Great British Prawns Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC514743 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GREAT BRITISH PRAWNS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A J Allen

J S McEuen

J D Amery

Dr M A W King

A J Whiston

A J McLeod

N R Robinson

SECRETARY:

Dentons Secretaries Limited

REGISTERED OFFICE:

Quartermile One

15 Lauriston Place

Edinburgh

EH3 9EP

REGISTERED NUMBER:

SC514743 (Scotland)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

1,762,639

1,097,583

CURRENT ASSETS

Debtors

5

52,884

214,499

Cash at bank

93,221

1,513,241

146,105

1,727,740

CREDITORS

Amounts falling due within one year

6

73,058

281,799

NET CURRENT ASSETS

73,047

1,445,941

TOTAL ASSETS LESS CURRENT LIABILITIES

1,835,686

2,543,524

CAPITAL AND RESERVES

Called up share capital

7

331

294

Share premium

4,534,122

3,789,064

Equity-settled employee share scheme

92,729

7,742

Retained earnings

(2,791,496

)

(1,253,576

)

SHAREHOLDERS' FUNDS

1,835,686

2,543,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14 July 2020 and were signed on its behalf by:

D A J Allen - Director

1.	STATUTORY INFORMATION

Great British Prawns Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the directors have confirmed that

the company has sufficient new funds to finance its on-going activities. The financial statements are

presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold buildings

-

10% on cost

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past

event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discount due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

1,128,025

Additions

788,324

Impairments

(30,159

)

At 31 December 2019

1,886,190

DEPRECIATION

At 1 January 2019

30,442

Charge for year

93,109

At 31 December 2019

123,551

NET BOOK VALUE

At 31 December 2019

1,762,639

At 31 December 2018

1,097,583

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,380

460

Other debtors

51,504

214,039

52,884

214,499

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

52,780

241,926

Taxation and social security

18,427

28,462

Other creditors

1,851

11,411

73,058

281,799

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

127,700

A Ordinary

£0.00

1

128

128

202,965

B Ordinary

£0.00

1

203

166

331

294

36,578 B Ordinary shares of £0.001 each were allotted as fully paid at a premium of £20.369p per share

during the year.

Company Share Option Plan

The Company Share Option Plan provides share options for nominated employees. The purchase price is set

at a mid-market price on the date of the grant. This is an approved scheme. Options vest in full after three

years and lapse after ten years from the date of the grant.

At 31 December 2019, share options outstanding under the Company Share Option Plan were as follows:

Options Granted

Number of shares

Option price (£)

Exercise dates

2018

36,741

6.31

November 2019 to November 2021