Company Registration No. SC366612 (Scotland)
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Unaudited financial statements
for the year ended 31 December 2020
Pages for filing with the Registrar
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Statement of financial position
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
9,090,085
739,680
Current assets
Debtors
4
4,673,287
1,390,690
Cash at bank and in hand
130,681
212,457
4,803,968
1,603,147
Creditors: amounts falling due within one year
5
(4,947,086)
(502,248)
Net current (liabilities)/assets
(143,118)
1,100,899
Total assets less current liabilities
8,946,967
1,840,579
Creditors: amounts falling due after more than one year
6
(4,898,318)
(1,600,000)
Net assets
4,048,649
240,579
Capital and reserves
Called up share capital
200,001
133,333
Share premium account
3,974,819
41,667
Profit and loss reserves
(126,171)
65,579
Total equity
4,048,649
240,579
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Statement of financial position (continued)
As at 31 December 2020
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2020 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 September 2021 and are signed on its behalf by:
Ove Thu
Director
Company Registration No. SC366612
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Notes to the financial statements
For the year ended 31 December 2020
Page 3
1
Accounting policies
Company information
Organic Sea Harvest Holdings Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
c/o Saffery Champness LLP, Kintail House, Beechwood Park, Inverness, IV2 3BW.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Fixed asset investments
Interests in subsidiaries
and
associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 4
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
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 and
loans from
fellow group companies, 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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 5
1.6
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (excluding directors who are not remunerated) employed by the company during the year was:
2020
2019
Number
Number
Total
-
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
9,090,085
739,680
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2020
3
Fixed asset investments (continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2020
739,680
Additions
8,350,405
At 31 December 2020
9,090,085
Carrying amount
At 31 December 2020
9,090,085
At 31 December 2019
739,680
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
260,299
134,098
Corporation tax recoverable
5,995
5,995
Amounts owed by group undertakings
4,405,308
1,250,000
Other debtors
1,685
597
4,673,287
1,390,690
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
248,401
139,599
Amounts owed to group undertakings
4,583,333
334,919
Other creditors
115,352
27,730
4,947,086
502,248
Organic Sea Harvest Holdings Limited
(Formerly Villa Seafood UK Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 7
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
4,898,318
1,600,000