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REGISTERED NUMBER: SC141396 (Scotland)











































Keltic Seafare (Scotland) Limited

Audited Financial Statements

for the Year Ended 30th April 2024






Keltic Seafare (Scotland) Limited (Registered number: SC141396)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 9


Keltic Seafare (Scotland) Limited

Company Information
for the year ended 30th April 2024







Directors: J C Cook
P J Virtue
Mrs S A Wilson
R Mark
Mrs M E Watkins
L J Watkins
A G Hughson
Mrs A E Thomson
Mrs Y Cook





Registered office: Unit 6
Strathpeffer Road Industrial Estate
Dingwall
Ross-shire
IV15 9SP





Registered number: SC141396 (Scotland)





Auditors: Rennie Welch Audit Limited
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 65,000 65,000
Tangible assets 5 551,429 555,293
616,429 620,293

Current assets
Stocks 74,548 57,469
Debtors 6 418,865 408,332
Cash at bank and in hand 408,180 262,968
901,593 728,769
Creditors
Amounts falling due within one year 7 239,011 209,259
Net current assets 662,582 519,510
Total assets less current liabilities 1,279,011 1,139,803

Creditors
Amounts falling due after more than one
year

8

(21,029

)

(26,614

)

Provisions for liabilities (72,797 ) (70,518 )

Accruals and deferred income (122,846 ) (127,429 )
Net assets 1,062,339 915,242

Capital and reserves
Called up share capital 250 250
Share premium 119,850 119,850
Capital redemption reserve 35,000 35,000
Retained earnings 907,239 760,142
Shareholders' funds 1,062,339 915,242

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Balance Sheet - continued
30th April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2024 and were signed on its behalf by:





R Mark - Director


Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements
for the year ended 30th April 2024

1. Statutory information

Keltic Seafare (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from sale of goods is recognised when all the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
The directors believe patents and licenses have an infinite life and is therefore not being amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance and 2% on reducing balance
IT software - 33% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on reducing balance and 16.67% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down of loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade creditors, other creditors, accruals, hire purchase contracts, bank loans and current accounts with related parties.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently measured at amortised cost using the straight line method.

Trade and other debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors with no stated interest rate are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors, other creditors and accruals are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditors for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors with no stated interest rate are recognised at the transaction price.

Current accounts with related parties (being payable/repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date or the forward contract rate, where such contracts are in place. All differences are reflected in the statement of income and retained earnings.

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minium lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and as a reduction to the lease obligation using the straight line interest method. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included as tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the statement of income and retained earnings over the expected useful life of the assets. Grants towards revenue expenditure are released to the statement of income and retained earnings as the related expenditure is incurred.

Employee benefits
Short-term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going Concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 33 (2023 - 31 ) .

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

4. Intangible fixed assets
Patents
and
licences
£   
Cost
At 1st May 2023
and 30th April 2024 65,000
Net book value
At 30th April 2024 65,000
At 30th April 2023 65,000

5. Tangible fixed assets
Freehold Plant and IT
property machinery software
£    £    £   
Cost
At 1st May 2023 353,867 659,973 23,965
Additions - 11,645 -
Disposals - - (22,169 )
At 30th April 2024 353,867 671,618 1,796
Depreciation
At 1st May 2023 95,802 499,190 22,468
Charge for year 7,078 14,210 25
Eliminated on disposal - - (20,747 )
At 30th April 2024 102,880 513,400 1,746
Net book value
At 30th April 2024 250,987 158,218 50
At 30th April 2023 258,065 160,783 1,497

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

5. Tangible fixed assets - continued

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1st May 2023 349,265 37,908 1,424,978
Additions 74,900 - 86,545
Disposals (73,250 ) - (95,419 )
At 30th April 2024 350,915 37,908 1,416,104
Depreciation
At 1st May 2023 214,824 37,401 869,685
Charge for year 47,279 167 68,759
Eliminated on disposal (53,022 ) - (73,769 )
At 30th April 2024 209,081 37,568 864,675
Net book value
At 30th April 2024 141,834 340 551,429
At 30th April 2023 134,441 507 555,293

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 294,711 317,584
Amounts owed by group undertakings 98,748 51,585
Other debtors 25,406 39,163
418,865 408,332

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 34,753 26,551
Trade creditors 20,965 37,796
Amounts owed to group undertakings 122 189
Taxation and social security 46,192 33,854
Other creditors 136,979 110,869
239,011 209,259

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 21,029 26,614

Keltic Seafare (Scotland) Limited (Registered number: SC141396)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 34,753 26,551
Between one and five years 21,029 26,614
55,782 53,165

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 55,782 53,165

HSBC Bank PLC hold security over the below noted assets:

- A fixed charge over Unit 6, Strathpeffer Road, Industrial Estate, Dingwall

- A floating charge undertaking & all property as well as assets present & future, including uncalled capital.

Hire purchase contracts are secured against the assets to which they relate.

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)
for and on behalf of Rennie Welch Audit Limited

12. Capital commitments
2024 2023
£    £   
Contracted but not provided for in the
financial statements 62,110 44,500

13. Post balance sheet events

An interim dividend for the financial year ended 30th April 2024 was declared to the company's shareholders on 14th June 2024 at £400.00 per £1 Ordinary Share held.

14. Name of parent of group

These financial statements are consolidated in the financial statement of D. R. Collin & Son Ltd. The registered office of D. R. Collin & Son Ltd is Unit 1, Coldingham Road Industrial Estate, Eyemouth, Berwickshire, TD14 5AN.