Company Registration No. SC692529 (Scotland)
The Seafood Shack (Ullapool) Ltd
Unaudited accounts
for the year ended 31 March 2023
The Seafood Shack (Ullapool) Ltd
Unaudited accounts
Contents
The Seafood Shack (Ullapool) Ltd
Company Information
for the year ended 31 March 2023
Directors
F Renwick
K Scobie
Company Number
SC692529 (Scotland)
Registered Office
24 West Argyle Street
Ullapool
IV26 2TY
Scotland
Accountants
Morrison Accountancy Limited
32 Torbreck Road
Inverness
Inverness-shire
IV2 4DF
The Seafood Shack (Ullapool) Ltd
Statement of financial position
as at 31 March 2023
Intangible assets
83,820
111,760
Tangible assets
56,486
41,625
Cash at bank and in hand
-
8,040
Creditors: amounts falling due within one year
(102,176)
(150,116)
Net current assets/(liabilities)
6,745
(41,821)
Total assets less current liabilities
147,051
111,564
Creditors: amounts falling due after more than one year
(33,363)
(25,035)
Provisions for liabilities
Deferred tax
(9,817)
(4,630)
Called up share capital
100
100
Profit and loss account
103,771
81,799
Shareholders' funds
103,871
81,899
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2023 and were signed on its behalf by
K Scobie
Director
Company Registration No. SC692529
The Seafood Shack (Ullapool) Ltd
Notes to the Accounts
for the year ended 31 March 2023
The Seafood Shack (Ullapool) Ltd is a private company, limited by shares, registered in Scotland, registration number SC692529. The registered office is 24 West Argyle Street, Ullapool, IV26 2TY, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% reducing balance
Fixtures & fittings
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is included over a 20% straight line basis.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The Seafood Shack (Ullapool) Ltd
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill
Charge for the year
27,940
The company purchased the business of "The Seafood Shack", a partnership in which F Renwick and K Scobie were joint partners, on 31 May 2021. Goodwill is amortised over a 5 year period.
The Seafood Shack (Ullapool) Ltd
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2022
45,000
7,500
52,500
Additions
29,995
7,829
37,824
Disposals
(10,000)
-
(10,000)
At 31 March 2023
64,995
15,329
80,324
At 1 April 2022
9,000
1,875
10,875
Charge for the year
11,599
3,364
14,963
On disposals
(2,000)
-
(2,000)
At 31 March 2023
18,599
5,239
23,838
At 31 March 2023
46,396
10,090
56,486
At 31 March 2022
36,000
5,625
41,625
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
46,396
36,000
Amounts falling due within one year
Other debtors
104,134
98,312
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
15,396
-
Obligations under finance leases and hire purchase contracts
15,105
8,450
Taxes and social security
20,207
40,392
Loans from directors
49,783
101,274
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
33,363
25,035
The Seafood Shack (Ullapool) Ltd
Notes to the Accounts
for the year ended 31 March 2023
9
Deferred taxation
2023
2022
Accelerated capital allowances
9,817
4,630
Provision at start of year
4,630
-
Charged to the profit and loss account
5,187
4,630
Provision at end of year
9,817
4,630
Allotted, called up and fully paid:
50 Ordinary "A" shares of £1 each
50
50
50 Ordinary "B" shares of £1 each
50
50
11
Transactions with related parties
The company purcahsed the business of "The Seafood Shack", a partnership owned by F Renwick and K Scobie on 31 May 2021. The transaction was carried out at arms' length.
Included within debtors due within one year is an amount due from "Scobie and Renwick Properties Limited", a company in which F Renwick and K Scobie are directors and 100% shareholders. The loan has no fixed repayment terms and no interest rate and has therefore been included within debtors due within one year.
During the year the company rented premises from Scobie & Renwick Properties Limited for a sum of £8,000 (2022: £nil).
12
Average number of employees
During the year the average number of employees was 16 (2022: 13).