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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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The Crab Company (Scotland) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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The Crab Company (Scotland) Limited |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2018 |
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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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The Crab Company (Scotland) Limited |
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Company Information |
for the Year Ended 31 August 2018 |
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DIRECTOR: |
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SECRETARY: |
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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 |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Balance Sheet |
31 August 2018 |
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31.8.18 | 31.8.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The director acknowledges his 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. |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Balance Sheet - continued |
31 August 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2018 |
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1. | STATUTORY INFORMATION |
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The Crab Company (Scotland) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The director, having made due and careful enquiry, is of the opinion that the company has adequate working |
capital to execute its operations over the next 12 months. The director, therefore, has made an informed |
judgement, at the time of approving the financial statements, that there is reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. As a result, the |
director has continued to adopt the going concern basis of accounting in preparing the annual financial |
statements. |
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Turnover |
Turnover represents amounts receivable for products and services provided in the normal course of business, net |
of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to |
the company and when its value can be measured with a sufficient degree of certainty and reliability. All income |
is recognised in the accounting period to which it relates. |
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Tangible fixed assets |
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Tenant's improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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The depreciation rate for plant and machinery was previously 20% on reducing balance. |
The director reassessed the policy during the financial year and having fully considered the nature of the assets in |
question he concluded that a straight line basis over 12 years was more appropriate. |
The new policy was effective from 1st September 2017 resulting in a depreciation charge for the year on plant & |
machinery of £22,337. Had the previous policy been left in place, the depreciation charge would have been |
£51,263. |
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Amortisation of grant funding |
Capital grant funding received is deferred in the balance sheet and released to the Profit & Loss Account at a rate |
consistent with the depreciation policy on the assets for which the funding was used, being 10% straight line. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Debtors & creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative costs. |
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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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4. | TANGIBLE FIXED ASSETS |
Tenant's |
improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Trade debtors |
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Other debtors |
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The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The balance of Other creditors includes the sum of £348,125 owing to the director. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Hire purchase contracts |
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8. | RELATED PARTY DISCLOSURES |
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The director operates a current account with the company and as at 31st August 2018 the balance owing to him |
was £348,125. There are no fixed terms of repayment an no interest is accrued. |
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The balance of creditors includes an amount of £12,000 owing to 'C&L Seafoods Ltd' a company in which Mr |
Colin Anderson is also a director. |
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9. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr Colin Anderson. |
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10. | DEFERRED GOVERNMENT GRANTS |
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Capital grant funding received is deferred in the balance sheet and released to the Profit & Loss Account at a rate |
consistent with the depreciation policy on the assets for which the funding was used. For the year under report, |
the value released to the Profit & Loss Account was £23,159 leaving a balance of deferred income of £208,427 |
as at 31st August 2018. |