Company Registration No. SC513398 (Scotland)
Organic Sea Harvest Limited
Unaudited financial statements
for the period ended 31 December 2020
Pages for filing with the Registrar
Organic Sea Harvest Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Organic Sea Harvest Limited
Statement of financial position
As at 31 December 2020
Page 1
2020
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,382,307
1,258,106
Tangible assets
4
4,173,975
79,438
5,556,282
1,337,544
Current assets
Stocks
5,751,484
394,406
Debtors
5
3,667,758
2,474,616
Cash at bank and in hand
521,848
212,356
9,941,090
3,081,378
Creditors: amounts falling due within one year
6
(6,237,782)
(1,755,535)
Net current assets
3,703,308
1,325,843
Total assets less current liabilities
9,259,590
2,663,387
Creditors: amounts falling due after more than one year
7
(14,226)
(27,325)
Net assets
9,245,364
2,636,062
Capital and reserves
Called up share capital
8
935
597
Share premium account
9,873,449
2,873,462
Profit and loss reserves
(629,020)
(237,997)
Total equity
9,245,364
2,636,062
Organic Sea Harvest 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 period 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 period 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 26 April 2021 and are signed on its behalf by:
Robert Gray
Director
Company Registration No. SC513398
Organic Sea Harvest Limited
Notes to the financial statements
For the period ended 31 December 2020
Page 3
1
Accounting policies
Company information
Organic Sea Harvest Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Macdonald House, Somerled Square, Portree, Isle Of Skye, IV51 9EH.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company changed it's year end from 31 March to 31 December to align with its parent company, Villa Seafoods UK Limited. These accounts therefore cover a nine month period from 1 April 2020 to 31 December 2020.
1.3
Farming licences
Farming licences
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:
Farming licences
4% straight line per annum
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% straight line per annum
Plant and equipment
10% - 20% straight line per annum
Barges and work boats
5% - 20% straight line per annum
Computers
33% straight line per annum
Motor vehicles
25% straight line per annum
Organic Sea Harvest Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
1
Accounting policies (continued)
Page 4
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Cost comprises the purchase of and rearing of fish, direct labour and overheads incurred in brining the stock to its present location and condition.
1.7
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.
1.8
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.
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.
Organic Sea Harvest Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
1
Accounting policies (continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank
and other
loans, 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.
1.9
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.
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Organic Sea Harvest Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
1
Accounting policies (continued)
Page 6
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
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.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
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 (including directors) employed by the company during the period was:
31 December
31 March
2020
2020
Number
Number
Total
6
-
Organic Sea Harvest Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
Page 7
3
Intangible fixed assets
Farming licences
£
Cost
At 1 April 2020
1,258,106
Additions
147,630
At 31 December 2020
1,405,736
Amortisation and impairment
Amortisation charged for the period
23,429
At 31 December 2020
23,429
Carrying amount
At 31 December 2020
1,382,307
At 31 March 2020
1,258,106
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020
-
82,712
82,712
Additions
4,316
4,218,747
4,223,063
At 31 December 2020
4,316
4,301,459
4,305,775
Depreciation and impairment
At 1 April 2020
-
3,274
3,274
Depreciation charged in the period
5
128,521
128,526
At 31 December 2020
5
131,795
131,800
Carrying amount
At 31 December 2020
4,311
4,169,664
4,173,975
At 31 March 2020
-
79,438
79,438
Organic Sea Harvest Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
Page 8
5
Debtors
2020
2020
Amounts falling due within one year:
£
£
Other debtors
3,667,758
2,474,616
6
Creditors: amounts falling due within one year
2020
2020
Notes
£
£
Convertible loans
4,583,324
-
Trade creditors
1,462,555
732,205
Amounts owed to group undertakings
24,503
999,892
Taxation and social security
12,121
5,382
Other creditors
155,279
18,056
6,237,782
1,755,535
7
Creditors: amounts falling due after more than one year
2020
2020
£
£
Other creditors
14,226
27,325
8
Called up share capital
December
March
December
March
2020
2020
2020
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 2.5p each
11,970
20,829
327
569
A Ordinary shares of 2.5p each
25,438
1,171
608
28
37,408
22,000
935
597
During the period the company issued 1,110 ordinary shares at par, 4,116 A ordinary shares at £486.00 and 8,304 A ordinary shares at £602.11.
The ordinary and A ordinary shares carry the same rights regarding voting and dividends.
2020-12-31
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06 May 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Robert Gray
Alexander Macinnes
Karl Scott
Ove Thu
Ernst Kruis
D Porporo
Robert Gray
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