REGISTERED NUMBER: |
Keltic Seafare (Scotland) Limited |
Audited Financial Statements |
for the Year Ended 30th April 2024 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
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 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Accruals and deferred income | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
Keltic Seafare (Scotland) Limited (Registered number: SC141396) |
Balance Sheet - continued |
30th April 2024 |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
IT software | - |
Motor vehicles | - |
Office equipment | - |
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 |
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 |
Net book value |
At 30th April 2024 |
At 30th April 2023 |
5. | Tangible fixed assets |
Freehold | Plant and | IT |
property | machinery | software |
£ | £ | £ |
Cost |
At 1st May 2023 |
Additions |
Disposals | ( |
) |
At 30th April 2024 |
Depreciation |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2024 |
Net book value |
At 30th April 2024 |
At 30th April 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th April 2024 |
Depreciation |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2024 |
Net book value |
At 30th April 2024 |
At 30th April 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
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 |
Between one and five years |
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. |
for and on behalf of |
12. | Capital commitments |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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. |