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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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UNITY FISHING COMPANY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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UNITY FISHING COMPANY LIMITED |
UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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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UNITY FISHING COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Unity Fishing Company Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound. |
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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. |
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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. |
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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. |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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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Government grants |
Government grants relating to tangible fixed assets are treated as deferred income and released to the Profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the Profit and loss account as the related expenditure is incurred. |
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Investments |
Investments held as fixed assets are shown at cost less provision for impairment. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | FIXED ASSET INVESTMENTS |
Fixed |
asset |
investment |
£ |
At 1 January 2020 |
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Repayment in year | ( |
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At 31 December 2020 |
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UNITY FISHING COMPANY LIMITED (REGISTERED NUMBER: SC157635) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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The Royal Bank of Scotland holds a bond and floating charge over the assets of the company. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
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2020 | 2019 |
£ | £ |
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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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13. | ULTIMATE CONTROLLING PARTY |
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The company was jointly controlled by the directors, S Bellany, J Bellany, A Bellany, W Bellany, as they own all the issued share capital. |