FishFrom Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC424245 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2017

for

FishFrom Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

O G Oddsen

A E Robertson

N Robertson

T G A Fischer

C Findlay

J Holdsworth

REGISTERED OFFICE:

1 George Square

Glasgow

G2 1AL

REGISTERED NUMBER:

SC424245 (Scotland)

ACCOUNTANTS:

Campbell Dallas Limited

Accountants

5 Whitefriars Crescent

Perth

Perthshire

PH2 0PA

FIXED ASSETS

Tangible assets

5

463,481

49,650

Investments

6

35

60

463,516

49,710

CURRENT ASSETS

Debtors

7

104,289

24,627

Cash at bank and in hand

364,804

233,960

469,093

258,587

CREDITORS

Amounts falling due within one year

8

1,035,865

82,573

NET CURRENT (LIABILITIES)/ASSETS

(566,772

)

176,014

TOTAL ASSETS LESS CURRENT LIABILITIES

(103,256

)

225,724

CAPITAL AND RESERVES

Called up share capital

9

2

2

Share premium

380,000

380,000

Retained earnings

(483,258

)

(154,278

)

SHAREHOLDERS' FUNDS

(103,256

)

225,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 August 2018 and were signed on its behalf by:

C Findlay - Director

1.	STATUTORY INFORMATION

FishFrom 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with

UK GAAP, the date of transition to FRS 102 Section 1A is 1 June 2015.

Turnover

Turnover represents net invoiced sales of consultancy services, excluding value added tax.

Tangible fixed assets

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publicly traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

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, bank loans, loans from fellow group companies and

preference shares that are classified as debt, 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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial

instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered

into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are

recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is

applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at

fair value through profit or loss. Debt instruments may be designated as being measured at fair value though

profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their

performance evaluated on a fair value basis in accordance with a documented risk management or

investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged

or cancelled.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are

subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in

profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in

which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a

negative fair value is recognised as a financial liability.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	TANGIBLE FIXED ASSETS

Site

development

Computer

costs

equipment

Totals

£

£

£

COST

At 1 December 2016

49,276

1,192

50,468

Additions

412,450

2,245

414,695

At 30 November 2017

461,726

3,437

465,163

DEPRECIATION

At 1 December 2016

-

818

818

Charge for year

-

864

864

At 30 November 2017

-

1,682

1,682

NET BOOK VALUE

At 30 November 2017

461,726

1,755

463,481

At 30 November 2016

49,276

374

49,650

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2016

60

Disposals

(25

)

At 30 November 2017

35

NET BOOK VALUE

At 30 November 2017

35

At 30 November 2016

60

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

104,289

24,627

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

264,424

4,255

Amounts owed to group undertakings

-

20,771

Taxation and social security

9,920

-

Other creditors

761,521

57,547

1,035,865

82,573

Included within other creditors is £250,000 of unsecured convertible loan notes with an interest rate of 13%.

At the date of signing the accounts, there was no definitive conversion date.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

94,766

'A' Ordinary

0.00001

1

1

94,766

'B' Ordinary

0.00001

1

1

55,820

'C' Ordinary

0.00001

-

-

2

2

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY

12.	GOING CONCERN