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xbrli:pure

Registered number: SC051158









KAMES FISH FARMING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
KAMES FISH FARMING LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Stuart G Cannon 
The Honourable J E H G Gully 
Mr James I M Gully 
Mr Andrew T C Cannon 
Mr Allan MacIsaac 




Company secretary
Mrs Shelagh J Cannon



Registered number
SC051158



Registered office
Kilmelford

By Oban

Argyll

PA34 4XA




Independent auditor
French Duncan LLP (trading as AAB)
Chartered Accountants and Statutory Auditor

133 Finnieston Street

Glasgow

G3 8HB




Bankers
Bank of Scotland
Station Road

Oban

PA34 4LL





 
KAMES FISH FARMING LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10 - 11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 32


 
KAMES FISH FARMING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 January 2024.

Business review
 
Kames Fish Farming Ltd, is a Scottish family owned fish farm, operating in the Inner Hebrides of Scotland, and specialises in the production and distribution of Scottish Steelhead Trout. Our operations are vertically integrated to encompass the entire lifecycle of the trout, from hatching eggs sourced from our own broodstock, to the production of fully grown 2-6 kg head-on gutted sea grown Scottish Steelhead Trout.
Our premium-quality Scottish Steelhead Trout is primarily sold domestically within the United Kingdom through retail, foodservice and wholesale markets. As well as international sales to premium seafood services in the United States, European Union and the Asia.
As with our usual production cycle our harvested tonnage was forecasted to be lower in the year to end January 2024. In addition to this, we experienced challenging biological conditions through Autumn 2023, which resulted in lower harvest volumes. Accordingly, our turnover decreased from £14.78 million to £11.90 million, and therefore we made a loss after tax of £1.05 million in the financial year.
Kames continues to invest significantly in our unique Scottish Steelhead Trout strain of fish, through our inhouse broodstock development programme. Strides have been taken to ensure that further disruption to the production cycle are avoided due to environmental challenges, with substantial investment in monitoring, feeding and welfare infrastructure and expertise.

Principal risks and uncertainties
 
Operational risk
As with any enterprise, we face certain risks and uncertainties in our operations. Key challenges include addressing biological factors such as gill health and managing sea lice. Additionally, environmental concerns, particularly the impact of predators such as seals, birds, and jellyfish, are critical factors that demand our ongoing attention and mitigation efforts.

Health, safety and environmental risk
The company is subject to stringent health, safety and environmental regulations. Accordingly, the provision of adequate training is a top priority and every precaution is taken to minimise risk in this area. We have processes in place to ensure compliance across the business with regular reporting to the Board on these matters.

Revenue risk
The company continues to focus on building strong relationships with existing and potential customers, and always performs to a high standard to minimise the risk of losing a trading customer. The company is continually reviewing its revenue offerings and increasing the number of third party customers in order to manage this risk.

Competitive risk 
The company operates in a competitive industry, and continues to focus on building key relationships with our customers and providing a high quality service to distinguish ourselves over our competitors. 

Credit risk
In order to minimise the risk of loss through customer defaults, appropriate credit monitoring systems are in place to manage this risk.

Liquidity risk
The company manages its liquidity risk through the day to day management of working capital having regard to available bank facilities. Forecasts and budgets are in place and performance monitored on a regular basis to ensure that cash requirements are met and that liabilities can be paid as they fall due.
Page 1

 
KAMES FISH FARMING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


Financial key performance indicators
 
Outlined below are the key performance indicators that highlight our achievements for the year 2023/24 in comparison to the previous financial year:

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



Mr Stuart G Cannon
Director

Date: 30 October 2024

Page 2

 
KAMES FISH FARMING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

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.

Principal activity

The principal activity of the company is that of fish farming.

Results and dividends

The loss for the year, after taxation, amounted to £1,054,351 (2023 - profit £593,060).

No dividends were paid during the year (2023 - £nil).

