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REGISTERED NUMBER: SC388209 (Scotland)












































D. R. Collin & Son Ltd

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30th April 2020







D. R. Collin & Son Ltd (Registered number: SC388209)









Contents of the Consolidated Financial Statements



for the year ended 30th April 2020







Page




Company information  

1




Group strategic report  

2




Report of the directors  

3


to


4



Report of the independent auditors  

5


to


6



Consolidated income statement  

7




Consolidated other comprehensive income  

8




Consolidated balance sheet  

9


to


10



Company balance sheet  

11




Consolidated statement of changes in equity  

12




Company statement of changes in equity  

13




Consolidated cash flow statement  

14




Notes to the consolidated cash flow statement  

15


to


16



Notes to the consolidated financial statements  

17


to


34




D. R. Collin & Son Ltd




Company Information



for the year ended 30th April 2020










Directors:

S F Aitchison


J C Cook


Mrs J C Middlemiss


P J Virtue


Mrs S A Wilson







Secretary:

R Mark







Registered office:

Unit 1


Coldingham Road Industrial Estate


Eyemouth


Berwickshire


TD14 5AN







Registered number:

SC388209 (Scotland)







Auditors:

Rennie Welch Audit Limited


Academy House


Shedden Park Road


Kelso


Roxburghshire


TD5 7AL



D. R. Collin & Son Ltd (Registered number: SC388209)




Group Strategic Report



for the year ended 30th April 2020



The directors present their strategic report of the company and the group for the year ended 30th April 2020.


Review of business

The group continued to be one of the leading shellfish exporters in the UK. The group was on track to outperform the previous financial year until the corona virus pandemic hit Europe in March 2020. The group had a complete closure for around 6 weeks up to the April year end, when the sales markets completely closed overnight due to lockdown restrictions. The group continued to explore new sales markets throughout the year.


Results for the year

The results for the year show a profit on ordinary activities before tax of £2,729,845 (2019: £3,208,676). The

board are satisfied with the performance for the financial year.


The board monitor the progress of the company by the following KPIs:



2020



2019




Turnover



£49,405,004



£56,187,795




GP



20.39%



19.61%




ROCE



21.12%



28.30%




Principal risks and uncertainties

Funding and liquidity risk

The group manages its cash and borrowing requirements in order to minimise interest expense whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.


The group has sufficient funding arrangements in place with their bankers to ensure the operating requirements of the business can be maintained.


Market and economic risk

The group is exposed to the uncertainties surrounding Brexit and any potential outcome of the ongoing EU trade negotiation talks. The group has taken appropriate action to be prepared for all eventual outcomes and to minimise disruption beyond 31st December 2020. Until the final arrangements are agreed between the UK and EU it is difficult to accurately measure the impact on the business.


The group's international trade exposes it to currency risk. Currency exposure is managed by using appropriate FX hedges.


On behalf of the board:






Director



23rd November 2020



D. R. Collin & Son Ltd (Registered number: SC388209)




Report of the Directors



for the year ended 30th April 2020



The directors present their report with the financial statements of the company and the group for the year ended 30th April 2020.


Principal activity

The principal activity of the group in the year under review was that of fish wholesale.

Dividends

The directors recommend that no final dividend be paid for the year ended 30th April 2020


Directors

The directors shown below have held office during the whole of the period from 1st May 2019 to the date of this report.


S F Aitchison

J C Cook

Mrs J C Middlemiss

P J Virtue

Mrs S A Wilson


Other changes in directors holding office are as follows:


W K Mcrobbie ceased to be a director after 30th April 2020 but prior to the date of this report.


Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the group's financial position for a period of 12 months from the date of signing these financial statement. The company currently meets its day to day working capital requirements through its cash balance, which is sufficient to cover working capital requirements.  The directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.


Statement of directors' responsibilities

The directors are responsible for preparing the Group strategic report, the Report of the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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


Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.



D. R. Collin & Son Ltd (Registered number: SC388209)




Report of the Directors



for the year ended 30th April 2020




Auditors

The auditors, Rennie Welch Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


On behalf of the board:






J C Cook - Director



23rd November 2020



Report of the Independent Auditors to the Members of



D. R. Collin & Son Ltd



Opinion

We have audited the financial statements of D. R. Collin & Son Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2020 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated balance sheet, Company balance sheet, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated cash flow statement and Notes to the consolidated cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
- give a true and fair view of the state of the group's and of the parent company affairs as at 30th April 2020 and of the group's profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-

the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.



