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Company registration number: SC319884
C & J Shellfish Limited
Trading as C & J Shellfish Ltd
Unaudited filleted financial statements
31 March 2024
C & J Shellfish Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
C & J Shellfish Limited
Directors and other information
Directors Mr C MacFarlane
Ms L MacFarlane
Mrs J Eastaugh
Mrs C Gillies
Secretary Julie Eastaugh
Company number SC319884
Registered office Unit 3
Tarbert Industrial Estated
Tarbert
PA29 6TX
Business address Unit 3
Tarbert Industrial Estate
Tarbert
PA29 6TX
Accountants Simmers & Co
Albany Chambers
Albany Street
Oban
PA34 4AL
Bankers Bank of Scotland
Harbour Street
Tarbert
Argyll
PA29 6TZ
C & J Shellfish Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of C & J Shellfish Limited
Year ended 31 March 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 C & J Shellfish Limited for the year ended 31 March 2024 which comprise the statement of financial position and 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 http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of C & J Shellfish Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C & J Shellfish Limited and state those matters that we have agreed to state to the board of directors of C & J Shellfish Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C & J Shellfish Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that C & J Shellfish 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 C & J Shellfish Limited. You consider that C & J Shellfish 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 C & J Shellfish 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.
Simmers & Co
Chartered Accountants
Albany Chambers
Albany Street
Oban
PA34 4AL
29 August 2024
C & J Shellfish Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 161,150 91,150
Tangible assets 6 425,654 291,306
_______ _______
586,804 382,456
Current assets
Stocks 9,000 15,541
Debtors 7 344,358 366,997
Cash at bank and in hand 1,024,331 896,285
_______ _______
1,377,689 1,278,823
Creditors: amounts falling due
within one year 8 ( 141,967) ( 136,246)
_______ _______
Net current assets 1,235,722 1,142,577
_______ _______
Total assets less current liabilities 1,822,526 1,525,033
Provisions for liabilities ( 92,898) ( 70,984)
_______ _______
Net assets 1,729,628 1,454,049
_______ _______
Capital and reserves
Called up share capital 9 4 4
Profit and loss account 1,729,624 1,454,045
_______ _______
Shareholders funds 1,729,628 1,454,049
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr C MacFarlane
Director
Company registration number: SC319884
C & J Shellfish Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 3, Tarbert Industrial Estated, Tarbert, PA29 6TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2023 44,000 91,150 135,150
Additions - 70,000 70,000
_______ _______ _______
At 31 March 2024 44,000 161,150 205,150
_______ _______ _______
Amortisation
At 1 April 2023 and 31 March 2024 44,000 - 44,000
_______ _______ _______
Carrying amount
At 31 March 2024 - 161,150 161,150
_______ _______ _______
At 31 March 2023 - 91,150 91,150
_______ _______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 40,612 100,854 313,705 297,176 752,347
Additions 55,555 165,000 9,161 11,000 240,716
Disposals - - ( 2,200) ( 7,400) ( 9,600)
_______ _______ _______ _______ _______
At 31 March 2024 96,167 265,854 320,666 300,776 983,463
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 32,488 61,750 227,216 139,587 461,041
Charge for the year 9,617 29,696 23,114 41,623 104,050
Disposals - - ( 1,980) ( 5,302) ( 7,282)
_______ _______ _______ _______ _______
At 31 March 2024 42,105 91,446 248,350 175,908 557,809
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 54,062 174,408 72,316 124,868 425,654
_______ _______ _______ _______ _______
At 31 March 2023 8,124 39,104 86,489 157,589 291,306
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 293,568 273,482
Other debtors 50,790 93,515
_______ _______
344,358 366,997
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 46,233 110,932
Corporation tax 76,233 14,310
Social security and other taxes 4,198 2,131
Other creditors 15,303 8,873
_______ _______
141,967 136,246
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares A shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
10. Controlling party
The company is controlled by its' directors .