REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Scottish Pelagic Sustainability Group |
Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Scottish Pelagic Sustainability Group |
Limited |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Report of the Directors | 1 |
Statement of Income and Retained Earnings | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
Company |
Information |
Chairman | Ian Gatt (SPFA) |
Directors | Ian Gatt (SPFA) |
Brian N Isbister (SFPO) |
John L Anderson (SFO) |
Robert Duthie (SPPA) |
Members | Scottish Pelagic Processors Association Limited (SPPA) |
Scottish Pelagic Fishermen's Association Limited (SPFA) |
Scottish Fishermen's Organisation Limited (SFO) |
Shetland Fish Producers' Organisation Limited (SFPO) |
Accountants | SBP |
Accountants |
2 Cross Street |
Fraserburgh, AB43 9EQ |
Secretary | Ian Gatt (SPFA) |
Co. No. | SC323704 |
Registered Office | Heritage House |
135 - 139 Shore Street |
Fraserburgh, AB43 9BP |
Bankers | Bank of Scotland |
Seaforth Street |
Fraserburgh, AB43 9BB |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Report of the Directors |
for the Year Ended 31 May 2024 |
Directors Report |
Report of the Directors of the Scottish Pelagic Sustainability Group Limited to the Seventeenth Annual General Meeting of Members. |
The directors submit their report and accounts for the year ended 31 May 2024. |
Directorate |
The names of the directors unless otherwise stated, have served throughout the financial year are shown on page one. |
In terms of the Articles of the Association members will be asked to approve the election of directors for 2024/2025 of the persons nominated for that purpose by the Board of Directors. |
Membership |
Membership remained unchanged during the year. |
Scottish Pelagic Fishermen's Association Limited |
Scottish Pelagic Processors Association Limited |
Scottish Fishermen's Organisation Limited |
Shetland Producers Organisation Limited |
Principle Activities |
The company's main activities are to promote pelagic stocks as a sustainable resource including the carrying on of any business or activity required to obtain sustainability certification for pelagic fisheries and promoting other activities which contribute to sustainable pelagic fisheries. |
Sustainable fisheries accreditation |
The Scottish Pelagic Sustainability Group has strived to demonstrate that Scottish pelagic fisheries are sustainable and well managed with an aim of entering all its key fisheries for assessment against the rigorous conditions and principles of Marine Stewardship Council (MSC) accreditation. In recent years due to the unsustainable fishing practices by a number of coastal States it has not been possible to enter the mackerel, ASH or blue whiting fisheries for MSC assessment. Progress on a comprehensive quota sharing agreement between all coastal States will need to be reached before these fisheries can enter the MSC assessment process again. |
In 2008 North Sea herring was first certified, the fishery has been subsequently re-certified on a further three occasions, namely 2013, 2017 and 2022. The fishery completed a successful annual audit in January 2023. |
Promotion and Media |
SPSG continues to engage the services of CatchPR to promote the sustainability of Scottish pelagic stocks and to inform the wider public about the range of activities SPSG undertakes to ensure the pelagic sector is a viable and prosperous industry for fishermen and fish processing workers to work in. This includes promoting the comprehensive Scottish pelagic scientific programme highlighting vessel self-sampling and co-sampling data collection at sea and in processing factories that is used in scientific stock assessments, and also the health benefits of eating pelagic fish. |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Report of the Directors |
for the Year Ended 31 May 2024 |
Other activities |
The chairman attended several Association of Sustainable Fisheries (ASF) meetings, including the ASF AGM which was held in the margins of the Barcelona Global Seafood Expo. |
Finances |
SPSG posted a surplus for the year with subscription calls made to members to cover the operating expenditure mainly relating to MSC fisheries accreditation, public relation and media engagement. |
Charitable and other contributions |
No charitable or political donations were made during the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
£ | £ |
TURNOVER |
Administrative expenses |
7,597 | (21,962 | ) |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scottish Pelagic Sustainability Group |
Limited (Registered number: SC323704) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Accounting Convention |
The financial Statements have been prepared under the historical cost convention and in accordance with the provision of section 1A "Small Entities" of Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 |
Income |
Income Represents members subscriptions and grants received. Revenue is recognised to the extent that it is probable that economic benefit will flow to the entity and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Taxation and social security |
Other creditors |