Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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239,858 | 292,201 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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105,194 | 83,233 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 51,716 | 48,943 | ||
Total assets less current liabilities | 291,574 | 341,144 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provisions for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Davlin Fishing Company Limited (registered number:
Samuel James Mawhinney
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Davlin Fishing Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Denholm Fishselling Ltd Unit 1-2, Old School, Cawdor, IV12 5BL, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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. In arriving at this conclusion, the directors have considered both the impacts of COVID-19 on the trade as well as the anticipated trading results for the next twelve months. Based on these, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Other intangible assets |
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Plant and machinery |
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Vehicles |
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Other property, plant and equipment |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.
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.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2020 |
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At 30 June 2021 |
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Accumulated amortisation | |||
At 01 July 2020 |
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Charge for the financial year |
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At 30 June 2021 |
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Net book value | |||
At 30 June 2021 |
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At 30 June 2020 |
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Plant and machinery | Vehicles | Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 July 2020 |
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Additions |
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At 30 June 2021 |
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Accumulated depreciation | |||||||
At 01 July 2020 |
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Charge for the financial year |
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At 30 June 2021 |
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Net book value | |||||||
At 30 June 2021 |
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At 30 June 2020 |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Obligations under finance leases and hire purchase contracts |
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Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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66,602 | 89,173 |
Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.
2021 | 2020 | ||
£ | £ | ||
Deferred tax |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Included within other debtors is an amount due from a connected party of £5,000 (2020 - £5,000).