REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2022 |
for |
The Crab Company (Scotland) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2022 |
for |
The Crab Company (Scotland) Limited |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Contents of the Financial Statements |
for the Year Ended 31 August 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Crab Company (Scotland) Limited |
Company Information |
for the Year Ended 31 August 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
Glebefield House |
21 Links Terrace |
Peterhead |
Aberdeenshire |
AB42 2XA |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Balance Sheet |
31 August 2022 |
31.8.22 | 31.8.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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) |
Balance Sheet - continued |
31 August 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Notes to the Financial Statements |
for the Year Ended 31 August 2022 |
1. | STATUTORY INFORMATION |
The Crab Company (Scotland) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time the financial statements were prepared, the director recognised that the company was experiencing cashflow difficulties which cast significant doubt on the company's ability to continue as a going concern. At the time the financial statements were approved, the director was exploring new investor opportunities and, following careful assessment, was of the view that the company could raise sufficient capital to enable the company 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 will not seek to draw his loan unless all other creditors are satisfied. |
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. |
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. |
Tangible fixed assets |
Tenant's improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
As at the financial year end, the fishing vessel was not fully operational and on this basis no depreciation has been charged. The Plant & Machinery also includes items of vessel related equipment with an original cost of £37,240 which has not been depreciated on the basis that it has not been brought into operational use. |
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 to acquire. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
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. |
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. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
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) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
5. | TANGIBLE FIXED ASSETS |
Tenant's |
improvements |
Fishing | to | Plant and |
Vessel | property | machinery |
£ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
As at the financial year end, the fishing vessel was not fully operational and on this basis no depreciation has been charged. The Plant & Machinery also includes items of vessel related equipment with an original cost of £37,240 which has not been depreciated on the basis that it has not been brought into operational use. |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
The balance of Other creditors includes the sum of 503,949 (2021: £466,389) owing to the director. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.22 | 31.8.21 |
£ | £ |
Bank loans |
Hire purchase contracts |
The Crab Company (Scotland) Limited (Registered number: SC542050) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.8.22 | 31.8.21 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | - | 3,490 |
9. | RELATED PARTY DISCLOSURES |
The director operates a current account with the company and as at 31st August 2022 the balance owing to him was £503,949 (2021: £466,389) , there are no fixed terms of repayment and no interest is accrued. |
The balance of debtors includes the following sums owing to The Crab Company (Scotland) Ltd by companies in which Mr Colin Anderson is also a director: |
- Due by Anderson Marine (Scotland) Ltd - £365 (2021: £58) |
The balance of creditors includes the following sums owing by The Crab Company (Scotland) Ltd to companies in which Mr Colin Anderson is also a director: |
- Due to C&L Seafoods Ltd - £12,000 (2021: £12,000) |
- Due to Anderson Marine (Scotland) Ltd - £54 (2021: £1,529) |
- Due to Anderson Construction & Insulation Ltd - £6,091 (2021: £6,651) |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr Colin Anderson. |
11. | DEFERRED GOVERNMENT GRANTS |
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 £6,323 was received and the value released to the Profit & Loss Account was £29,111 leaving a balance of deferred income of £158,521 as at 31st August 2022 (2021: £181,309). |