Directors

The directors who served during the year were:

Mr Stuart G Cannon 
The Honourable J E H G Gully 
Mr James I M Gully 
Mr Andrew T C Cannon 
Mr Allan MacIsaac 

Page 3

 
KAMES FISH FARMING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Future developments

The Company will continue to focus on producing quality Scottish Steelhead Trout which are raised with fish welfare as a high priority. We will also continue with the development of our own broodstock which we believe will yield benefits in terms of efficiency and the long term sustainability of the business. We will also look to pursue opportunities for growth and expansion.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
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

French Duncan LLP were appointed as auditors to the company for this financial year and will be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006.

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





Mr Stuart G Cannon
Director

Date: 30 October 2024

Page 4

 
KAMES FISH FARMING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED
 

Opinion


We have audited the financial statements of Kames Fish Farming Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows 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 January 2024 and of its loss 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.


Material uncertainty related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that there is material uncertainty relating to credit extended by a key supplier and the company's ability to continue as a going concern should the credit be withdrawn. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. 


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


Page 5

 
KAMES FISH FARMING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED (CONTINUED)


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.


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 3, 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 6

 
KAMES FISH FARMING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING 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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed high level analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

 
Page 7

 
KAMES FISH FARMING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED (CONTINUED)


The extent to which the audit was considered capable of detecting irregularities including fraud (continued)
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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.





Nicola MacLennan (Senior statutory auditor)
  
for and on behalf of
French Duncan LLP
 
Chartered Accountants and Statutory Auditor
  
133 Finnieston Street
Glasgow
G3 8HB

30 October 2024
Page 8

 
KAMES FISH FARMING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,898,117
14,778,232

Cost of sales
  
(10,984,619)
(12,114,194)

Gross profit
  
913,498
2,664,038

Administrative expenses
  
(2,378,184)
(1,927,016)

Other operating income
 5 
301,818
260,896

Operating (loss)/profit
 6 
(1,162,868)
997,918

Amounts written off investments
  
-
(66,290)

Interest receivable and similar income
 9 
3,491
2,600

Interest payable and similar expenses
 10 
(128,611)
(105,392)

(Loss)/profit before tax
  
(1,287,988)
828,836

Tax on (loss)/profit
 11 
233,637
(235,776)

(Loss)/profit after tax
  
(1,054,351)
593,060

  

  

Retained earnings at the beginning of the year
  
8,452,671
7,859,611

(Loss)/profit for the year
  
(1,054,351)
593,060

Retained earnings at the end of the year
  
7,398,320
8,452,671
The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
KAMES FISH FARMING LIMITED
REGISTERED NUMBER: SC051158

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,742,506
6,589,089

Investments
 13 
70,000
70,000

  
6,812,506
6,659,089

Current assets
  

Stocks
 14 
7,500,304
6,911,289

Debtors: amounts falling due after more than one year
 15 
-
5,000

Debtors: amounts falling due within one year
 15 
899,862
964,580

Cash at bank and in hand
 16 
621,683
1,133,368

  
9,021,849
9,014,237

Creditors: amounts falling due within one year
 17 
(4,796,999)
(2,890,129)

Net current assets
  
 
 
4,224,850
 
 
6,124,108

Total assets less current liabilities
  
11,037,356
12,783,197

Creditors: amounts falling due after more than one year
 18 
(2,842,738)
(3,305,686)

Provisions for liabilities
  

Deferred tax
 21 
(667,821)
(896,363)

Net assets
  
7,526,797
8,581,148


Capital and reserves
  

Called up share capital 
 22 
24,884
24,884

Share premium account
 23 
27,715
27,715

Capital redemption reserve
 23 
75,878
75,878

Profit and loss account
 23 
7,398,320
8,452,671

  
7,526,797
8,581,148


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr Stuart G Cannon
Director

Date: 30 October 2024

The notes on pages 15 to 32 form part of these financial statements.
Page 10

 
KAMES FISH FARMING LIMITED
REGISTERED NUMBER: SC051158
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024


Page 11

 
KAMES FISH FARMING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(1,054,351)
593,060