Report of the Independent Auditors to the Members of



D. R. Collin & Son Ltd




Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)

for and on behalf of Rennie Welch Audit Limited

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL


24th November 2020



D. R. Collin & Son Ltd (Registered number: SC388209)



Consolidated Income Statement  


for the year ended 30th April 2020




2020


2019


Notes

£   

£   



Turnover

3

49,405,004


56,187,795




Cost of sales

(39,329,330

)

(45,167,867

)


Gross profit

10,075,674


11,019,928




Administrative expenses

(7,694,911

)

(7,785,503

)


2,380,763


3,234,425




Other operating income

4

369,286


17,739



Operating profit

6

2,750,049


3,252,164




Interest receivable and similar income

3,818


3,262



2,753,867


3,255,426




Interest payable and similar expenses

9

(24,022

)

(46,750

)


Profit before taxation

2,729,845


3,208,676




Tax on profit

10

(436,161

)

(654,015

)


Profit for the financial year

2,293,684


2,554,661



Profit attributable to:

Owners of the parent

1,949,150


2,358,468



Non-controlling interests

344,534


196,193



2,293,684


2,554,661





D. R. Collin & Son Ltd (Registered number: SC388209)



Consolidated Other Comprehensive Income  


for the year ended 30th April 2020




2020


2019


Notes

£   

£   



Profit for the year

2,293,684


2,554,661





Other comprehensive income

-


-



Total comprehensive income for the

year

2,293,684


2,554,661




Total comprehensive income attributable to:

Owners of the parent

1,949,150


2,358,468



Non-controlling interests

344,534


196,193



2,293,684


2,554,661





D. R. Collin & Son Ltd (Registered number: SC388209)




Consolidated Balance Sheet



30th April 2020




2020

2019



Notes

£   

£   

£   

£   


Fixed assets

Intangible assets

13

692,019


862,118



Tangible assets

14

5,193,018


5,315,089



Investments

15

210,000


210,000



Investment property

16

180,633


180,633



6,275,670


6,567,840




Current assets

Stocks

17

1,365,170


1,170,932



Debtors

18

3,177,884


6,506,963



Investments

19

-


10,000



Cash at bank and in hand

3,510,457


1,618,277



8,053,511


9,306,172



Creditors

Amounts falling due within one year

20

1,306,449


4,383,779



Net current assets

6,747,062


4,922,393



Total assets less current liabilities

13,022,732


11,490,233




Creditors

Amounts falling due after more than one

year

21

(706,606

)

(762,655

)



Provisions for liabilities

25

(341,497

)

(254,325

)



Accruals and deferred income

26

(225,734

)

(241,362

)


Net assets

11,748,895


10,231,891





D. R. Collin & Son Ltd (Registered number: SC388209)




Consolidated Balance Sheet - continued



30th April 2020




2020

2019



Notes

£   

£   

£   

£   


Capital and reserves

Called up share capital

27

1,000


1,000



Share premium

28

1,003,663


1,003,663



Retained earnings

28

9,842,538


8,523,388



Shareholders' funds

10,847,201


9,528,051




Non-controlling interests

901,694


703,840



Total equity

11,748,895


10,231,891





The financial statements were approved by the Board of Directors and authorised for issue on 23rd November 2020 and were signed on its behalf by:





J C Cook - Director




Mrs S A Wilson - Director




D. R. Collin & Son Ltd (Registered number: SC388209)




Company Balance Sheet



30th April 2020




2020

2019



Notes

£   

£   

£   

£   


Fixed assets

Intangible assets

13

151,827


238,654



Tangible assets

14

3,934,265


4,104,367



Investments

15

305,582


305,632



Investment property

16

180,633


180,633



4,572,307


4,829,286




Current assets

Stocks

17

753,779


697,401



Debtors

18

2,240,183


3,968,195



Cash at bank and in hand

2,729,253


839,578



5,723,215


5,505,174



Creditors

Amounts falling due within one year

20

603,687


1,413,372



Net current assets

5,119,528


4,091,802



Total assets less current liabilities

9,691,835


8,921,088




Creditors

Amounts falling due after more than one

year

21

( 391,056

)

