0 false false false false false false false false false false true false false false false true false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2023 - FRS102_2023 328,054 228,995 99,059 2,000 2,000 2,000 xbrli:pure xbrli:shares iso4217:GBP SC215423 2023-04-06 2024-04-05 SC215423 2024-04-05 SC215423 2023-04-05 SC215423 2022-04-06 2023-04-05 SC215423 2023-04-05 SC215423 2022-04-05 SC215423 core:NetGoodwill 2023-04-06 2024-04-05 SC215423 core:MotorVehicles 2023-04-06 2024-04-05 SC215423 bus:RegisteredOffice 2023-04-06 2024-04-05 SC215423 bus:LeadAgentIfApplicable 2023-04-06 2024-04-05 SC215423 bus:Director1 2023-04-06 2024-04-05 SC215423 bus:Director2 2023-04-06 2024-04-05 SC215423 bus:Director3 2023-04-06 2024-04-05 SC215423 bus:CompanySecretary1 2023-04-06 2024-04-05 SC215423 core:NetGoodwill 2024-04-05 SC215423 core:PlantMachinery 2023-04-05 SC215423 core:MotorVehicles 2023-04-05 SC215423 core:PlantMachinery 2024-04-05 SC215423 core:MotorVehicles 2024-04-05 SC215423 core:PlantMachinery 2023-04-06 2024-04-05 SC215423 core:WithinOneYear 2024-04-05 SC215423 core:WithinOneYear 2023-04-05 SC215423 core:AfterOneYear 2024-04-05 SC215423 core:AfterOneYear 2023-04-05 SC215423 core:ShareCapital 2024-04-05 SC215423 core:ShareCapital 2023-04-05 SC215423 core:SharePremium 2024-04-05 SC215423 core:SharePremium 2023-04-05 SC215423 core:CapitalRedemptionReserve 2024-04-05 SC215423 core:RetainedEarningsAccumulatedLosses 2024-04-05 SC215423 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC215423 core:NetGoodwill 2023-04-05 SC215423 core:CostValuation core:Non-currentFinancialInstruments 2024-04-05 SC215423 core:Non-currentFinancialInstruments 2024-04-05 SC215423 core:Non-currentFinancialInstruments 2023-04-05 SC215423 core:PlantMachinery 2023-04-05 SC215423 core:MotorVehicles 2023-04-05 SC215423 bus:SmallEntities 2023-04-06 2024-04-05 SC215423 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SC215423 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 SC215423 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 SC215423 bus:FullAccounts 2023-04-06 2024-04-05
COMPANY REGISTRATION NUMBER: SC215423
BF61 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
5 April 2024
BF61 LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
BF61 LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors Mr K Wood
- Director
Mr N Robertson
- Director
Mr J Watt
- Director
Company secretary
Mrs L Simpson
Registered office
UFS Limited
27 Commercial Road
Buckie
Moray
AB56 1UN
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
BF61 LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BF61 LIMITED
YEAR ENDED 5 APRIL 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 BF61 Limited for the year ended 5 April 2024, which comprise the statement of financial position and the 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of BF61 Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of BF61 Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BF61 Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that BF61 Limited 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 loss of BF61 Limited. You consider that BF61 Limited 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 BF61 Limited. 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.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
2 October 2024
BF61 LIMITED
STATEMENT OF FINANCIAL POSITION
5 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
4
99,059
116,325
Tangible assets
5
1,549,639
1,671,123
Investments
6
2,000
2,000
-------------
-------------
1,650,698
1,789,448
CURRENT ASSETS
Debtors
7
10,383
30,443
Cash at bank and in hand
49
906
---------
---------
10,432
31,349
CREDITORS: amounts falling due within one year
8
82,179
44,735
---------
---------
NET CURRENT LIABILITIES
71,747
13,386
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,578,951
1,776,062
CREDITORS: amounts falling due after more than one year
9
1,054,316
1,016,275
PROVISIONS
Taxation including deferred tax
84,964
87,573
-------------
-------------
NET ASSETS
439,671
672,214
-------------
-------------
BF61 LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
454,908
480,908
Share premium account
29,092
29,092
Capital redemption reserve
26,000
Profit and loss account
( 70,329)
162,214
----------
----------
SHAREHOLDERS FUNDS
439,671
672,214
----------
----------
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 income statement has not been delivered.
