are best in class and strong supplier relationships to continue to deliver world-leading innovative products and we would like to recognise the support of both our customers and suppliers as we collectively deal with this challenging operating environment.
The board looks toward the coming year with continued optimism, as we look forward to capitalising on the momentum we have gained with our existing customers and markets as well as expanding globally into new export markets with yet more exciting innovative products.

Page 1
 

 
THISTLE SEAFOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Market and economic risk
The broader economic environment in which the company operates made for challenging and competitive trading conditions, and therefore growth within this environment is particularly pleasing. Whilst trading remains highly competitive, the company's new product development and efficient cost base ensure that it remains well positioned within the market. 
The company has an ethical and sustainable sourcing policy and recognises the importance of meeting the needs of the present generation without compromising the ability of future generations to meet their own needs and to help ensure the long term future of the fishing industry. To this end, it only sources fish from well managed wild fisheries and from responsibly farmed aquaculture.
Foreign exchange risk
The company manages its exposure to fluctuations in foreign currency through appropriate treasury management.
Credit risk
The company's principal financial assets are bank balances and cash, trade and other receivables.
The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the Balance Sheet are net of allowances for doubtful debt.
The market is such that sales are concentrated towards a small number of key customers. Credit risk is managed through maintaining good customer relationships and monitoring of credit levels and settlement periods.
Liquidity risk
Forecasts are produced to assist management in identifying liquidity requirements.
Interest rate risk
The company utilises short term and long banking facilities as required and is therefore exposed to variable interest rates based on the Bank of England base rate.

Financial key performance indicators
 
The directors consider the key financial performance indicators to be turnover, gross profit, gross margin and profit before tax. Cash generation is also considered a key measure.

Other key performance indicators
 
Customer retention is considered to be the key non-financial performance indicator.

Page 2
 

 
THISTLE SEAFOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the company
 
Section 172 (1) (a) to (f) requires the company directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year.
When making these decisions the directors have given regard to:
•              The likely consequences of any decisions on the long-term strategy of the company;
•              The interests of the company's employees and potential future employees
•              The need to foster the company's business relationships with suppliers, customers and others
•              The impact of the company's operations on the community and environment
•              The desirability of the company maintaining a reputation for high standards of business conduct and
•              The need to act fairly between shareholders of the company
The majority of stakeholder engagement is carried out by the board of directors who meet on a regular basis.  The board of directors is composed of several individuals from the management team.  The directors believe that the board dynamic ensures all stakeholders are considered and treated fairly, and all views are fully represented when making key decisions for the company in the short and long term.
The board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.
As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.


This report was approved by the board and signed on its behalf.



................................................
R F Scatterty
Director

Date: 22 March 2024

Page 3
 

 
THISTLE SEAFOODS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £3,187,000 (2022 - £474,000).

No dividends were paid in the current or prior year.

Directors

The Directors who served during the year were:

R F Scatterty 
P D Macdougall 
S A Main 
D J S Crichton (resigned 7 March 2023)
N Gray 

Future developments

The directors will continue to develop the company's core business and are not aware at the date of this 
report, of any likely significant changes in the company's activities during the coming year.

Engagement with employees

The company's policy is to discuss with employees, through staff representative meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. 

Page 4
 

 
THISTLE SEAFOODS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy and Carbon Reporting (SECR)

Thistle Seafoods Limited is responsible for the safe and sustainable operation of two manufacturing sites, ensuring that they are fit for purpose and pose no risk to staff or visitors. The key environmental risks identified include waste management, provision of utilities, legionella and vapour intrusion. The management recognise their responsibility to monitor and control the impact of these risks.

