D. I. Lamont & Co. Limited SC427893 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is fishing Digita Accounts Production Advanced 6.30.9574.0 true true true SC427893 2023-07-01 2024-06-30 SC427893 2024-06-30 SC427893 bus:Director1 2024-06-30 SC427893 bus:OrdinaryShareClass1 2024-06-30 SC427893 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC427893 core:ShareCapital 2024-06-30 SC427893 core:CurrentFinancialInstruments 2024-06-30 SC427893 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC427893 core:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 SC427893 core:MotorVehicles 2024-06-30 SC427893 core:OtherPropertyPlantEquipment 2024-06-30 SC427893 bus:SmallEntities 2023-07-01 2024-06-30 SC427893 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC427893 bus:FullAccounts 2023-07-01 2024-06-30 SC427893 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC427893 bus:RegisteredOffice 2023-07-01 2024-06-30 SC427893 bus:Director1 2023-07-01 2024-06-30 SC427893 bus:Director2 2023-07-01 2024-06-30 SC427893 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC427893 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC427893 bus:Agent1 2023-07-01 2024-06-30 SC427893 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 SC427893 core:ShareCapital 2023-07-01 2024-06-30 SC427893 core:LicencesFranchises 2023-07-01 2024-06-30 SC427893 core:MotorVehicles 2023-07-01 2024-06-30 SC427893 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC427893 core:PlantMachinery 2023-07-01 2024-06-30 SC427893 1 2023-07-01 2024-06-30 SC427893 countries:AllCountries 2023-07-01 2024-06-30 SC427893 2023-06-30 SC427893 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC427893 core:ShareCapital 2023-06-30 SC427893 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 SC427893 core:MotorVehicles 2023-06-30 SC427893 core:OtherPropertyPlantEquipment 2023-06-30 SC427893 2022-07-01 2023-06-30 SC427893 2023-06-30 SC427893 bus:OrdinaryShareClass1 2023-06-30 SC427893 core:CurrentFinancialInstruments 2023-06-30 SC427893 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC427893 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 SC427893 core:MotorVehicles 2023-06-30 SC427893 core:OtherPropertyPlantEquipment 2023-06-30 SC427893 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 SC427893 core:ShareCapital 2022-07-01 2023-06-30 SC427893 2022-06-30 SC427893 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC427893 core:ShareCapital 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC427893

D. I. Lamont & Co. Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

D. I. Lamont & Co. Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

D. I. Lamont & Co. Limited

Company Information

Director

Mr Martin Iain Lamont

Registered office

Rockcliffe
East Bay
Mallaig
Inverness-Shire
Invernessshire
PH41 4QF

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

D. I. Lamont & Co. Limited

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Douglas Ian Lamont (ceased 18 November 2024)

Mr Martin Iain Lamont

Principal activity

The principal activity of the company is fishing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 February 2025
 

.........................................
Mr Martin Iain Lamont
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
D. I. Lamont & Co. Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D. I. Lamont & Co. Limited for the year ended 30 June 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of D. I. Lamont & Co. 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 accounts of D. I. Lamont & Co. Limited and state those matters that we have agreed to state to the Board of Directors of D. I. Lamont & Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D. I. Lamont & Co. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D. I. Lamont & Co. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D. I. Lamont & Co. Limited. You consider that D. I. Lamont & Co. 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 accounts of D. I. Lamont & Co. 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

27 February 2025

 

D. I. Lamont & Co. Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

1,479,401

1,303,836

Cost of sales

 

(45,266)

(64,391)

Gross profit

 

1,434,135

1,239,445

Administrative expenses

 

(477,657)

(409,071)

Operating profit

 

956,478

830,374

Other interest receivable and similar income

 

3,608

-

Profit before tax

3

960,086

830,374

Tax on profit

 

(240,796)

(169,254)

Profit for the financial year

 

719,290

661,120

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

D. I. Lamont & Co. Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

719,290

661,120

Total comprehensive income for the year

719,290

661,120

 

D. I. Lamont & Co. Limited

(Registration number: SC427893)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

108,780

108,780

Tangible assets

5

81,684

52,231

 

190,464

161,011

Current assets

 

Debtors

6

1,432

1,432

Cash at bank and in hand

 

414,144

343,976

 

415,576

345,408

Creditors: Amounts falling due within one year

7

(305,536)

(225,205)

Net current assets

 

110,040

120,203

Net assets

 

300,504

281,214

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

300,404

281,114

Shareholders' funds

 

300,504

281,214

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 February 2025
 

.........................................
Mr Martin Iain Lamont
Director

 

D. I. Lamont & Co. Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

281,114

281,214

Profit for the year

-

719,290

719,290

Dividends

-

(700,000)

(700,000)

At 30 June 2024

100

300,404

300,504

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

144,994

145,094

Profit for the year

-

661,120

661,120

Dividends

-

(525,000)

(525,000)

At 30 June 2023

100

281,114

281,214

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Boat fishing licences

In accordance with lifetime of licence

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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

Trade creditors 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 creditor 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 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,420

12,983

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

108,780

108,780

At 30 June 2024

108,780

108,780

Amortisation

Carrying amount

At 30 June 2024

108,780

108,780

At 30 June 2023

108,780

108,780

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

132,775

201,413

334,188

Additions

47,500

2,373

49,873

At 30 June 2024

180,275

203,786

384,061

Depreciation

At 1 July 2023

92,740

189,217

281,957

Charge for the year

17,507

2,913

20,420

At 30 June 2024

110,247

192,130

302,377

Carrying amount

At 30 June 2024

70,028

11,656

81,684

At 30 June 2023

40,035

12,196

52,231

6

Debtors

Current

2024
£

2023
£

Other debtors

1,432

1,432

 

1,432

1,432

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

296,251

218,595

Accruals and deferred income

3,600

3,600

Other creditors

5,685

3,010

305,536

225,205

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Related party transactions

 

D. I. Lamont & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

151,904

124,779

10

Parent and ultimate parent undertaking

Lamont Leasing Ltd originally acquired 50% of DI Lamont & Co Ltd on 15th November 2017. A further 25% was acquired on 30th April 2018 and the final 25% on 18th November 2024.

 The company's immediate parent is Lamont Leasing Ltd, incorporated in Scotland.

 The most senior parent entity producing publicly available financial statements is Lamont Leasing Ltd. These financial statements are available upon request from Companies House, Scotland