MFV Dawn Maid Limited - Period Ending 2019-07-31

MFV Dawn Maid Limited - Period Ending 2019-07-31


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Registration number: SC382336

MFV Dawn Maid Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

MFV Dawn Maid Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 11

 

MFV Dawn Maid Limited

Company Information

Directors

Mr Robert Hugh Scott

Mr Allan MacLean

Mr Calum Maclachlainn

Company secretary

Mr Derwyn Hewitt

Registered office

8A Baliscate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

 

MFV Dawn Maid Limited

Directors' Report for the Year Ended 31 July 2019

The directors present their report and the financial statements for the year ended 31 July 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr Robert Hugh Scott

Mr Allan MacLean

Mr Calum Maclachlainn

Principal activity

The principal activity of the company is operating a fishing boat

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 4 October 2019 and signed on its behalf by:

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MFV Dawn Maid Limited
for the Year Ended 31 July 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MFV Dawn Maid Limited for the year ended 31 July 2019 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of MFV Dawn Maid Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MFV Dawn Maid Limited and state those matters that we have agreed to state to the Board of Directors of MFV Dawn Maid Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MFV Dawn Maid Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MFV Dawn Maid Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MFV Dawn Maid Limited. You consider that MFV Dawn Maid 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 accounts of MFV Dawn Maid 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
Argyll
PA35 1AG

4 October 2019

 

MFV Dawn Maid Limited

Profit and Loss Account for the Year Ended 31 July 2019

Note

2019
£

2018
£

Turnover

 

283,004

282,584

Cost of sales

 

(191,273)

(250,418)

Gross profit

 

91,731

32,166

Administrative expenses

 

(22,795)

(26,214)

Operating profit

 

68,936

5,952

Profit before tax

2

68,936

5,952

Taxation

 

(13,584)

(1,236)

Profit for the financial year

 

55,352

4,716

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

MFV Dawn Maid Limited

Statement of Comprehensive Income for the Year Ended 31 July 2019

2019
£

2018
£

Profit for the year

55,352

4,716

Total comprehensive income for the year

55,352

4,716

 

MFV Dawn Maid Limited

(Registration number: SC382336)
Balance Sheet as at 31 July 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

3

6,085

9,279

Current assets

 

Debtors

4

59,734

70,516

Cash at bank and in hand

 

25,091

7,838

 

84,825

78,354

Creditors: Amounts falling due within one year

5

(83,562)

(106,637)

Net current assets/(liabilities)

 

1,263

(28,283)

Net assets/(liabilities)

 

7,348

(19,004)

Capital and reserves

 

Called up share capital

6

4

4

Profit and loss account

7,344

(19,008)

Total equity

 

7,348

(19,004)

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 October 2019 and signed on its behalf by:
 

.........................................

Mr Calum Maclachlainn
Director

 

MFV Dawn Maid Limited

Statement of Changes in Equity for the Year Ended 31 July 2019

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2018

4

(19,008)

(19,004)

Profit for the year

-

55,352

55,352

Total comprehensive income

-

55,352

55,352

Dividends

-

(29,000)

(29,000)

At 31 July 2019

4

7,344

7,348

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2017

4

18,276

18,280

Profit for the year

-

4,716

4,716

Total comprehensive income

-

4,716

4,716

Dividends

-

(42,000)

(42,000)

At 31 July 2018

4

(19,008)

(19,004)

 

MFV Dawn Maid Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

10% on cost

Motor vehicle

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MFV Dawn Maid Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Profit before tax

Arrived at after charging/(crediting)

2019
£

2018
£

Depreciation expense

3,194

3,593

 

MFV Dawn Maid Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

3

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2018

8,495

20,000

28,495

At 31 July 2019

8,495

20,000

28,495

Depreciation

At 1 August 2018

3,716

15,500

19,216

Charge for the year

1,194

2,000

3,194

At 31 July 2019

4,910

17,500

22,410

Carrying amount

At 31 July 2019

3,585

2,500

6,085

At 31 July 2018

4,779

4,500

9,279

4

Debtors

2019
£

2018
£

Trade debtors

21,404

46,150

Other debtors

38,330

24,366

59,734

70,516

5

Creditors

Creditors: amounts falling due within one year

2019
£

2018
£

Due within one year

Trade creditors

16,757

39,543

Other creditors

66,805

67,094

83,562

106,637

6

Share capital

Allotted, called up and fully paid shares

 

MFV Dawn Maid Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

 

2019

2018

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

7

Dividends

   

2019

 

2018

   

£

 

£

Interim dividend of £7,250.00 (2018 - £10,500.00) per ordinary share

 

29,000

 

42,000