( 412,802

)



Provisions for liabilities

25

( 282,396

)

( 220,337

)



Accruals and deferred income

26

( 81,891

)

( 90,761

)


Net assets

8,936,492


8,197,188




Capital and reserves

Called up share capital

27

1,000


1,000



Share premium

28

1,003,663


1,003,663



Retained earnings

28

7,931,829


7,192,525



Shareholders' funds

8,936,492


8,197,188




Company's profit for the financial year

1,369,304


1,862,515




The financial statements were approved by the Board of Directors and authorised for issue on 11th November 2020 and were signed on its behalf by:





J C Cook - Director




Mrs S A Wilson - Director




D. R. Collin & Son Ltd (Registered number: SC388209)




Consolidated Statement of Changes in Equity



for the year ended 30th April 2020




Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   



Balance at 1st May 2018

1,000


6,504,920


1,003,663




Changes in equity

Dividends

-


(340,000

)

-



Total comprehensive income

-


2,358,468


-



Balance at 30th April 2019

1,000


8,523,388


1,003,663




Changes in equity

Dividends

-


(630,000

)

-



Total comprehensive income

-


1,949,150


-



Balance at 30th April 2020

1,000


9,842,538


1,003,663




Non-controlling


Total


Total


interests


equity

£   

£   

£   



Balance at 1st May 2018

7,509,583


581,647


8,091,230




Changes in equity

Dividends

(340,000

)

(74,000

)

(414,000

)


Total comprehensive income

2,358,468


196,193


2,554,661



Balance at 30th April 2019

9,528,051


703,840


10,231,891




Changes in equity

Dividends

(630,000

)

(146,680

)

(776,680

)


Total comprehensive income

1,949,150


344,534


2,293,684



Balance at 30th April 2020

10,847,201


901,694


11,748,895





D. R. Collin & Son Ltd (Registered number: SC388209)




Company Statement of Changes in Equity



for the year ended 30th April 2020




Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   



Balance at 1st May 2018

1,000


5,670,010


1,003,663


6,674,673




Changes in equity

Dividends

-


( 340,000

)

-


( 340,000

)


Total comprehensive income

-


1,862,515


-


1,862,515



Balance at 30th April 2019

1,000


7,192,525


1,003,663


8,197,188




Changes in equity

Dividends

-


( 630,000

)

-


( 630,000

)


Total comprehensive income

-


1,369,304


-


1,369,304



Balance at 30th April 2020

1,000


7,931,829


1,003,663


8,936,492





D. R. Collin & Son Ltd (Registered number: SC388209)




Consolidated Cash Flow Statement



for the year ended 30th April 2020




2020


2019


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

4,735,829


2,669,711



Interest paid

(13,568

)

(33,283

)


Interest element of hire purchase

payments paid

(10,454

)

(13,467

)


Tax paid

(691,325

)

(644,129

)


Net cash from operating activities

4,020,482


1,978,832




Cash flows from investing activities

Purchase of intangible fixed assets

-


(250,000

)


Purchase of tangible fixed assets

(626,710

)

(911,761

)


Purchase of fixed asset investments

-


(80,000

)


Sale of intangible fixed assets

-


101,000



Sale of tangible fixed assets

130,873


18,333



Current asset investments

10,000


(10,000

)


Interest received

3,818


3,262



Net cash from investing activities

(482,019

)

(1,129,166

)



Cash flows from financing activities

New loans in year

-


750,000



Loan repayments in year

(204,087

)

(901,632

)


New HP less Capital repayments in year

(22,560

)

13,684



Directors loan movements

60,162


(48,973

)


Proceeds from government grants

343,709


-



Dividends paid

-


(74,000

)


Equity dividends paid

(776,680

)

(340,000

)


Net cash from financing activities

(599,456

)

(600,921

)



Increase in cash and cash equivalents

2,939,007


248,745



Cash and cash equivalents at

beginning of year

2

567,715


318,970




Cash and cash equivalents at end of

year

2

3,506,722


567,715





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Cash Flow Statement



for the year ended 30th April 2020



1.

