Company Registration No. SC166073 (Scotland)
DAVLIN FISHING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
DAVLIN FISHING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVLIN FISHING COMPANY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
2
78,553
91,026
Tangible assets
3
255,850
254,560
334,403
345,586
Current assets
Debtors
4
16,958
16,144
Cash at bank and in hand
56,898
6,950
73,856
23,094
Creditors: amounts falling due within one year
5
(63,818)
(59,371)
Net current assets/(liabilities)
10,038
(36,277)
Total assets less current liabilities
344,441
309,309
Creditors: amounts falling due after more than one year
6
(103,501)
(116,580)
Provisions for liabilities
(12,292)
(3,449)
Net assets
228,648
189,280
Capital and reserves
Called up share capital
7
132,000
132,000
Profit and loss reserves
96,648
57,280
Total equity
228,648
189,280
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
DAVLIN FISHING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2020 and are signed on its behalf by:
David McDonald
Director
Company Registration No. SC166073
DAVLIN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Davlin Fishing Company Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office
and trading address
is
Denholm Fishselling Limited, Unit 1-2, Old School, Cawdor, Nairn, IV12 5BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
if
the
fair
value of the asset can be measured reliably
.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fishing licence and quota
- 20 years
1.5
Tangible fixed assets
Tangible fixed assets
are measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
- 20% straight line
Motor vehicles
- 25% straight line
Fishing vessel
- 6.25% - 10% straight line
DAVLIN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets
Financial assets are classified into specific categories. The classification depends on the nature and purpose of the financial assets and are determined at the time of recognition.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and bank loans
, are
initially
and subsequently
recognised at transaction price
.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
DAVLIN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
DAVLIN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
2
Intangible fixed assets
Other
£
Cost
At 1 July 2018 and 30 June 2019
249,460
Amortisation and impairment
At 1 July 2018
158,434
Amortisation charged for the year
12,473
At 30 June 2019
170,907
Carrying amount
At 30 June 2019
78,553
At 30 June 2018
91,026
3
Tangible fixed assets
Plant and machinery etc
Fishing vessel
Total
£
£
£
Cost
At 1 July 2018
64,484
585,188
649,672
Additions
29,500
29,955
59,455
Disposals
(20,988)
-
(20,988)
At 30 June 2019
72,996
615,143
688,139
Depreciation and impairment
At 1 July 2018
44,324
350,788
395,112
Depreciation charged in the year
10,879
38,892
49,771
Eliminated in respect of disposals
(12,594)
-
(12,594)
At 30 June 2019
42,609
389,680
432,289
Carrying amount
At 30 June 2019
30,387
225,463
255,850
At 30 June 2018
20,160
234,400
254,560
DAVLIN FISHING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,486
12,300
Other debtors
6,472
3,844
16,958
16,144
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
21,530
20,000
Trade creditors
30,869
31,661
Other creditors
11,419
7,710
63,818
59,371
The bank loan is secured with a bond and floating charge over all property and assets of the company. Obligations under finance leases are secured over the related assets.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
83,979
107,038
Other creditors
19,522
9,542
103,501
116,580
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
132,000 Ordinary Shares of £1 each
132,000
132,000
8
Events after the reporting date
Subsequent to the year end 6,783 shares were issued at a price of £4.42 per share.