Adjustments for:

Depreciation of tangible assets
1,117,527
970,842

Impairments of fixed assets
-
66,290

Loss on disposal of tangible assets
(10,179)
(118,133)

Government grants
(90,065)
(90,065)

Interest paid
128,611
105,392

Taxation charge
(233,637)
235,776

Increase in stocks
(589,015)
(33,605)

Decrease in debtors
69,718
449,736

Increase/(decrease) in creditors
1,901,788
(28,182)

Corporation tax received/(paid)
5,095
(5,090)

Net cash generated from operating activities

1,245,492
2,146,021


Cash flows from investing activities

Purchase of tangible fixed assets
(1,193,181)
(1,027,982)

Sale of tangible fixed assets
21,801
158,333

Net cash used in investing activities

(1,171,380)
(869,649)
Page 12

 
KAMES FISH FARMING LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(257,811)
(283,909)

Repayment of other loans
-
(43,333)

Repayment of/new finance leases
(199,375)
(161,355)

Interest paid
(128,611)
(105,392)

Net cash used in financing activities
(585,797)
(593,989)

Net (decrease)/increase in cash and cash equivalents
(511,685)
682,383

Cash and cash equivalents at beginning of year
1,133,368
450,985

Cash and cash equivalents at the end of year
621,683
1,133,368


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
621,683
1,133,368

621,683
1,133,368


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
KAMES FISH FARMING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024






At 1 February 2023
Cash flows
New finance leases
Other non-cash changes
At 31 January 2024
£

£

£

£

£

Cash at bank and in hand

1,133,368

(511,685)

-

-

621,683

Debt due after 1 year

(1,232,738)

257,811

-

(9,228)

(984,155)

Debt due within 1 year

(267,745)

-

-

9,228

(258,517)

Finance leases

(1,730,100)

199,375

(89,385)

-

(1,620,110)


(2,097,215)
(54,499)
(89,385)
-
(2,241,099)

The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Kames Fish Farming Limited is a private company limited by shares and is registered and incorporated in Scotland. Its registered office is Kilmelford, Oban, PA34 4XA.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis however there is a material uncertainty in relation to credit limits extended by a key supplier, who continues to be supportive. This support has provided liquidity while the company recovers from unexpected biological issues that impacted in the year ended 31 January 2024 however, should the extended credit be withdrawn, the company may be unable to pay its liabilities as they fall due.
The directors are working closely with the supplier to reduce the level of credit and return to standard terms as soon as possible. The directors are looking at financing options, making efficiencies within production and adjusting sales strategy in order to return to profitability, realise working capital and pay down the debt.
The directors have prepared cashflow forecasts, incorporating the potential impact of the above noted factors. On this basis and having considered these factors, the directors have made an informed judgement that the company has adequate working capital to execute its operations over the next 12 months. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Page 15

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Page 17

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 Statement of financial position 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; and
•  Any deferred tax balances are reversed if and when all conditions for retaining associated tax
  allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

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.

Land is not depreciated. Depreciation on other assets 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%
Long-term leasehold property
-
 over the period of the lease
Plant and machinery
-
20%
Motor vehicles
-
20%
Assets under construction
-
 not depreciated, not in use
Fish equipment
-
10-20% straight line

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.

Page 18

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.16

Stocks

Stocks 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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 profit or loss.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss. 

 
2.21

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 ordinary shares.
Page 19

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Income and Retained Earnings.

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 reporting date.

