Sea Foam Limited - Accounts to registrar (filleted) - small 18.2

Sea Foam Limited - Accounts to registrar (filleted) - small 18.2

SEA FOAM LIMITED - Company Information

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REGISTERED NUMBER: SC298366 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SEA FOAM LIMITED
SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


SEA FOAM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTORS: Mr J Buchan
Mr A Buchan
Mr J G Buchan
Mr S W Banks
Miss J Buchan
Mr A J Buchan
Mr W C Buchan





REGISTERED OFFICE: East Quay
The Harbour
Peterhead
Aberdeenshire
AB42 1JF





REGISTERED NUMBER: SC298366 (Scotland)





AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY
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SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 413,831 886,136

CURRENT ASSETS
Debtors 5 140,359 140,359
Cash at bank - 252
140,359 140,611
CREDITORS
Amounts falling due within one year 6 3,403,139 3,492,082
NET CURRENT LIABILITIES (3,262,780 ) (3,351,471 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(2,848,949
)
(2,465,335
)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (2,848,950 ) (2,465,336 )
SHAREHOLDERS' FUNDS (2,848,949 ) (2,465,335 )

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 and authorised for issue on 17 September 2021 and were signed on its behalf by:





Mr A Buchan - Director


The notes form part of these financial statements

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SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. STATUTORY INFORMATION

Sea Foam 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing quota are being amortised evenly over their estimated useful life of ten years.

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.

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of its parent company Lunar Fishing Company Limited which has undertaken to ensure all liabilities are met as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

Page 3
SEA FOAM LIMITED (REGISTERED NUMBER: SC298366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


4. INTANGIBLE FIXED ASSETS
Fishing
quota
£   
COST
At 1 January 2020
and 31 December 2020 5,556,745
AMORTISATION
At 1 January 2020 4,670,609
Amortisation for year 472,305
At 31 December 2020 5,142,914
NET BOOK VALUE
At 31 December 2020 413,831
At 31 December 2019 886,136

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Amounts owed by group undertakings 140,359 140,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Amounts owed to group undertakings 3,401,188 3,491,381
Accruals 1,951 701
3,403,139 3,492,082

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Iain Arthur FCCA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE PARENT COMPANY

The ultimate parent company is Lunar Fishing Company Limited, which owns 100% of the issued share capital of Sea Foam Limited. The registered office and principal place of business is East Quay, The Harbour, Peterhead, AB42 1JF. Copies of its accounts can be obtained from the Registrar of Companies, Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

The directors named in the Directors Report attached to these financial statements are shareholders of Lunar Fishing Company Limited, but do not by dint of those holdings exercise a majority holding of the issued share capital or exercise majority voting rights within that company. Other close family members of the Directors hold shares in Lunar Fishing Company Limited. No material interests in any customer or suppliers of Sea Foam Limited have been noted for those family members, or for the directors.

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