Company Registration No. SC260907 (Scotland)
MB ACHIEVE (FR100) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
MB ACHIEVE (FR100) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MB ACHIEVE (FR100) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,675,913
1,672,513
Tangible assets
4
2,568,348
1,236,050
4,244,261
2,908,563
Current assets
Debtors
5
10,829
24,242
Cash at bank and in hand
159,302
531,587
170,131
555,829
Creditors: amounts falling due within one year
6
(922,379)
(174,613)
Net current (liabilities)/assets
(752,248)
381,216
Total assets less current liabilities
3,492,013
3,289,779
Provisions for liabilities
(149,618)
(107,884)
Net assets
3,342,395
3,181,895
Capital and reserves
Called up share capital
7
64
64
Profit and loss reserves
3,342,331
3,181,831
Total equity
3,342,395
3,181,895
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
MB ACHIEVE (FR100) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
For the financial year ended 31 March 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 20 December 2019 and are signed on its behalf by:
Andrew S Buchan
Director
Company Registration No. SC260907
MB ACHIEVE (FR100) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
MB Achieve (FR100) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
17 West Street, St Combs, Fraserburgh, AB43 8ZT.
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
Turnover
Turnover represents amounts receivable for the sale of fish and the provision of services to the oil and gas industry. This is recognised at point of settling
, for fish sales and as services are provided for other sales.
1.3
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.
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
- 0% amortisation
The directors have assessed the useful lives of theses assets, and believe that they would have a higher residual value at the end of 20 years, than the current book value. The members have therefore decided that these assets should not be amortised in the Financial Statements.
MB ACHIEVE (FR100) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Net store
- 5% straight line
Motor vehicles
- 25% reducing balance
Fishing vessel & gear
- 6.25% straight line
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
.
1.5
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. 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.7
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 amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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
.
MB ACHIEVE (FR100) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
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, loans from
fellow group companies and preference shares that are classified as debt, 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
payments
discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.8
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.
1.9
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.
1.10
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.
MB ACHIEVE (FR100) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
3
Intangible fixed assets
Other
£
Cost
At 1 April 2018
1,672,513
Additions
3,400
At 31 March 2019
1,675,913
Amortisation and impairment
At 1 April 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
1,675,913
At 31 March 2018
1,672,513
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Fishing vessel & gear
Total
£
£
£
£
Cost
At 1 April 2018
2,239
28,940
1,526,342
1,557,521
Additions
-
-
1,522,216
1,522,216
Disposals
-
-
(352,442)
(352,442)
At 31 March 2019
2,239
28,940
2,696,116
2,727,295
Depreciation and impairment
At 1 April 2018
1,680
12,663
307,128
321,471
Depreciation charged in the year
112
4,070
144,094
148,276
Eliminated in respect of disposals
-
-
(310,800)
(310,800)
At 31 March 2019
1,792
16,733
140,422
158,947
Carrying amount
At 31 March 2019
447
12,207
2,555,694
2,568,348
At 31 March 2018
559
16,277
1,219,214
1,236,050
MB ACHIEVE (FR100) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
7,606
17,546
Corporation tax recoverable
62
-
Other debtors
3,161
6,696
10,829
24,242
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
71,181
-
Trade creditors
-
2,244
Corporation tax
-
72,071
Other creditors
851,198
100,298
922,379
174,613
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
64 Ordinary shares of £1 each
64
64
8
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of fishing vessel
-
1,098,900
9
Directors' transactions
The company is connected to its directors and companies with common directors.
During the year, the directors operated loan accounts with the company. Included in creditors at the year end
was £843,816 (2018 - £97,300)
in respect of these loa
ns.