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Unaudited Financial Statements |
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for the Year Ended 30 November 2021 |
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for |
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Fraserburgh Inshore Fishermen Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 November 2021 |
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for |
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Fraserburgh Inshore Fishermen Limited |
Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Fraserburgh Inshore Fishermen Limited |
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Company Information |
for the Year Ended 30 November 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Glebefield House |
21 Links Terrace |
Peterhead |
Aberdeenshire |
AB42 2XA |
Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Balance Sheet |
30 November 2021 |
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30.11.21 | 30.11.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings | 70,133 | 30,315 |
SHAREHOLDERS' FUNDS |
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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. |
Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Balance Sheet - continued |
30 November 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Fraserburgh Inshore Fishermen Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. Turnover primarily comprises of commissions in respect of fishing vessel agency services. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
The short leasehold property is reported at valuation and no depreciation is charged. |
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Debtors and creditors receivable /payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Following assessment, the directors considered that no deferred taxation provision was required in the current year. |
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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. |
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Current asset investment |
The current asset investment held is reported at original cost as there is no practical means of valuation without undue cost or effort. |
Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 December 2020 |
and 30 November 2021 |
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DEPRECIATION |
At 1 December 2020 |
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Charge for year |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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The property was revalued at fair value on 30th November 2020 by the company directors. No change was considered necessary in the current year. Any gains or losses arising on revaluation are recognised in the income statement. Deferred taxation is provided as appropriate on any gains/losses at the rate expected to apply when the properties are sold. No deferred taxation requires to be provided in the current year. |
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Cost or valuation at 30 November 2021 is represented by: |
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Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2005 | 430 | - | - | - | 430 |
Valuation in 2020 | 3,700 | - | - | - | 3,700 |
Cost | 122,570 | 57,510 | 36,166 | 10,210 | 226,456 |
126,700 | 57,510 | 36,166 | 10,210 | 230,586 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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6. | CURRENT ASSET INVESTMENTS |
30.11.21 | 30.11.20 |
£ | £ |
MarineCo Limited | 1,527 | 1,527 |
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The current asset investment is stated at cost. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 22,500 | 25,000 |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 December 2020 |
and 30 November 2021 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 November 2021 and 30 November 2020: |
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30.11.21 | 30.11.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Fraserburgh Inshore Fishermen Limited (Registered number: SC091375) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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11. | RELATED PARTY DISCLOSURES |
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The director, Mr A.Mutch, operates a loan account with the company and as at 30 November 2021 the balance owing by him was £576. There are no fixed terms of repayment and no interest is accrued. |