3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,635 9,635 9,635 xbrli:pure xbrli:shares iso4217:GBP SC077168 2023-07-01 2024-06-30 SC077168 2024-06-30 SC077168 2023-06-30 SC077168 2022-07-01 2023-06-30 SC077168 2023-06-30 SC077168 2022-06-30 SC077168 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC077168 core:PlantMachinery 2023-07-01 2024-06-30 SC077168 core:FurnitureFittings 2023-07-01 2024-06-30 SC077168 core:MotorVehicles 2023-07-01 2024-06-30 SC077168 bus:RegisteredOffice 2023-07-01 2024-06-30 SC077168 bus:LeadAgentIfApplicable 2023-07-01 2024-06-30 SC077168 bus:Director1 2023-07-01 2024-06-30 SC077168 bus:Director2 2023-07-01 2024-06-30 SC077168 bus:Director3 2023-07-01 2024-06-30 SC077168 bus:Director7 2023-07-01 2024-06-30 SC077168 bus:Director10 2023-07-01 2024-06-30 SC077168 bus:CompanySecretary1 2023-07-01 2024-06-30 SC077168 core:LandBuildings 2023-06-30 SC077168 core:PlantMachinery 2023-06-30 SC077168 core:FurnitureFittings 2023-06-30 SC077168 core:MotorVehicles 2023-06-30 SC077168 core:LandBuildings 2024-06-30 SC077168 core:PlantMachinery 2024-06-30 SC077168 core:FurnitureFittings 2024-06-30 SC077168 core:MotorVehicles 2024-06-30 SC077168 core:WithinOneYear 2024-06-30 SC077168 core:WithinOneYear 2023-06-30 SC077168 core:ShareCapital 2024-06-30 SC077168 core:ShareCapital 2023-06-30 SC077168 core:SharePremium 2024-06-30 SC077168 core:SharePremium 2023-06-30 SC077168 core:CapitalRedemptionReserve 2024-06-30 SC077168 core:CapitalRedemptionReserve 2023-06-30 SC077168 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC077168 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC077168 core:BetweenOneFiveYears 2024-06-30 SC077168 core:BetweenOneFiveYears 2023-06-30 SC077168 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 SC077168 core:Non-currentFinancialInstruments 2024-06-30 SC077168 core:Non-currentFinancialInstruments 2023-06-30 SC077168 core:LandBuildings 2023-06-30 SC077168 core:MotorVehicles 2023-06-30 SC077168 bus:SmallEntities 2023-07-01 2024-06-30 SC077168 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC077168 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC077168 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC077168 bus:FullAccounts 2023-07-01 2024-06-30 SC077168 core:OfficeEquipment 2023-07-01 2024-06-30 SC077168 core:OfficeEquipment 2023-06-30 SC077168 core:OfficeEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: SC077168
UNITED FISH SELLING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
UNITED FISH SELLING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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
UNITED FISH SELLING LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
K Wood
K Findlay
S Shepherd
N Robertson
A W Addison
Company secretary
Mrs Lorna Simpson
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
Solicitors
Robert McDiarmid
Stronachs LLP
28 Albyn Place
Aberdeen
AB10 1YL
UNITED FISH SELLING LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UNITED FISH SELLING LIMITED
YEAR ENDED 30 JUNE 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 United Fish Selling Limited for the year ended 30 June 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 United Fish Selling Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of United Fish Selling 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 United Fish Selling Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that United Fish Selling 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 profit of United Fish Selling Limited. You consider that United Fish Selling 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 United Fish Selling 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
29 October 2024
UNITED FISH SELLING LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
86,917
73,896
Investments
6
9,635
9,635
--------
--------
96,552
83,531
CURRENT ASSETS
Stocks
1,282
1,076
Debtors
7
359,973
275,724
Cash at bank and in hand
226,430
460,813
---------
---------
587,685
737,613
CREDITORS: amounts falling due within one year
8
434,855
589,204
---------
---------
NET CURRENT ASSETS
152,830
148,409
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
249,382
231,940
PROVISIONS
Taxation including deferred tax
4,164
1,690
---------
---------
NET ASSETS
245,218
230,250
---------
---------
CAPITAL AND RESERVES
Called up share capital
4,750
6,750
Share premium account
2,500
2,500
Capital redemption reserve
6,000
5,000
Profit and loss account
231,968
216,000
---------
---------
SHAREHOLDERS FUNDS
245,218
230,250
---------
---------
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 30 June 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 .
UNITED FISH SELLING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
A W Addison
Chairman
Company registration number: SC077168
UNITED FISH SELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the principal place of business is 27 Commercial Road, Buckie, 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
Turnover in the company represents commission (net of VAT) on fish sales receivable from the vessels for which the company acts as an agent. The company also receive commission as an agent for other services carried out for the vessels such as insurance and crew recruitment.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Heritable Property
-
5% straight line
Computer Equipment
-
33% straight line
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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.
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 stock to its 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and investments. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
75,474
10,444
1,433
34,630
2,054
124,035
Additions
28,995
28,995
Disposals
( 34,630)
( 34,630)
--------
--------
-------
--------
-------
---------
At 30 Jun 2024
75,474
10,444
1,433
28,995
2,054
118,400
--------
--------
-------
--------
-------
---------
Depreciation
At 1 Jul 2023
10,474
10,444
1,433
25,974
1,814
50,139
Charge for the year
7,249
69
7,318
Disposals
( 25,974)
( 25,974)
--------
--------
-------
--------
-------
---------
At 30 Jun 2024
10,474
10,444
1,433
7,249
1,883
31,483
--------
--------
-------
--------
-------
---------
Carrying amount
At 30 Jun 2024
65,000
21,746
171
86,917
--------
--------
-------
--------
-------
---------
At 30 Jun 2023
65,000
8,656
240
73,896
--------
--------
-------
--------
-------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2023 and 30 June 2024
9,635
-------
Impairment
At 1 July 2023 and 30 June 2024
-------
Carrying amount
At 30 June 2024
9,635
-------
At 30 June 2023
9,635
-------
7. Debtors
2024
2023
£
£
Trade debtors
359,164
274,746
Other debtors
809
978
---------
---------
359,973
275,724
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
54,106
22,280
Trade creditors
338,811
490,997
Corporation tax
2,913
10,926
Social security and other taxes
2,139
4,343
Other creditors
36,886
60,658
---------
---------
434,855
589,204
---------
---------
The bank holds a bond and floating charge over the assets of the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
6,511
6,511
Later than 1 year and not later than 5 years
11,275
17,826
--------
--------
17,786
24,337
--------
--------
10. Related party transactions
The directors confirm that there have been no transactions with related parties during the year except those in the normal course of business.