Kaleen Fishing Company Limited - Accounts to registrar (filleted) - small 18.2

KALEEN FISHING COMPANY LIMITED - Company Information

IRIS Accounts Production v19.2.0.596 SC228742 Board of Directors 1.1.18 31.12.18 31.12.18 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2287422017-12-31SC2287422018-12-31SC2287422018-01-012018-12-31SC2287422016-12-31SC2287422017-01-012017-12-31SC2287422017-12-31SC228742ns15:Scotland2018-01-012018-12-31SC228742ns14:PoundSterling2018-01-012018-12-31SC228742ns10:Director12018-01-012018-12-31SC228742ns10:PrivateLimitedCompanyLtd2018-01-012018-12-31SC228742ns10:SmallEntities2018-01-012018-12-31SC228742ns10:AuditExempt-NoAccountantsReport2018-01-012018-12-31SC228742ns10:SmallCompaniesRegimeForDirectorsReport2018-01-012018-12-31SC228742ns10:SmallCompaniesRegimeForAccounts2018-01-012018-12-31SC228742ns10:FullAccounts2018-01-012018-12-31SC22874212018-01-012018-12-31SC228742ns10:OrdinaryShareClass12018-01-012018-12-31SC228742ns10:Director22018-01-012018-12-31SC228742ns10:CompanySecretary12018-01-012018-12-31SC228742ns10:RegisteredOffice2018-01-012018-12-31SC228742ns5:CurrentFinancialInstruments2018-12-31SC228742ns5:CurrentFinancialInstruments2017-12-31SC228742ns5:Non-currentFinancialInstruments2018-12-31SC228742ns5:Non-currentFinancialInstruments2017-12-31SC228742ns5:ShareCapital2018-12-31SC228742ns5:ShareCapital2017-12-31SC228742ns5:RetainedEarningsAccumulatedLosses2018-12-31SC228742ns5:RetainedEarningsAccumulatedLosses2017-12-31SC228742ns5:IntangibleAssetsOtherThanGoodwill2018-01-012018-12-31SC228742ns5:PlantMachinery2018-01-012018-12-31SC228742ns5:PatentsTrademarksLicencesConcessionsSimilar2017-12-31SC228742ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-12-31SC228742ns5:PatentsTrademarksLicencesConcessionsSimilar2018-12-31SC228742ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-12-31SC228742ns5:PatentsTrademarksLicencesConcessionsSimilar2017-12-31SC228742ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-12-31SC228742ns5:PlantMachinery2017-12-31SC228742ns5:PlantMachinery2018-12-31SC228742ns5:PlantMachinery2017-12-31SC228742ns5:CostValuation2017-12-31SC228742ns5:CurrentFinancialInstrumentsns5:WithinOneYear2018-12-31SC228742ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-12-31SC228742ns5:CurrentFinancialInstruments2018-01-012018-12-31SC228742ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2018-12-31SC228742ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2017-12-31SC228742ns5:BetweenTwoFiveYearsns5:Non-currentFinancialInstruments2018-12-31SC228742ns5:BetweenTwoFiveYearsns5:Non-currentFinancialInstruments2017-12-31SC228742ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2018-12-31SC228742ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2017-12-31SC228742ns5:Secured2018-12-31SC228742ns5:Secured2017-12-31SC228742ns10:OrdinaryShareClass12018-12-31SC228742ns5:RetainedEarningsAccumulatedLosses2017-12-31SC228742ns5:RetainedEarningsAccumulatedLosses2018-01-012018-12-31

REGISTERED NUMBER: SC228742 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Kaleen Fishing Company Limited

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

A Mutch

B Tait

SECRETARY:

A Mutch

REGISTERED OFFICE:

100 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BT

REGISTERED NUMBER:

SC228742 (Scotland)

ACCOUNTANTS:

SBP

Accountants

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

FIXED ASSETS

Intangible assets

209,475

Tangible assets

100,431

111,590

Investments

2,000

311,906

323,065

CURRENT ASSETS

Debtors

9,274

18,336

Cash at bank

1,477

2,468

10,751

20,804

CREDITORS

Amounts falling due within one year

196,726

185,694

NET CURRENT LIABILITIES

(185,975

)

(164,890

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

125,931

158,175

CREDITORS

Amounts falling due after more than one
year

(113,502

)

(55,268

)

PROVISIONS FOR LIABILITIES

(1,220

)

NET ASSETS

11,209

102,907

CAPITAL AND RESERVES

Called up share capital

Retained earnings

11,145

102,843

SHAREHOLDERS' FUNDS

11,209

102,907

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 Statement of Income and Retained Earnings 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:

A Mutch - Director

1.	STATUTORY INFORMATION

Kaleen Fishing 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 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.

The financial statements have been prepared in UK £ sterling.

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working

capital to execute its operations over the next 12 months. The directors, therefore, have made an informed

judgement, at the time of approving the financial statements, that there is reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. As a result, the

directors have continued to adopt the going concern basis of accounting in preparing the annual financial

statements.

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of discounts

and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company

and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised

in the accounting period to which it relates.

Fishing licence and quota

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

directors believe that the current value is no less than the balance sheet carrying value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fishing vessel

10% on reducing balance

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

the end of each accounting period.

Taxation

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

Retained Earnings, 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.

No deferred tax provision was considered necessary for the year under report.

Fixed asset investment

The fixed asset investment is stated at cost as there is no means of valuation without undue cost and effort.

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.

3.	INTANGIBLE FIXED ASSETS

Fishing

licence

quota

Totals

COST

At 1 January 2018

and 31 December 2018

95,000

137,745

232,745

AMORTISATION

At 1 January 2018

and 31 December 2018

9,500

13,770

23,270

NET BOOK VALUE

At 31 December 2018

85,500

123,975

209,475

At 31 December 2017

85,500

123,975

209,475

4.	TANGIBLE FIXED ASSETS

Fishing

vessel

COST

At 1 January 2018

and 31 December 2018

514,969

DEPRECIATION

At 1 January 2018

403,379

Charge for year

11,159

At 31 December 2018

414,538

NET BOOK VALUE

At 31 December 2018

100,431

At 31 December 2017

111,590

5.	FIXED ASSET INVESTMENTS

Other

investments

COST

At 1 January 2018

and 31 December 2018

2,000

NET BOOK VALUE

At 31 December 2018

2,000

At 31 December 2017

2,000

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

Trade debtors

1,824

Other debtors

3,779

16,512

Tax

5,495

9,274

18,336

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

Bank loans and overdrafts

11,122

44,650

Other loans

74,512

48,512

Trade creditors

99,650

73,654

Tax

9,731

Other creditors

9,442

7,147

Accrued expenses

2,000

196,726

185,694

Whilst 'other loans' are considered to be short term (balance of £74,512), there are no fixed terms of repayment.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.18

31.12.17

Bank loans - 1-2 years

11,792

55,268

Bank loans - 2-5 years

40,184

Bank loans more 5 yr by instal

61,526

113,502

55,268

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

61,526

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

Bank loans

124,624

99,918

Bank borrowings are secured by way of a bond and floating charge over the assets of the company and by way of

security over the company's fishing vessel.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

Ordinary

£1

11.

RESERVES

Retained

earnings

At 1 January 2018

102,843

Deficit for the year

(91,698

)

At 31 December 2018

11,145

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the company of Fraserburgh Trawlers Limited.