Linnadield Fishing Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC445528 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Linnadield Fishing Company Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Henderson

Mrs W J Henderson

SECRETARY:

REGISTERED OFFICE:

Linnadield

Cullivoe

Yell

Shetland

ZE2 9DD

REGISTERED NUMBER:

SC445528 (Scotland)

ACCOUNTANTS:

Jim Clark Accountancy Ltd

6 West Hillcrest

Upper Sound

Lerwick

Shetland

ZE1 0JZ

FIXED ASSETS

Intangible assets

4

245,650

260,100

Tangible assets

5

208,776

219,757

454,426

479,857

CURRENT ASSETS

Debtors

41,208

43,479

Cash at bank

37,284

111,453

78,492

154,932

CREDITORS

Amounts falling due within one year

30,330

519,682

NET CURRENT ASSETS/(LIABILITIES)

48,162

(364,750

)

TOTAL ASSETS LESS CURRENT LIABILITIES

502,588

115,107

CREDITORS

Amounts falling due after more than one year

(450,000

)

-

PROVISIONS FOR LIABILITIES

(39,667

)

(41,754

)

NET ASSETS

12,921

73,353

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

12,911

73,343

SHAREHOLDERS' FUNDS

12,921

73,353

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 30 August 2022 and were signed on its behalf by:

M J Henderson - Director

1.	STATUTORY INFORMATION

Linnadield Fishing Company Ltd 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.

Intangible assets

Fish quota purchased in 2019 is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Computer equipment- 25% reducing balance

Plant & machinery - 25% reducing balance

Vessel - 5% 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.

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 1 (2021 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

and 31 March 2022

289,000

AMORTISATION

At 1 April 2021

28,900

Amortisation for year

14,450

At 31 March 2022

43,350

NET BOOK VALUE

At 31 March 2022

245,650

At 31 March 2021

260,100

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

236,488

Additions

5,264

At 31 March 2022

241,752

DEPRECIATION

At 1 April 2021

16,731

Charge for year

16,245

At 31 March 2022

32,976

NET BOOK VALUE

At 31 March 2022

208,776

At 31 March 2021

219,757