Deveron Fishing (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC465505 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

DEVERON FISHING (SCOTLAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Buchan

G Smart

REGISTERED OFFICE:

16 Colleonard Drive

Banff

Aberdeenshire

AB45 1DP

REGISTERED NUMBER:

SC465505 (Scotland)

FIXED ASSETS

Intangible assets

4

365,000

365,000

Tangible assets

5

392,045

401,910

757,045

766,910

CURRENT ASSETS

Debtors

6

57,937

117,851

Cash at bank

3,749

6,545

61,686

124,396

CREDITORS

Amounts falling due within one year

7

173,054

142,293

NET CURRENT LIABILITIES

(111,368

)

(17,897

)

TOTAL ASSETS LESS CURRENT LIABILITIES

645,677

749,013

CREDITORS

Amounts falling due after more than one year

8

613,225

572,286

NET ASSETS

32,452

176,727

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

32,451

176,726

SHAREHOLDERS' FUNDS

32,452

176,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 on 30 September 2019 and were signed on its behalf by:

G Buchan - Director

1.	STATUTORY INFORMATION

Deveron Fishing (Scotland) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these

financial statements are rounded to the nearest pound.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of

causing a material adjustment to the carrying amount of the assets and liabilities.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of

settling and excludes value added tax.

Fishing licences and quota

Fishing licences and quota are presented at valuation. No amortisation has been provided for in the year as the

directors believe they have an indefinite useful life.

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 etc

-

20% on reducing balance and 6.25% 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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

4.	INTANGIBLE FIXED ASSETS

Fishing

Quota

Licence

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

115,000

250,000

365,000

NET BOOK VALUE

At 31 December 2018

115,000

250,000

365,000

At 31 December 2017

115,000

250,000

365,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

453,403

Additions

26,343

At 31 December 2018

479,746

DEPRECIATION

At 1 January 2018

51,493

Charge for year

36,208

At 31 December 2018

87,701

NET BOOK VALUE

At 31 December 2018

392,045

At 31 December 2017

401,910

Included within the net book value of £392,045 is £48,920 (2017 - £33,160) relating to assets held under hire

purchase agreements. The depreciation charged to the profit and loss account in the year in respect of such assets

amounted to £10,583 (2017 - £6,384).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

57,857

117,851

Other debtors

80

-

57,937

117,851

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

80,000

52,000

Hire purchase contracts

13,766

10,089

Trade creditors

46,760

47,582

Taxation and social security

-

4,422

Other creditors

32,528

28,200

173,054

142,293

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

349,319

289,427

Hire purchase contracts

27,136

20,001

Other creditors

236,770

262,858

613,225

572,286

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

95,253

119,462

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

429,319

341,427

Hire purchase contracts

40,902

30,090

470,221

371,517

The bank holds a bond and floating charge over the business assets.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Shaulora Fishing Company Ltd.