GHG reporting approach:
GHG emissions are reported in tonnes of carbon dioxide equivalent (TCO2e), and the submission covers the period 1 January 2023 – 31 December 2023, along with prior year comparatives.
Reporting is based on the GHG Protocol Corporate Accounting and Reporting Standard.  In line with the guidance on SECR, the company has included the energy and emissions for the buildings it owns and operates (those within its financial control boundary) and those where it leases facilities and is responsible for the energy consumption (but which are outside its financial control).
Also included are all vehicular fuel emissions that the company is obliged to report, which includes all grey mileage undertaken for business purposes.
The latest Defra emissions have been used, and the gross emissions total in the table, applies the ‘location based’ accounting methodology for grid emissions.
The intensity measure gross scope 1 and 2 emissions in TCO2e per tonne of product manufactured have been applied.ole5e6d.png

Energy Efficiency action taken in financial year 2022/23
During the year the company has undertaken the following actions:
 
Boddam:
The company replaced the roof of the raw material cold store in addition to last year's cladding changes. The improved insulation will further reduce the electrical load on the refrigeration plant. There has been a full system thermal oil change which will result in much greater heat transfer efficiencies.

Uddingston:
The company identified and switched off a water dosing pump that did not need to be on. This action will save 96,360kWh/year. The factory and roof void lights have been replaced with LED, this action will save 387,995kWh/year. The company has also installed a new insulated cold store door. Along with the fast action door, this should increase insulation of the cold store and reduce load on the refrigeration plant.


 
Page 5
 

 
THISTLE SEAFOODS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditor
so far as the Director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information 

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R F Scatterty
Director

Date: 22 March 2024

Page 6
 

 
THISTLE SEAFOODS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give 
a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7
 

 
THISTLE SEAFOODS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THISTLE SEAFOODS LIMITED
 

Opinion


We have audited the financial statements of Thistle Seafoods Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 8
 

 
THISTLE SEAFOODS LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THISTLE SEAFOODS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 9
 

 
THISTLE SEAFOODS LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THISTLE SEAFOODS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
• Management override of controls to manipulate the company's key performance indicators to 
          meet targets
• Timing and completeness of revenue recognition
• Management judgement in applying estimates with regards to standard costing calculations
• Compliance with relevant laws and regulations which directly impact the financial statements and those  that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
• Discussions with management including consideration of known or potential instances of non-compliance with laws and regulations;
• Discussions with management in relation to either suspected or alleged fraud, either internal or external;
• Evaluation of controls within the company to prevent and detect irregularities; 
• Challenging assumptions and judgements made by management in relation to significant accounting  estimates and judgements, particularly standard costing calculations and useful lives of assets;
• Testing the completeness of revenue and matching with related costs;
• Identifying and testing journal entries in particular journal entries with round sum values.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 10
 

 
THISTLE SEAFOODS LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THISTLE SEAFOODS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pirrie (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

25 March 2024
Page 11
 

 
THISTLE SEAFOODS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
133,504
115,681

Cost of sales
  
(111,793)
(100,890)

Gross profit
  
21,711
14,791

Distribution costs
  
(5,699)
(6,137)

Administrative expenses
  
(11,541)
(7,993)

Exceptional income
  
1,217
-

Other operating income
 5 
203
120

Operating profit
 6 
5,891
781

Interest payable and similar expenses
 9 
(685)
(478)

Profit before tax
  
5,206
303

Tax on profit
 10 
(2,019)
171

Profit for the financial year
  
3,187
474

Other comprehensive income for the year
  

Total comprehensive income for the year
  
3,187
474

The notes on pages 15 to 31 form part of these financial statements.

Page 12
 

 
THISTLE SEAFOODS LIMITED

REGISTERED NUMBER:SC223362

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
17,779
18,031

Investments
 13 
1
1

  
17,780
18,032

Current assets
  

Stocks
 14 
17,123
14,561

Debtors: amounts falling due after more than one year
 15 
10
8

Debtors: amounts falling due within one year
 15 
15,790
13,948

Cash at bank and in hand
 16 
489
1,627

  
33,412
30,144

Creditors: amounts falling due within one year
 17 
(21,183)
(21,711)

Net current assets
  
 
 
12,229
 
 
8,433

Total assets less current liabilities
  
30,009
26,465

Creditors: amounts falling due after more than one year
 18 
(11,365)
(11,922)

Provisions for liabilities
  

Deferred tax
 20 
(1,191)
(277)

  
 
 
(1,191)
 
 
(277)

Net assets
  
17,453
14,266


Capital and reserves
  

Called up share capital 
  
2,115
2,115

Capital redemption reserve
  
1,250
1,250

Other reserves
  
865
865

Profit and loss account
  
13,223
10,036

  
17,453
14,266


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 March 2024.

