2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1 1 1 xbrli:pure xbrli:shares iso4217:GBP SC245754 2023-04-01 2024-03-31 SC245754 2024-03-31 SC245754 2023-03-31 SC245754 2022-04-01 2023-03-31 SC245754 2023-03-31 SC245754 2022-03-31 SC245754 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 SC245754 core:PlantMachinery 2023-04-01 2024-03-31 SC245754 core:MotorVehicles 2023-04-01 2024-03-31 SC245754 bus:Director1 2023-04-01 2024-03-31 SC245754 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC245754 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 SC245754 core:PlantMachinery 2023-03-31 SC245754 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC245754 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 SC245754 core:PlantMachinery 2024-03-31 SC245754 core:MotorVehicles 2024-03-31 SC245754 core:WithinOneYear 2024-03-31 SC245754 core:WithinOneYear 2023-03-31 SC245754 core:AfterOneYear 2023-03-31 SC245754 core:ShareCapital 2024-03-31 SC245754 core:ShareCapital 2023-03-31 SC245754 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC245754 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC245754 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC245754 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 SC245754 core:PlantMachinery 2023-03-31 SC245754 bus:Director1 2023-03-31 SC245754 bus:Director1 2024-03-31 SC245754 bus:Director1 2022-03-31 SC245754 bus:Director1 2023-03-31 SC245754 bus:Director1 2022-04-01 2023-03-31 SC245754 bus:SmallEntities 2023-04-01 2024-03-31 SC245754 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC245754 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC245754 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC245754 bus:FullAccounts 2023-04-01 2024-03-31 SC245754 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SC245754 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31
COMPANY REGISTRATION NUMBER: SC245754
Shorecroft Fishing Limited
Filleted Unaudited Financial Statements
31 March 2024
Shorecroft Fishing Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
751,972
783,200
---------
---------
751,973
783,201
Current assets
Stocks
99,710
104,800
Debtors
7
156,417
318,358
Cash at bank and in hand
41,017
4,576
---------
---------
297,144
427,734
Creditors: amounts falling due within one year
8
11,834
147,832
---------
---------
Net current assets
285,310
279,902
------------
------------
Total assets less current liabilities
1,037,283
1,063,103
Creditors: amounts falling due after more than one year
9
33,834
Provisions
53,624
59,557
------------
------------
Net assets
983,659
969,712
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
983,559
969,612
---------
---------
Shareholders funds
983,659
969,712
---------
---------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Shorecroft Fishing Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr D D McCallum
Director
Company registration number: SC245754
Shorecroft Fishing 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 Shorecroft, Culbokie, IV7 8LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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 revalued amounts, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
5% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Quota
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Amortisation
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
1
----
At 31 March 2023
1
----
6. Tangible assets
Freehold property
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
380,384
131,282
431,114
942,780
Additions
14,458
10,586
25,044
Disposals
( 20,495)
( 20,495)
---------
---------
---------
--------
---------
At 31 March 2024
380,384
131,282
425,077
10,586
947,329
---------
---------
---------
--------
---------
Depreciation
At 1 April 2023
41,925
117,655
159,580
Charge for the year
6,564
34,013
2,647
43,224
Disposals
( 7,447)
( 7,447)
---------
---------
---------
--------
---------
At 31 March 2024
48,489
144,221
2,647
195,357
---------
---------
---------
--------
---------
Carrying amount
At 31 March 2024
380,384
82,793
280,856
7,939
751,972
---------
---------
---------
--------
---------
At 31 March 2023
380,384
89,357
313,459
783,200
---------
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
5,043
134,400
Other debtors
151,374
183,958
---------
---------
156,417
318,358
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,278
Trade creditors
2,257
2,209
Corporation tax
13,665
Social security and other taxes
520
12,667
Other creditors
9,057
107,013
--------
---------
11,834
147,832
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
27,663
Other creditors
6,171
----
--------
33,834
----
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D D McCallum
131,646
2,678
( 36,750)
97,574
---------
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D D McCallum
420,504
21,299
( 310,157)
131,646
---------
--------
---------
---------
Interest is charged on the overdrawn directors loan at 2.25% per annum. (2023 2% per annum) Interest paid by the director during the year amounted to £2,195 (2023 - £5,954).