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Unaudited Financial Statements |
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for the Year Ended 31 August 2020 |
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for |
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The Crab Company (Scotland) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2020 |
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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 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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The Crab Company (Scotland) Limited |
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Company Information |
for the Year Ended 31 August 2020 |
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DIRECTOR: |
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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 2020 |
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31.8.20 | 31.8.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS/(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 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 director and authorised for issue 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 2020 |
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1. | STATUTORY INFORMATION |
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The Crab Company (Scotland) Limited is a
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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. The director, Mr C.Anderson, is a major creditor to the company and during the financial year he converted £500,000 of his loan balance to share capital. The director will not seek to draw the remaining balance of his loan unless all other creditors are satisfied. |
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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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Intangible assets |
The intangible assets held comprise fishing licences which are reported at current market value. The valuations are reviewed annually by the director and a value placed on them based on local knowledge and experience of the local market demand and conditions. |
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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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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 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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Following full assessment the director concluded that there was no material exposure to taxation as a result of accelerated capital allowances and as such no provision for deferred tax was considered necessary. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2019 |
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Disposals | ( |
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At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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Intangible assets comprise fishing licences held which are stated at current market valuation. The valuations are reviewed annually by the director and a value placed on them based on local knowledge and experience of the local market demand and conditions. |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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5. | TANGIBLE FIXED ASSETS |
Tenant's |
improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
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COST |
At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for year |
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At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for year |
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At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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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 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 September 2019 |
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Transfer to ownership | (18,000 | ) |
At 31 August 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for year |
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Transfer to ownership | (7,875 | ) |
At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
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 £470,096 owing to the director. |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Hire purchase contracts |
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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 2020 |
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9. | RELATED PARTY DISCLOSURES |
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The director operates a current account with the company and as at 31st August 2020 the balance owing to him was £470,096. During the year end, part of the loan, £500,000, was converted to share capital. With regard to the remaining balance, 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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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr Colin Anderson. |
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11. | 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. During the year under report, funding of £nil was received and the value released to the Profit & Loss Account was £27,735 leaving a balance of deferred income of £209,046 as at 31st August 2020. |