Page 20

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.
Depreciation
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's fixed assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness.The lives are based on historical experience with similar assets. Historically changes in useful lives havenot resulted in material changes to the company's depreciation charge.
Stock valuation
The valuation of stocks at the year end date requires judgement from management as by its very nature, trout farming means that the volume of biological assets held at each reporting date is itself an estimate. However, the company regularly grades and performs sample counts on all sites. Furthermore, all deviations between expected volumes and actual harvests are measured and reviewed regularly. In general, unless there have been significant disease issues causing higher than normal mortality rates or a period of restricted handling, uncertainty levels are typically low.
Provisions
Provisions are recognised when the company has an obligation, as a result of past events, that can be measured reliably and where the outcome is probable. Where the outcome is less than probable, but more than remote, no provision is recorded but a contingent liability disclosed in the financial statements if material. The recording of provisions is therefore an area which requires the exercise of management judgement relating to the nature, timing and probability of the liability.
The main provision held by the company is in relation to stocks where the carrying value will not be recovered in full, particularly having regard to the difficult and competitive market in which the company operates. Changes to the assumptions underlining this assessment may change due to changes in operating conditions.
Judgement is also required when assessing the recoverability of trade debtors. The directors consider the financial strength of the debtor when making this judgement and determine, on the basis of this information whether an impairment provision is required. 

Page 21

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

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


2024
2023
£
£

Sale of fish
11,898,117
14,778,232


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,872,361
9,499,600

Rest of Europe
2,005,299
3,634,158

Rest of the world
2,020,457
1,644,474

11,898,117
14,778,232



5.


Other operating income

2024
2023
£
£

Other operating income
28,656
23,730

Government grants receivable
102,537
90,065

Fees receivable
170,625
147,101

301,818
260,896



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
15,400
14,000

Exchange differences
6,806
(11,333)

Other operating lease rentals
6,362
1,782

Rent - operating leases
115,500
115,500

Depreciation
1,117,527
970,842

Page 22

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,900,504
1,822,422

Social security costs
181,946
189,658

Cost of defined contribution scheme
47,051
45,482

2,129,501
2,057,562


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


        2024
        2023
            No.
            No.







59
58


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
248,934
248,282

Company contributions to defined contribution pension schemes
8,488
8,266

257,422
256,548


During the year retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £71,909 (2023 - £89,121).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,846 (2023 - £4,773).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
3,491
2,600

Page 23

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
90,798
67,689

Finance leases and hire purchase contracts
37,813
37,702

Other interest payable
-
1

128,611
105,392


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(5,095)
(313)


(5,095)
(313)


Total current tax
(5,095)
(313)

Deferred tax


Origination and reversal of timing differences
(228,542)
236,089

Total deferred tax
(228,542)
236,089


Tax on (loss)/profit
(233,637)
235,776
Page 24

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(1,287,988)
828,836


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
(309,504)
157,479

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(3,153)
1,826

Capital allowances for year in excess of depreciation
-
(59,293)

Adjustments to tax charge in respect of prior periods
(5,095)
(313)

Capital gains
-
6,450

Unrelieved tax losses carried forward
-
(85,500)

Other differences leading to an increase (decrease) in the tax charge
84,115
215,127

Total tax charge for the year
(233,637)
235,776

Page 25

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Assets under construction
Fish equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 February 2023
1,358,819
307,174
659,772
215,410
120,344
7,934,721
10,596,240


Additions
3,240
44,265
15,546
89,385
-
1,130,130
1,282,566


Disposals
(27,864)
(52,096)
(321,008)
(93,988)
-
(1,312,254)
(1,807,210)


Transfers between classes
-
-
-
-
(83,415)
83,415
-



At 31 January 2024

1,334,195
299,343
354,310
210,807
36,929
7,836,012
10,071,596



Depreciation


At 1 February 2023
93,630
126,417
385,189
104,543
-
3,297,372
4,007,151


Charge for the year
25,855
19,207
80,715
42,131
-
949,619
1,117,527


Disposals
(27,864)
(52,096)
(313,319)
(90,055)
-
(1,312,254)
(1,795,588)



At 31 January 2024

91,621
93,528
152,585
56,619
-
2,934,737
3,329,090



Net book value



At 31 January 2024
1,242,574
205,815
201,725
154,188
36,929
4,901,275
6,742,506



At 31 January 2023
1,265,189
180,757
274,583
110,867
120,344
4,637,349
6,589,089

Page 26

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           12.Tangible fixed assets (continued)