For the year ending 5 April 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 were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Mr K Wood
Director
Company registration number: SC215423
BF61 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is UFS Limited, 27 Commercial Road, Buckie, Moray, AB56 1UN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
The turnover shown in the detailed income statement represents amounts invoiced during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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:
Fishing quota & licence
-
5% straight line
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.
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:
Vessel & gear
-
6.25% straight line
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Intangible assets
Fishing quota & licence
£
Cost
At 6 April 2023 and 5 April 2024
328,054
----------
Amortisation
At 6 April 2023 and 5 April 2024
228,995
----------
Carrying amount
At 5 April 2024
99,059
----------
At 5 April 2023
99,059
----------
5. Tangible assets
Fishing vessel & gear
Motor vehicles
Total
£
£
£
Cost
At 6 April 2023
1,889,900
47,529
1,937,429
Additions
1,000
1,000
-------------
---------
-------------
At 5 April 2024
1,889,900
48,529
1,938,429
-------------
---------
-------------
Depreciation
At 6 April 2023
236,238
30,068
266,306
Charge for the year
118,119
4,365
122,484
-------------
---------
-------------
At 5 April 2024
354,357
34,433
388,790
-------------
---------
-------------
Carrying amount
At 5 April 2024
1,535,543
14,096
1,549,639
-------------
---------
-------------
At 5 April 2023
1,653,662
17,461
1,671,123
-------------
---------
-------------
6. Investments
Shares in group undertakings
£
Cost
At 6 April 2023 and 5 April 2024
2,000
-------
Impairment
At 6 April 2023 and 5 April 2024
-------
Carrying amount
At 5 April 2024
2,000
-------
At 5 April 2023
2,000
-------
7. Debtors
2024
2023
£
£
Trade debtors
9,688
12,469
Other debtors
695
17,974
---------
---------
10,383
30,443
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
53,865
42,001
Trade creditors
15,901
Social security and other taxes
913
1,234
Other creditors
11,500
1,500
---------
---------
82,179
44,735
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,054,316
1,016,275
-------------
-------------
10. Directors' advances, credits and guarantees
Transactions with the director are detailed in the related party note.
11. Related party transactions
John Watt, who is a director of the Company, is also a director of Macduff Shipyards Limited and Macduff Diesels Limited. During the year, Macduff Shipyards Limited and Macduff Diesels Limited carried out repairs to the vessel and all transactions were carried out on normal commercial terms. The payments made to Macduff Shipyards Limited amounted to £8,065 (2023: £34,104) and the payments made to Macduff Diesels Limited amounted to £340 (2023: £181). As at 5 April 2024 the balance owed to to Macduff Shipyards Limited was £27,484 (2023: £nil) and to Macduff Diesels Limited £2,855 (2023: £nil) Gilbert Downie, a shareholder in the company, is also a director of R. D. Downie Ltd. During the year R D Downie Ltd carried out repairs to the vessel and all transactions were carried out on normal commercial terms and amounted to £240 (2023: £3,762). As at 5 April 2024 the balance owed to R D Downie Ltd was £938 (2023: £nil). Alexander Barr, who resigned as a director and shareholder of the Company on 30th October 2023, was also a director in United Fish Selling Limited. They act as fishselling agent to the Company. All transactions are on a normal commercial basis. At 5 April 2024 United Fish Selling Limited owed the company £nil (2023: £16,204). There is no interest charged on the balance outstanding and there are no set terms for repayment. As at 5th April 2024 the director owed the company £nil (2023: £nil). Neil Robertson, a director and shareholder in the Company, is also a director of Neil Robertson Fishing Limited. During the year Neil Robertson Fishing Limited received £41,720 (2023: £35,173) in relation to crew share. All transactions are on a normal commercial basis. Kevin Wood, a director and shareholder in the company, is also a director of Kevin Wood Fishing Limited. During the year Kevin Wood Fishing Limited received £41,720 (2023: £35,173) in relation to crew share. All transactions are on a normal commercial basis. During the year the company paid dividends of £14,000 (2023: £13,782) to the directors.