Sunbeam Fishing Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC177904 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SUNBEAM FISHING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L J Duthie

J B Duthie

REGISTERED OFFICE:

Den of Cortes

Lonmay

Fraserburgh

Aberdeenshire

AB43 8UU

REGISTERED NUMBER:

SC177904 (Scotland)

FIXED ASSETS

Intangible assets

5

11,127,641

12,095,241

Tangible assets

6

2,633,128

2,891,604

13,760,769

14,986,845

CURRENT ASSETS

Debtors

7

99,868

105,956

Cash at bank

1,959,138

2,103,751

2,059,006

2,209,707

CREDITORS

Amounts falling due within one year

8

3,625,427

3,889,871

NET CURRENT LIABILITIES

(1,566,421

)

(1,680,164

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,194,348

13,306,681

CREDITORS

Amounts falling due after more than one year

9

(962,500

)

(3,609,375

)

PROVISIONS FOR LIABILITIES

-

(15,159

)

NET ASSETS

11,231,848

9,682,147

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11,231,748

9,682,047

SHAREHOLDERS' FUNDS

11,231,848

9,682,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2023 and were signed on its behalf by:

J B Duthie - Director

1.	STATUTORY INFORMATION

Sunbeam Fishing 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

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.

Fishing licences and quota are being amortised evenly over their estimated useful life of sixteen years.

Tangible fixed assets

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

Fishing vessel

-

6.25% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

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.

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

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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Fishing

licences

and quota

£

COST

At 1 January 2022

and 31 December 2022

15,481,604

AMORTISATION

At 1 January 2022

3,386,363

Amortisation for year

967,600

At 31 December 2022

4,353,963

NET BOOK VALUE

At 31 December 2022

11,127,641

At 31 December 2021

12,095,241

6.	TANGIBLE FIXED ASSETS

Fixtures

Fishing

Plant and

and

vessel

machinery

fittings

£

£

£

COST

At 1 January 2022

and 31 December 2022

3,500,000

185,389

1,947

DEPRECIATION

At 1 January 2022

765,625

31,071

1,947

Charge for year

218,750

37,078

-

At 31 December 2022

984,375

68,149

1,947

NET BOOK VALUE

At 31 December 2022

2,515,625

117,240

-

At 31 December 2021

2,734,375

154,318

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

18,484

2,249

3,708,069

DEPRECIATION

At 1 January 2022

16,174

1,648

816,465

Charge for year

2,310

338

258,476

At 31 December 2022

18,484

1,986

1,074,941

NET BOOK VALUE

At 31 December 2022

-

263

2,633,128

At 31 December 2021

2,310

601

2,891,604

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

10,676

Other debtors

99,868

95,280

99,868

105,956

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

962,500

962,500

Hire purchase contracts

-

7,738

Trade creditors

51,534

143,885

Taxation and social security

293,221

223,812

Other creditors

2,318,172

2,551,936

3,625,427

3,889,871

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

962,500

3,609,375

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,925,000

4,571,875

Hire purchase contracts

-

7,738

1,925,000

4,579,613

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own the majority of the issued share capital of the company.