................................................
R F Scatterty
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 13
 

 
THISTLE SEAFOODS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 January 2022
2,115
1,250
865
9,562
13,792



Profit for the year
-
-
-
474
474



At 1 January 2023
2,115
1,250
865
10,036
14,266



Profit for the year
-
-
-
3,187
3,187


At 31 December 2023
2,115
1,250
865
13,223
17,453


The notes on pages 15 to 31 form part of these financial statements.

Page 14
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Thistle Seafoods Limited is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the principal place of business is The Harbour, Boddam, Peterhead, Aberdeenshire, AB42 3AU. The principal activity of the company is the processing and sale of seafood products to the United Kingdom and its growing export markets. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Scatterty Holdings Limited as at 31st December 2023 and these financial statements may be obtained from Ogier House, The Esplanade, St Hellier, Jersey, JE4 9WG.

 
2.3

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

Page 15
 

 
THISTLE SEAFOODS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors remain confident that the company can continue to operate as a going concern. This assessment is based on the understanding that the company will continue to trade over the coming months. This, along with the company's retained reserves will allow the company to continue to meet it’s obligations as they fall due and operate as a going concern.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.7

Operating leases: the company as lessee

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

Page 16
 

 
THISTLE SEAFOODS LIMITED
 

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

2.Accounting policies (continued)

  
2.8

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

 
2.9

Pensions

The company contributes to a defined benefit contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.  

  
2.10

Interest income

Interest income is recognised in the Statement of Comprehensive Income in the period it is earned.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 17
 

 
THISTLE SEAFOODS LIMITED
 

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5-10%
Plant and machinery
-
10-20%
Motor vehicles
-
25%
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss account.

  
2.14

Stocks of raw materials

Stocks of raw materials are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 18
 

 
THISTLE SEAFOODS LIMITED
 

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

2.Accounting policies (continued)

  
2.17

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.19

Finance costs

Finance costs are charged to the Statement of Comprehensive Income in the period to which they relate.

Page 19
 

 
THISTLE SEAFOODS LIMITED
 

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

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


  
2.21

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements:
Stock valuation
The carrying value of stock including associated allocation of overheads are judgements made by management.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually by management to ensure appropriate. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Sale of seafood products
133,504
115,681

133,504
115,681


The directors are of the opinion that to disclose an analysis of the company's revenue by country would be seriously prejudicial to the company's interests. 


5.


Other operating income

2023
2022
£000
£000

Government grants receivable
203
120

203
120


Page 21
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Exchange differences
357
(54)


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditor and its associates:

2023
2022
£000
£000
Fees payable to the company's auditor and its associates for the audit of the company's financial statements

28,000

26,000


The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

Staff costs were as follows:


2023
2022
£000
£000

Wages and salaries
14,204
12,025

Social security costs
975
900

Cost of defined contribution scheme
219
196

15,398
13,121


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
474
470

The Directors are remunerated through a company within the group. 

Page 22
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
320
160

Loans from group undertakings
365
318

685
478


10.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
1,113
7

Adjustments in respect of previous periods
(7)
(137)


1,106
(130)


Total current tax
1,106
(130)

Deferred tax


Origination and reversal of timing differences
913
(41)

Total deferred tax
913
(41)


Taxation on profit/(loss) on ordinary activities
2,019
(171)
Page 23
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
5,204
303


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,224
58

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10
3

Capital allowances for year in excess of depreciation
187
(157)

Adjustments to tax charge in respect of prior periods
(7)
(137)

Adjustments to tax charge in respect of prior periods - deferred tax
586
125

Impact on deferred tax change in rates
19
(40)

Group relief
-
(23)

Total tax charge for the year
2,019
(171)


Factors that may affect future tax charges

The deferred tax charge has been calculated based on the rate of 25% which is the rate enacted on 24 May 2021.


