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Registered number: SC223363












SEAFOOD TRADERS
INTERNATIONAL LIMITED



DIRECTORS' REPORT AND FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2017

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 

COMPANY INFORMATION


Directors
A J A Scatterty 
L E Scatterty 
R F Scatterty 
E A Scatterty 
P D Macdougall 




Company secretary
Raeburn Christie Clark & Wallace



Registered number
SC223363



Registered office
The Harbour
Boddam

Peterhead

Aberdeenshire

AB42 7AU




Independent auditor
Anderson Anderson & Brown LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
Balance sheet
2
Notes to the financial statements
3 - 7


 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
REGISTERED NUMBER:SC223363

BALANCE SHEET
AS AT 31 DECEMBER 2017

2017
2016
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
4,198
5,060

Cash at bank and in hand
 5 
198
140

  
4,396
5,200

Creditors: amounts falling due within one year
 6 
(113)
(190)

Net current assets
  
 
 
4,283
 
 
5,010

Total assets less current liabilities
  
4,283
5,010

  

Net assets
  
4,283
5,010


Capital and reserves
  

Called up share capital 
  
1
1

Capital redemption reserve
  
1
1

Profit and loss account
  
4,281
5,008

  
4,283
5,010


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



R F Scatterty
Director

Date: 18 September 2018
The notes on pages 3 to 7 form part of these financial statements.

Page 2
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

1.


General information

Seafood Traders International Limited is a private company limited by shares, incorporated and domiciled in Scotland. The registered office is The Harbour, Boddam, Peterhead, AB42 3AU. The principal activity of the company is the provision of agency and management services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Scatterty Holdings Limited as at 31st December 2017 and these financial statements may be obtained from Ogier House, the Esplanade, St Helier, Jersey, JE4 9WG.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income in the period it is earned.

 
2.6

Pensions

Defined contribution pension plan
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Page 4
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Page 5
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

3.


Employees

The average monthly number of persons employed by the company during the year, excluding directors, was 43 (2016 - 41).



4.


Debtors


Due after more than one year

Amounts owed by group undertakings
4,198
5,060

4,198
5,060



5.


Cash and cash equivalents

2017
2016
£000
£000

Cash at bank and in hand
198
140

198
140



6.


Creditors: Amounts falling due within one year

2017
2016
£000
£000

Amounts owed to group undertakings
-
37

Corporation tax
-
56

Other taxation and social security
-
39

Other creditors
58
58

Accruals and deferred income
55
-

113
190



7.


Related party transactions

The company has taken advantage of the FRS 102 Section 33 related party exemption to not disclose transactions or balances with wholly owned group entities. 


8.


Controlling party

Scatterty Holdings Limited is the immediate parent undertaking and the ultimate controlling party is Mr A J A Scatterty, by virtue controlling 100% of the issued share capital. The consolidated financial statements of Scatterty Holdings Limited, prepared under FRS 102 and Jersey company law, can be requested from Ogier House, The Esplanade, St Helier, Jersey JE4 9WG.

Page 6
 

 
SEAFOOD TRADERS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2017 was unqualified.

The audit report was signed on 18 September 2018 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown LLP.


Page 7