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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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M V Silver Fern Ltd. |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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M V Silver Fern Ltd. |
M V Silver Fern Ltd. (Registered number: SC239465) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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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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M V Silver Fern Ltd. |
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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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ACCOUNTANTS: |
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Accountants |
Glebefield House |
21 Links Terrace |
Peterhead |
Aberdeenshire |
AB42 2XA |
M V Silver Fern Ltd. (Registered number: SC239465) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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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Fair value reserve |
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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. |
M V Silver Fern Ltd. (Registered number: SC239465) |
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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 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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M V Silver Fern Ltd. (Registered number: SC239465) |
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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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M V Silver Fern Ltd. 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 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 fixed assets |
Intangible fixed assets, representing fishing licences and quota, acquired on incorporation are carried at a revalued amount being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses provided that the fair value can be determined in an active market.The quota is deemed to have an infinite life. |
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Tangible fixed assets |
Depreciation is not provided for on the freehold property..Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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M V Silver Fern Ltd. (Registered number: SC239465) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST OR VALUATION |
At 1 January 2020 |
and 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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Cost or valuation at 31 December 2020 is represented by: |
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Other |
intangible |
assets |
£ |
Valuation in 2017 | 545,427 |
Cost | 154,573 |
700,000 |
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The quota was valued at fair value on 31 December 2020 by the company directors. Gains are recognised in the statement of other comprehensive income . Deferred taxation is provided on these gains at the rate expected to apply when the quota is sold. |
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5. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 January 2020 |
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Reclassification/transfer | ( |
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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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M V Silver Fern Ltd. (Registered number: SC239465) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
Reclassification/transfer | 71,687 |
At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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The investment property was valued at fair value on 31 December 2020 by the director Mr A G Wiseman , a director of the company. Gains are recognised in the income statement. Deferred taxation is provided where required on these gains at the rate expected to apply when the property is sold. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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