Sustainable Seafoods Peterhead Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC278130 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Sustainable Seafoods Peterhead Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

N Davidson

A M Pirie

REGISTERED OFFICE:

Broad House

Broad Street

Peterhead

Aberdeenshire

AB42 1HY

REGISTERED NUMBER:

SC278130 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

104,826

121,457

CURRENT ASSETS

Stocks

12,311

1,100

Debtors

5

722,144

677,099

Investments

6

6,201

6,508

Cash at bank

445,408

300,011

1,186,064

984,718

CREDITORS

Amounts falling due within one year

7

379,879

348,695

NET CURRENT ASSETS

806,185

636,023

TOTAL ASSETS LESS CURRENT LIABILITIES

911,011

757,480

CREDITORS

Amounts falling due after more than one year

8

(6,953

)

(11,428

)

PROVISIONS FOR LIABILITIES

(28,635

)

(23,077

)

NET ASSETS

875,423

722,975

CAPITAL AND RESERVES

Called up share capital

20,002

20,002

Capital redemption reserve

12,501

12,501

Retained earnings

842,920

690,472

875,423

722,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 August 2019 and were signed on its behalf by:

N Davidson - Director

A M Pirie - Director

1.	STATUTORY INFORMATION

Sustainable Seafoods Peterhead 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Tangible fixed assets are recorded at cost less depreciation and impairment. The residual value is reassessed at

the end of each accounting period.

Stocks

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

moving items.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative costs.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2018 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

231,979

39,638

12,218

283,835

Additions

-

28,474

2,837

31,311

Disposals

-

(39,638

)

-

(39,638

)

At 31 March 2019

231,979

28,474

15,055

275,508

DEPRECIATION

At 1 April 2018

135,668

19,682

7,028

162,378

Charge for year

19,263

7,118

1,605

27,986

Eliminated on disposal

-

(19,682

)

-

(19,682

)

At 31 March 2019

154,931

7,118

8,633

170,682

NET BOOK VALUE

At 31 March 2019

77,048

21,356

6,422

104,826

At 31 March 2018

96,311

19,956

5,190

121,457

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2018

130,787

17,100

147,887

Additions

-

28,474

28,474

Disposals

-

(17,100

)

(17,100

)

Transfer to ownership

(105,037

)

-

(105,037

)

At 31 March 2019

25,750

28,474

54,224

DEPRECIATION

At 1 April 2018

53,192

4,275

57,467

Charge for year

2,747

7,118

9,865

Eliminated on disposal

-

(4,275

)

(4,275

)

Transfer to ownership

(41,174

)

-

(41,174

)

At 31 March 2019

14,765

7,118

21,883

NET BOOK VALUE

At 31 March 2019

10,985

21,356

32,341

At 31 March 2018

77,595

12,825

90,420

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

679,934

636,587

Other debtors

42,210

40,512

722,144

677,099

6.	CURRENT ASSET INVESTMENTS

31.3.19

31.3.18

£

£

Listed investments

6,201

6,508

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

8,436

30,065

Trade creditors

281,235

257,139

Taxation and social security

79,462

51,571

Other creditors

10,746

9,920

379,879

348,695

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

6,953

11,428

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Sustainable Seafoods Peterhead Limited for the year ended 31 March 2019 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

This report is made solely to the Board of Directors of Sustainable Seafoods Peterhead Limited, as a body, in

accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the

financial statements of Sustainable Seafoods Peterhead Limited and state those matters that we have agreed to state to

the Board of Directors of Sustainable Seafoods Peterhead Limited, as a body. To the fullest extent permitted by law, we

do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our

work or for this report.

It is your duty to ensure that Sustainable Seafoods Peterhead Limited has kept adequate accounting records and to

prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of Sustainable Seafoods Peterhead Limited. You consider that Sustainable Seafoods Peterhead 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 financial statements of Sustainable Seafoods

Peterhead 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

financial statements.

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

Date: .............................................