Reconciliation of profit before taxation to cash generated from operations


2020


2019

£   

£   



Profit before taxation

2,729,845


3,208,676




Depreciation charges

796,215


784,327




(Profit)/loss on disposal of fixed assets

(7,448

)

15,901




Loss on revaluation of fixed assets

50


-




Government grants

(359,336

)

(17,739

)



Finance costs

24,022


46,750




Finance income

(3,818

)

(3,262

)


3,179,530


4,034,653




Increase in stocks

(194,238

)

(8,463

)



Decrease/(increase) in trade and other debtors

3,600,769


(1,581,584

)



(Decrease)/increase in trade and other creditors

(1,850,232

)

225,105




Cash generated from operations

4,735,829


2,669,711




2.

Cash and cash equivalents



The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:



Year ended 30th April 2020


30.4.20


1.5.19

£   

£   



Cash and cash equivalents

3,510,457


1,618,277




Bank overdrafts

(3,735

)

(1,050,562

)


3,506,722


567,715




Year ended 30th April 2019


30.4.19


1.5.18

£   

£   



Cash and cash equivalents

1,618,277


1,193,610




Bank overdrafts

(1,050,562

)

(874,640

)


567,715


318,970






D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Cash Flow Statement



for the year ended 30th April 2020



3.

Analysis of changes in net (debt)/funds



At 1.5.19

Cash flow

At 30.4.20

£   

£   

£   



Net cash



Cash at bank and in hand

1,618,277


1,892,180


3,510,457




Bank overdrafts

(1,050,562

)

1,046,827


(3,735

)


567,715


2,939,007


3,506,722





Liquid resources



Current asset investments

10,000


(10,000

)

-



10,000


(10,000

)

-




Debt


Finance leases

(415,561

)

22,560


(393,001

)



Debts falling due within 1 year

(241,590

)

68,292


(173,298

)



Debts falling due after 1 year

(579,125

)

135,796


(443,329

)


(1,236,276

)

226,648


(1,009,628

)



Total

(658,561

)

3,155,655


2,497,094





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements



for the year ended 30th April 2020



1.

Statutory information



D. R. Collin & Son Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.


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


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.   



D. R. Collin & Son Ltd is a private company limited by share capital incorporated in Scotland. The registered office is Unit 1 Coldingham Road Industrial Estate, Eyemouth, Scotland, TD14 5AN.



Basis of consolidation


The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 April 2020. The subsidiary undertakings comprise Boat Investments Limited, Sea Harvest Scotland Limited, D. R. Collin (Scotland) Limited (and its 60% subsidiary, Keltic Seafare (Scotland) Limited), D. R. Collin (Fish) Limited and Coquet Island Shellfish Limited made up to 30 April 2020 (2019: Boat Investments Limited, Sea Harvest Scotland Limited, D. R. Collin (Scotland) Limited (and its 60% subsidiary, Keltic Seafare (Scotland) Limited), D. R. Collin (Fish) Limited and Coquet Island Shellfish Limited made up to 30 April 2019).



A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.



The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.



The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.



Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.



Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.



Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.



D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



2.

Accounting policies - continued



Turnover


Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.



Revenue from sale of goods is recognised when all the following conditions are satisfied:


- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;


- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;


- the amount of revenue can be measured reliably;


- it is probable that the economic benefits associated with the transaction will flow to the company; and


- the costs incurred or to be incurred in respect of the transaction can be measured reliably.



Goodwill

Goodwill arising on an acquisition of a business is carried at cost less accumulated amortisation and impairment losses, if any.

Goodwill is amortised in equal instalments over its estimated useful economic life of 5/10 years.


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.

Directors believe licences have an infinite life and is therefore not being amortised.


Tangible fixed assets


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


Freehold property

-  

2% on reducing balance and 2% on cost


Improvements to property

-

8% on reducing balance


Plant and machinery

-        

20% on cost, 20% on reducing balance, 15% on reducing balance, 10% on reducing balance and 2% on reducing balance   


Fixtures and fittings

-

33% on reducing balance


Motor vehicles

-    

25% on cost, 25% on reducing balance and 15% on reducing balance   


Office equipment

-      

33% on reducing balance, 20% on cost, 16.67% on cost and 15% on reducing balance   


Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.