11.


Exceptional items

2023
2022
£000
£000


Legal claim settlement
1,217
-

1,217
-

The Company pursued an action against a provider of professional services. During the year, a settlement was agreed in relation to this claim resulting in the Company receiving £1,216,500.

Page 24
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Assets under construction
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
13,032
25,260
53
741
39,086


Additions
144
110
-
2,002
2,256


Disposals
-
(1,021)
-
(4)
(1,025)


Transfers between classes
-
844
-
(844)
-



At 31 December 2023

13,176
25,193
53
1,895
40,317



Depreciation


At 1 January 2023
4,244
16,782
29
-
21,055


Charge for the year on owned assets
371
1,393
5
-
1,769


Disposals
-
(286)
-
-
(286)



At 31 December 2023

4,615
17,889
34
-
22,538



Net book value



At 31 December 2023
8,561
7,304
19
1,895
17,779



At 31 December 2022
8,788
8,478
24
741
18,031

The net book value of land and buildings may be further analysed as follows:


2023
2022
£000
£000



Land - not depreciated
65
65

Page 25
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Thistle Seafoods Inc
1675 South State Street, Suite B, Dover, County of Kent, Delaware 19901
Ordinary
100%
Thistle Seafoods (Europe) Limited
Block A, George's Quay Plaza, George's Quay, Dublin 2
Ordinary
100%

Page 26
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Stocks

2023
2022
£000
£000

Raw materials and consumables
6,669
5,287

Finished goods and goods for resale
10,454
9,274

17,123
14,561



15.


Debtors

2023
2022
£000
£000

Due after more than one year

Amounts owed by group undertakings
10
8

10
8


2023
2022
£000
£000

Due within one year

Trade debtors
13,098
11,168

Other debtors
745
1,570

Prepayments and accrued income
1,947
1,210

15,790
13,948



16.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
489
1,627

Less: bank invoice discounting
(3,751)
(7,346)

(3,262)
(5,719)


Page 27
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Bank invoice discounting
3,751
7,346

Bank loans
-
425

Trade creditors
10,918
9,282

Corporation tax
428
-

Other taxation and social security
247
229

Other creditors
1
3

Accruals and deferred income
5,838
4,426

21,183
21,711


Security
The invoice discounting facility is secured over the trade debtors.
The bank holds a floating charge over the assets of the company.


18.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Bank loans
3,850
5,485

Amounts owed to group undertakings
6,513
5,232

Government grants received
1,002
1,205

11,365
11,922


Page 28
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£000
£000

Amounts falling due within one year

Bank loans
-
425


-
425

Amounts falling due 1-2 years

Bank loans
-
447


-
447

Amounts falling due 2-5 years

Bank loans
3,850
5,038


3,850
5,038


3,850
5,910


During the year, outstanding loan balances of £2.1m initially scheduled to be repaid over a period extending to June 2027 were repaid in full.


20.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(277)
(318)


Charged to the profit or loss
(914)
41



At end of year
(1,191)
(277)

Page 29
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
20.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(1,223)
(313)

Short term timing differences
32
36

(1,191)
(277)


21.


Capital commitments


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£000
£000


Contracted for but not provided in these financial statements
495
53

495
53


22.


Pension commitments

The Company contributes to a defined pension scheme. Contributions are charged to the profit and loss as they become payable. Contributions totalling £219,000 (2022 - £196,000) were paid during the year. 


23.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
10
39

Later than 1 year and not later than 5 years
10
20

20
59


24.


Related party transactions

The Company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions.

Page 30
 

 
THISTLE SEAFOODS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Controlling party

Scatterty Holdings Limited is the immediate parent undertaking. The ultimate controlling party is Mr R F Scatterty, controlling 51% of the issued share capital. The consolidated financial statements of Scatterty Holdings Limited, prepared under FRS 102 and Jersey Company Law, can be requested from  Ogier House, The Esplanade, St Helier, Jersey, JE4 9WG.  


Page 31