Company Registration No. SC206610 (Scotland)
SUTHERLAND GAME AND SHELLFISH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
SUTHERLAND GAME AND SHELLFISH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SUTHERLAND GAME AND SHELLFISH LIMITED
BALANCE SHEET
AS AT 31 MAY 2018
31 May 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
629,974
703,308
Current assets
Stocks
23,854
25,545
Debtors
4
582,911
602,068
Cash at bank and in hand
171,433
27,493
778,198
655,106
Creditors: amounts falling due within one year
5
(203,182)
(189,730)
Net current assets
575,016
465,376
Total assets less current liabilities
1,204,990
1,168,684
Creditors: amounts falling due after more than one year
6
(285,424)
(317,856)
Provisions for liabilities
Deferred tax liability
36,702
45,131
(36,702)
(45,131)
Net assets
882,864
805,697
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
882,764
805,597
Total equity
882,864
805,697
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
SUTHERLAND GAME AND SHELLFISH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2018
31 May 2018
- 2 -
For the financial year ended 31 May 2018 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 27 February 2019 and are signed on its behalf by:
B MacLeay
Director
Company Registration No. SC206610
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
1
Accounting policies
Company information
Sutherland Game and Shellfish Limited
(SC206610),
is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Homelea, Achnairn,
Shinness
By Lairg, Sutherland, IV27 4DN.
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
The accounts have been prepared on the going concern basis. Although the company had net assets of £
8
82
,
864 at 31 May 2018, the directors recognise that the company is reliant on the continu
ed
support of the bank to provide ongoing working capital. The company's overdraft facility is being renewed on a
n annual
rolling basis at the approval date of the financial statements. The directors are confident that they will be able to demonstrate the company's financial viability and as a result, appropriate facilities will be provided by their bankers to allow the day to day operations of the company to continue satisfactorily. The directors are also confident that all liabilities will be met as they fall due for a period of at least 12 months from the approval date of the accounts. On this basis, the directors consider the going concern basis to be appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.
1.4
Tangible fixed assets
Tangible fixed assets
are initially 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:
Freehold land and buildings
- 4% straight line
Plant and machinery
- 5 - 10% reducing balance
Computer equipment
- 25% straight line
Motor vehicles
- 25% reducing balance
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
.
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
all costs incurred in bringing each product to its present location and condition.
At each reporting date an assessment is made for impairment.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
,
deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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 amortised cost using the effective interest
method
. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets
are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity
.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
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
.
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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. All other leases are classified as operating leases.
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.16
Invoice Discounting Arrangement
The company has an invoice financing arrangement with its bankers. Discounted debts are included in full as trade debtors and the proceeds from the invoice discounting arrangement are included in other creditors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2017 - 14).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2017
525,286
1,095,974
1,621,260
Additions
-
7,021
7,021
At 31 May 2018
525,286
1,102,995
1,628,281
Depreciation and impairment
At 1 June 2017
160,609
757,343
917,952
Depreciation charged in the year
16,931
63,424
80,355
At 31 May 2018
177,540
820,767
998,307
Carrying amount
At 31 May 2018
347,746
282,228
629,974
At 31 May 2017
364,677
338,631
703,308
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
309,968
330,626
Corporation tax recoverable
53,615
52,384
Other debtors
219,328
219,058
582,911
602,068
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
4
Debtors
(Continued)
- 7 -
All trade debtors are subject to a factoring arrangement. Debts greater than three months old are excluded from invoice financing.
As at 31 Ma
y
2018 the amount of debt subject to factoring arrangements amounted to gross £309,117, net of provisions £309,117 (2017 - £
31
7
,
473
gross, £31
7
,
473
net
).
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
13,528
30,590
Trade creditors
107,363
76,433
Corporation tax
32,849
27,050
Other taxation and social security
4,851
5,753
Other creditors
44,591
49,904
203,182
189,730
Bank loans and overdrafts totalling £
13
,
528
(201
7
- £
30
,
590
), are secured by way of a fixed charge charge over Homelea, Achnairn, Shinness, Lairg, Sutherland, IV27 4DN.
Obligations under hire purchase contracts totalling £
15
,
114
(201
7
- £
24
,
818
), are secured over the assets which they relate to.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
186,126
197,418
Other creditors
99,298
120,438
285,424
317,856
Bank loans and overdrafts totalling £1
86,126
(201
7
- £
197
,
418
), are secured by way of a fixed charge charge over Homelea, Achnairn, Shinness, Lairg, Sutherland, IV27 4DN.
Obligations under hire purchase contracts totalling £
8
,
956
(201
7
- £
23
,
974
), are secured over the assets which they relate to.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
111,868
123,912
SUTHERLAND GAME AND SHELLFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 8 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Other related parties
24,533
2017
Balance
Amounts owed in previous period
£
Other related parties
24,733
Other related parties represent
the company's shareholders
. These balances are
unsecured,
interest free and have no fixed terms of repayment.
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors
-
165,085
4,989
(2,747)
167,327
165,085
4,989
(2,747)
167,327
These balances are
unsecured,
interest free and have no fixed terms of repayment.