The Tobermory Fish Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC292684 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

THE TOBERMORY FISH COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Duncan J Swinbanks

Rosemary Edith Hamilton Swinbanks

SECRETARY:

Duncan J Swinbanks

REGISTERED OFFICE:

c/o Abacus Services

Abacus Building,

8 High Street

Oban

Argyll

PA34 4BG

REGISTERED NUMBER:

SC292684 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

Oban

Argyll

PA34 4AZ

FIXED ASSETS

Tangible assets

4

160,231

171,529

CURRENT ASSETS

Stocks

14,297

14,245

Debtors

5

18,652

27,257

Cash at bank

53,275

38,609

86,224

80,111

CREDITORS

Amounts falling due within one year

6

34,473

33,018

NET CURRENT ASSETS

51,751

47,093

TOTAL ASSETS LESS CURRENT LIABILITIES

211,982

218,622

CREDITORS

Amounts falling due after more than one year

7

62,603

83,814

NET ASSETS

149,379

134,808

CAPITAL AND RESERVES

Called up share capital

1,670

1,670

Revaluation reserve

9

58,670

58,670

Retained earnings

89,039

74,468

SHAREHOLDERS' FUNDS

149,379

134,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 11 April 2019 and were signed on its behalf by:

Duncan J Swinbanks - Director

1.	STATUTORY INFORMATION

The Tobermory Fish Company 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 the provisions 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2017

and 30 September 2018

112,830

20,804

109,918

6,362

249,914

DEPRECIATION

At 1 October 2017

-

-

74,063

4,322

78,385

Charge for year

-

-

10,992

306

11,298

At 30 September 2018

-

-

85,055

4,628

89,683

NET BOOK VALUE

At 30 September 2018

112,830

20,804

24,863

1,734

160,231

At 30 September 2017

112,830

20,804

35,855

2,040

171,529

The Heritable Property value was reviewed on 30th of September 2011 and revalued on an open market basis by

the Directors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

14,215

22,748

Other debtors

4,437

4,509

18,652

27,257

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

6,000

6,000

Trade creditors

19,547

16,544

Taxation and social security

7,429

8,977

Other creditors

1,497

1,497

34,473

33,018

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

18,648

22,856

Other creditors

43,955

60,958

62,603

83,814

2018

2017

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Directors Loan

43,955

60,958

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

24,648

28,856

The Clydesdale Bank PLC hold a floating charge on all property and assets present and future of the company

and have a standard security over Unit 7 Baliscate Industrial Estate, Tobermory, Isle of Mull.

9.

RESERVES

Revaluation

reserve

£

At 1 October 2017

and 30 September 2018

58,670

10.	ULTIMATE CONTROLLING PARTY

Mr D J Swinbanks and Mrs R E H Swinbanks control the company as they are the sole directors and

shareholders.