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

REGISTERED NUMBER: SC465505 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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

5

365,000

365,000

Tangible assets

6

316,955

356,635

681,955

721,635

CURRENT ASSETS

Debtors

7

18,669

74,471

Cash at bank

24,010

7,044

42,679

81,515

CREDITORS

Amounts falling due within one year

8

159,047

176,396

NET CURRENT LIABILITIES

(116,368

)

(94,881

)

TOTAL ASSETS LESS CURRENT LIABILITIES

565,587

626,754

CREDITORS

Amounts falling due after more than one year

9

503,272

498,335

NET ASSETS

62,315

128,419

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

62,314

128,418

SHAREHOLDERS' FUNDS

62,315

128,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 and authorised for issue on 9 November 2021 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.	EMPLOYEES AND DIRECTORS

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

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

115,000

250,000

365,000

NET BOOK VALUE

At 31 December 2020

115,000

250,000

365,000

At 31 December 2019

115,000

250,000

365,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

479,746

Disposals

(19,059

)

At 31 December 2020

460,687

DEPRECIATION

At 1 January 2020

123,111

Charge for year

31,895

Eliminated on disposal

(11,274

)

At 31 December 2020

143,732

NET BOOK VALUE

At 31 December 2020

316,955

At 31 December 2019

356,635

Included within the net book value of £316,955 is £25,080 (2019 - £39,135) 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 £6,270 (2019 - £9,785).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

16,456

73,904

Other debtors

2,213

567

18,669

74,471

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

69,681

80,000

Hire purchase contracts

5,747

11,520

Trade creditors

42,526

47,073

Taxation and social security

4,565

1,525

Other creditors

36,528

36,278

159,047

176,396

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

297,583

269,655

Hire purchase contracts

9,869

15,616

Other creditors

195,820

213,064

503,272

498,335

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

74,700

79,011

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

367,264

349,655

Hire purchase contracts

15,616

27,136

382,880

376,791

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

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Shaulora Fishing Company Ltd.