George W B Costie Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC468909 (Scotland)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

George W B Costie Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

H A B Costie

Miss K E Costie

REGISTERED OFFICE:

Lindisfarne

Westray

Orkney

KW17 2DH

REGISTERED NUMBER:

SC468909 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

FIXED ASSETS

23,312

Intangible assets

4

20,398

174,942

Tangible assets

5

163,735

198,254

184,133

CURRENT ASSETS

12,000

Stocks

12,000

163,085

Debtors

184,922

17,796

Cash at bank

45,763

192,881

242,685

CREDITORS

176,696

Amounts falling due within one year

197,017

16,185

NET CURRENT ASSETS

45,668

214,439

TOTAL ASSETS LESS CURRENT LIABILITIES

229,801

CREDITORS

-

Amounts falling due after more than one year

6

(42,893

)

(14,658

)

PROVISIONS FOR LIABILITIES

(13,460

)

199,781

NET ASSETS

173,448

CAPITAL AND RESERVES

100

Called up share capital

100

199,681

Retained earnings

173,348

199,781

SHAREHOLDERS' FUNDS

173,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 February 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 by the Board of Directors and authorised for issue on 30 November 2021 and were signed on its behalf by:

H A B Costie - Director

1.	STATUTORY INFORMATION

George W B Costie 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.

Turnover

Turnover represents invoiced sales of shellfish and gear, invoiced at time of despatch to the customer, net of VAT.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, 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 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 re 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 payments 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. Amounts 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.

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 statement of financial position date.

Deferred tax

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2020

and 28 February 2021

29,140

AMORTISATION

At 1 March 2020

5,828

Amortisation for year

2,914

At 28 February 2021

8,742

NET BOOK VALUE

At 28 February 2021

20,398

At 29 February 2020

23,312

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2020

214,169

Additions

4,600

At 28 February 2021

218,769

DEPRECIATION

At 1 March 2020

39,227

Charge for year

15,807

At 28 February 2021

55,034

NET BOOK VALUE

At 28 February 2021

163,735

At 29 February 2020

174,942

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans

2,651

-

7.	RELATED PARTY TRANSACTIONS

The following advances and credits to a director subsisted during the years ended 28 February 2021 and 29 February 2020:

2021

2020

£

£

H A B Costie

Balance outstanding at start of year

77,251

80,775

Amounts advanced

30,796

53,170

Amounts repaid

-

(56,694

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

108,047

77,251

Interest is charged on the outstanding balance at the official rate of interest.

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £37,000 (2020 - £38,000) were paid to the directors .

During the year there were sales of £8,900 and costs recharged of £15,218 to QA Shellfish Limited, a company in which Heddle Costie owns shares and is a director.

There were sales of £1250 and costs recharged of £1,423 to Bon Ami Limited, a company in which Heddle Costie has a 50% interest.

At 29 February 2021 the following amounts were due to the company:

£3,200 due from QA Shellfish Limited