Olivia Jean Ltd Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Olivia Jean Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC318781

Olivia Jean Ltd

Filleted Unaudited Abridged Financial Statements

31 October 2016

Olivia Jean Ltd

Abridged Financial Statements

Year ended 31 October 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Olivia Jean Ltd

Abridged Statement of Financial Position

31 October 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		704,618	735,837

Current assets

Debtors	385,451	598,136
Cash at bank and in hand	3,143	12,644
	---------	---------
	388,594	610,780

Creditors: amounts falling due within one year	116,967		416,475
	---------		---------
Net current assets		271,627	194,305
		---------	---------
Total assets less current liabilities		976,245	930,142

Provisions

Taxation including deferred tax	125,664	128,403
	---------	---------
Net assets	850,581	801,739
	---------	---------

Olivia Jean Ltd

Abridged Statement of Financial Position (continued)

31 October 2016

	2016		2015
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	850,481	801,639
	---------	---------
Members funds	850,581	801,739
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 31 July 2017 , and are signed on behalf of the board by:

Mr T I Nicholson
Director

Company registration number: SC318781

Olivia Jean Ltd

Notes to the Abridged Financial Statements

Year ended 31 October 2016

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Nivens Quay, Port Street, Annan, Dumfries & Galloway, DG12 6BN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The July 2015 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements in applying accounting policies No significant judgements were required in the process of applying the company's accounting policies for these financial statements. Key sources of estimation uncertainty Accounting estimates, by definition, will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are summarised below: Useful lives of tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives of the assets. The useful lives and residual values are reassessed annualy and amended when necessary to reflect current estimates. See note 15 for the carrying value of the tangible fixed assets, and note 3 for the useful lives.

Revenue recognition

Turnover relates to the amounts derived from the sales of shellfish and fish during the year at invoiced amounts (excluding Value Added Tax). Turnover is recognised when goods are physically delivered to the customer.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fishing vessel	-	5% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 2 (2015: 1 ).

5. Tangible assets

	£
Cost
At 1 November 2015	1,175,549
Additions	8,500
	------------
At 31 October 2016	1,184,049
	------------
Depreciation
At 1 November 2015	439,712
Charge for the year	39,719
	------------
At 31 October 2016	479,431
	------------
Carrying amount
At 31 October 2016	704,618
	------------
At 31 October 2015	735,837
	------------

6. Related party transactions

The company is a 100% owned subsidiary of T N Trawlers L td. The director considers Mr T I Nicholson to be the controlling party by virtue of his majority shareholding in T N Trawlers Ltd. During the year the company paid management charges of £Nil (2015 - £245,000) to T N Trawlers Ltd. At the balance sheet date an amount of £ 180,356 (2015 - £140,320) is due to T N Trawlers Ltd and this is included within amounts owed to group undertakings. At the balance sheet date an amount of £ 47,550 (2015 - £41,550) was due from TN38 Ltd , a company which is a 100% subsidiary of T N Trawlers Ltd and is included within amounts due from group undertakings. At the balance sheet date a staff loan of £ 154,281 (2015 - £469,182) is outstanding from Mr C J Nicholson and this amount is included within other debtors. Mr C J Nicholson is the son of Mr T I Nicholson .

7. Controlling party

The company is a wholly owned subsidiary of T N Trawlers Limited , a company registered in Scotland.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2014.

No transitional adjustments were required in equity or profit or loss for the year.