Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
COMPANY INFORMATION
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KAMES FISH FARMING LIMITED
CONTENTS
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KAMES FISH FARMING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their Strategic Report for the year ended 31 January 2024.
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.
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.
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KAMES FISH FARMING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Outlined below are the key performance indicators that highlight our achievements for the year 2023/24 in comparison to the previous financial year:
This report was approved by the board and signed on its behalf.
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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.
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 2006. They 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.
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).
The directors who served during the year were:
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KAMES FISH FARMING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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.
There have been no significant events affecting the Company since the year end.
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.
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KAMES FISH FARMING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED
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 policies. The 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).
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.
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.
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KAMES FISH FARMING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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KAMES FISH FARMING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMES FISH FARMING LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
133 Finnieston Street
Glasgow
G3 8HB
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KAMES FISH FARMING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
REGISTERED NUMBER: SC051158
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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KAMES FISH FARMING LIMITED
REGISTERED NUMBER: SC051158
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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
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:
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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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:
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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Analysis of turnover by country of destination:
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
11.Taxation (continued)
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
12.Tangible fixed assets (continued)
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
21.Deferred taxation (continued)
Share premium account
Capital redemption reserve
Profit and loss account
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.
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KAMES FISH FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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