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Motor vehicles
80,250
-

Fish equipment
2,548,164
2,863,060

2,628,414
2,863,060


13.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 February 2023
162,270



At 31 January 2024

162,270



Impairment


At 1 February 2023
92,270



At 31 January 2024

92,270



Net book value



At 31 January 2024
70,000



At 31 January 2023
70,000

Page 27

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Stocks

2024
2023
£
£

Fish stock
7,116,733
6,429,354

Fuel stock
16,901
24,224

Feed and other stock
366,670
457,711

7,500,304
6,911,289



15.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
5,000


2024
2023
£
£

Due within one year

Trade debtors
617,948
838,461

Other debtors
72,878
96,418

Prepayments and accrued income
209,036
29,701

899,862
964,580


Included in other debtors is a loan advanced to the Argyllshire Gathering for £50,000 during the year ended 31 January 2018. This loan attracts interest at 4% per annum. The balance outstanding at the beginning of the year was £17,000. A repayment of £6,000 was made during the year, leaving a total of £11,000. A repayment £11,000 is due on 31 January 2025 and this is included as being due within one year.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
621,683
1,133,368


Page 28

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
258,517
267,745

Trade creditors
3,768,789
2,191,284

Other taxation and social security
53,196
64,053

Obligations under finance lease and hire purchase contracts
204,510
190,200

Other creditors
110,218
-

Accruals and deferred income
401,769
176,847

4,796,999
2,890,129


Details of bank and other loans including securities are included in note 19.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
984,155
1,232,738

Net obligations under finance leases and hire purchase contracts
1,415,600
1,539,900

Accruals and deferred income
442,983
533,048

2,842,738
3,305,686


Details of bank loans including securities are included in note 19.

Page 29

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Loans

Analysis of the maturity of bank loans is given below:



2024
2023
£
£

Amounts falling due within one year
258,517
267,745

Amounts falling due 1-2 years
262,048
258,517

Amounts falling due 2-5 years
407,737
597,247

Amounts falling due after more than 5 years
314,370
376,974

1,242,672
1,500,483


The bank loans are secured by standard securities over property and certain other fixed assets together with a floating charge over the whole assets of the company.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
204,510
190,200

Between 1-5 years
826,700
760,800

Over 5 years
588,900
779,100

1,620,110
1,730,100

The hire purchase and finance leases are secured over the assets to which they relate.


21.


Deferred taxation




2024


£






At beginning of year
896,363


Charged to profit or loss
228,542



At end of year
667,821

Page 30

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,001,768
855,204

Capital gains
245,031
248,276

Losses and other deductions
(578,978)
(207,117)

667,821
896,363


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24,884 (2023 - 24,884) Ordinary shares of £1.00 each
24,884
24,884



23.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve is a capital redemption reserve created when the company purchased some of its own shares.

Profit and loss account

The profit and loss account represents the accumulated profits and losses of the company less distributions made to shareholders.


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £47,051 (2023 - £45,482). Contributions totalling £Nil (2023 - £Nil) were payable to the funds at the Statement of Financial Position date and are included in other creditors.

Page 31

 
KAMES FISH FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

25.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
67,500
67,500

Later than 1 year and not later than 5 years
73,000
137,500

Later than 5 years
21,000
24,000

161,500
229,000


26.


Related party transactions

During the year £18,420 (2023 - £19,020) of goods or services were purchased from other related parties and £282 (2023 - £1,541) goods sold to other related parties. The outstanding balances with the other related parties as at the statement of financial position date was £nil (2023 - £nil).
The senior leadership team are considered to be key management personnel of the Company. No other employees are considered to have authority or responsibility for planning, directing and controlling the activities of the Group. Total remuneration including social security and directors fees is £188,476 (2023 - £186,709). 


27.


Controlling party

In the opinion of the directors there is no controlling party.

 
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