IRIS Accounts Production v25.1.0.734 SC190378 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1903782023-12-31SC1903782024-12-31SC1903782024-01-012024-12-31SC1903782022-12-31SC1903782023-01-012023-12-31SC1903782023-12-31SC190378ns15:Scotland2024-01-012024-12-31SC190378ns14:PoundSterling2024-01-012024-12-31SC190378ns10:Director12024-01-012024-12-31SC190378ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC190378ns10:SmallEntities2024-01-012024-12-31SC190378ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-31SC190378ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC190378ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC190378ns10:FullAccounts2024-01-012024-12-31SC190378ns10:Director22024-01-012024-12-31SC190378ns10:Director32024-01-012024-12-31SC190378ns10:Director42024-01-012024-12-31SC190378ns10:RegisteredOffice2024-01-012024-12-31SC190378ns5:CurrentFinancialInstruments2024-12-31SC190378ns5:CurrentFinancialInstruments2023-12-31SC190378ns5:Non-currentFinancialInstruments2024-12-31SC190378ns5:Non-currentFinancialInstruments2023-12-31SC190378ns5:ShareCapital2024-12-31SC190378ns5:ShareCapital2023-12-31SC190378ns5:RetainedEarningsAccumulatedLosses2024-12-31SC190378ns5:RetainedEarningsAccumulatedLosses2023-12-31SC190378ns5:PlantMachinery2024-01-012024-12-31SC190378ns5:MotorVehicles2024-01-012024-12-31SC190378ns5:ComputerEquipment2024-01-012024-12-31SC190378ns5:PlantMachinery2023-12-31SC190378ns5:MotorVehicles2023-12-31SC190378ns5:ComputerEquipment2023-12-31SC190378ns5:PlantMachinery2024-12-31SC190378ns5:MotorVehicles2024-12-31SC190378ns5:ComputerEquipment2024-12-31SC190378ns5:PlantMachinery2023-12-31SC190378ns5:MotorVehicles2023-12-31SC190378ns5:ComputerEquipment2023-12-31SC190378ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC190378ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC190378ns5:Non-currentFinancialInstruments2024-01-012024-12-31
REGISTERED NUMBER: SC190378 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Shetland Seafood Auctions Limited

Shetland Seafood Auctions Limited (Registered number: SC190378)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shetland Seafood Auctions Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: B N Isbister
V I Sandison
A Crossan
R Williamson





REGISTERED OFFICE: Lerwick Fish Market
Mairs Quay
Lerwick
Shetland
ZE1 0PW





REGISTERED NUMBER: SC190378 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Shetland Seafood Auctions Limited (Registered number: SC190378)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 183,756 247,197

CURRENT ASSETS
Debtors 5 12,418 41,094
Cash at bank and in hand 328,446 159,960
340,864 201,054
CREDITORS
Amounts falling due within one year 6 73,778 89,007
NET CURRENT ASSETS 267,086 112,047
TOTAL ASSETS LESS CURRENT LIABILITIES 450,842 359,244

CREDITORS
Amounts falling due after more than one year 7 (30,237 ) (75,131 )

PROVISIONS FOR LIABILITIES (12,435 ) -
NET ASSETS 408,170 284,113

CAPITAL AND RESERVES
Called up share capital 393,174 393,174
Retained earnings 14,996 (109,061 )
SHAREHOLDERS' FUNDS 408,170 284,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Shetland Seafood Auctions Limited (Registered number: SC190378)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:





B N Isbister - Director


Shetland Seafood Auctions Limited (Registered number: SC190378)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Shetland Seafood Auctions 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - at varying rates on cost
Motor vehicles - 20% on cost
Auction room equipment - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or 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.

Shetland Seafood Auctions Limited (Registered number: SC190378)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Auction
Office Motor room
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 16,479 96,832 445,170 558,481
Additions 451 - 20,746 21,197
Disposals - - (16,576 ) (16,576 )
At 31 December 2024 16,930 96,832 449,340 563,102
DEPRECIATION
At 1 January 2024 11,474 38,627 261,183 311,284
Charge for year 1,881 19,366 63,391 84,638
Eliminated on disposal - - (16,576 ) (16,576 )
At 31 December 2024 13,355 57,993 307,998 379,346
NET BOOK VALUE
At 31 December 2024 3,575 38,839 141,342 183,756
At 31 December 2023 5,005 58,205 183,987 247,197

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 8,013 18,380
Other debtors 4,405 22,714
12,418 41,094

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 2,904 2,337
Taxation and social security 21,961 31,424
Other creditors 48,913 55,246
73,778 89,007

Shetland Seafood Auctions Limited (Registered number: SC190378)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Other creditors 30,237 75,131

Included within other creditors are grants received from central and local government. There are contingent liabilities to repay some or all of these should any of the grant conditions be breached.

8. RELATED PARTY DISCLOSURES

Disclosure of related parties and their transactions is as follows:

Lerwick Port Authority
- During the year, the company purchased goods and services from LPA of £15,582 (2023: £13,345)
- At the balance sheet date LPA had unpaid share capital of £3 (2023: £3)

Seafood Shetland
- At the balance sheet date Seafood Shetland had unpaid share capital of £3 (2023: £3)

LHD Limited (and group companies)
- During the year, the company sold goods and services to LHD of £51,840 (2023: £51,840)
- At the balance sheet date LHD had unpaid share capital of £2 (2023: £2)

Shetland Fish Producers Organisation Limited
- During the year, the company sold goods and services to SFPO of £35,344 (2023: £21,600)
- At the balance sheet date SFPO had unpaid share capital of £1 (2023: £1)