Government grants

Grants relating to revenue are recognised in the income statement over the periods in which the company incurred the related costs which the grant is intended to compensate.

Grants relating to assets are recognised as income on a systematic basis over the expected useful life of the asset.


Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



2.

Accounting policies - continued



Inventories


Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.



The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.  At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.



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.


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

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date or the forward contract rate, where such contracts are in place. All differences are taken to the profit and loss account.


Hire purchase and leasing commitments


Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases.Payments made under operating leases are charged to the profit and loss on a straight-line basis over the period of the lease.



Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.



Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter fo the useful life of the asset and the lease term.  The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.



Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest an the remaining balance of the liability.



D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



2.

Accounting policies - continued



Employee benefits

Short term employee benefits, including holiday pay , are recognised as an expense in the Income Statement in the period in which they are incurred.

A defined contribution plan is a pension plan under which fixed contributions are paid into pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.


Licences


Licences are valued at cost.  Their estimated useful lives are considered to be infinite therefore they are not amortised.



D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



2.

Accounting policies - continued



Investments


Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.



Cash and cash equivalents


Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value, In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.



Trade debtors


Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.



Trade debtors with no stated interest rate are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due accordingly to the original terms of the receivables.



Trade creditors


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.  If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.



Trade creditors with no stated interest rate are recognised at the transaction price.Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.



Borrowings


Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.



Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.



Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.



Provisions


Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.



Going concern


As set out in the strategic report, the directors believe that the company is continuing to grow, experiencing good levels of profitability and is well placed to manage its business risks successfully.



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



D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



3.

Turnover



The turnover and profit before taxation are attributable to the one principal activity of the group.



An analysis of turnover by class of business is given below:



2020


2019

£   

£   



Sale of goods

49,405,004


56,187,795



49,405,004


56,187,795




Revenue by geographical location
The directors consider that to disclose a geographical analysis of turnover would be seriously prejudicial to the company's interests.

4.

Other operating income


2020


2019

£   

£   



Government grants

369,336


17,739




Gain/loss on revaluation of assets

(50

)

-



369,286


17,739




5.

Employees and directors


2020


2019

£   

£   



Wages and salaries

3,583,707


3,846,796




Social security costs

46,787


51,563




Other pension costs

114,290


93,525



3,744,784


3,991,884





The average number of employees during the year was as follows:


2020


2019



Sales, marketing and distribution

215


209





The average number of employees by undertakings that were proportionately consolidated during the year was 111 (2019 - 107 ) .



2020


2019

£   

£   



Directors' remuneration

486,931


501,362




Directors' pension contributions to money purchase schemes  

32,710


28,067





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

5


5





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



5.

Employees and directors - continued



Information regarding the highest paid director is as follows:


2020


2019

£   

£   



Emoluments etc

93,600


95,400




Pension contributions to money purchase schemes

11,267


9,782




6.

Operating profit



The operating profit is stated after charging/(crediting):



2020


2019

£   

£   



Hire of plant and machinery

52,193


19,480




Other operating leases

105,653


144,747




Depreciation - owned assets

625,356


614,232




(Profit)/loss on disposal of fixed assets

( 7,448

)

15,901




Goodwill amortisation

170,099


170,098




Foreign exchange differences

( 38,017

)

( 30,825

)



7.

Auditors' remuneration


2020


2019

£   

£   



Fees payable to the company's auditors for the audit of the

company's financial statements

29,900


28,925





Non audit services £10,250 (2019 - £10,130)


8.

Exceptional items


2020


2019

£   

£   



Exceptional items

(99,000

)

-




The company classifies certain one-off charges or credits that have a material impact on the companies financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

9.

Interest payable and similar expenses



2020


2019

£   

£   



Bank interest

17,812


32,720




Loan interest

-


563




Corporation tax interest

( 4,244

)

-




Hire purchase interest

10,454


13,467



24,022


46,750





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



10.

Taxation



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2020


2019

£   

£   



Current tax:


UK corporation tax

425,436


583,795




Corporation tax adjustment re previous year

( 76,447

)

-




Total current tax

348,989


583,795





Deferred tax

87,172


70,220




Tax on profit

436,161


654,015





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2020


2019

£   

£   



Profit before tax

2,729,845


3,208,676




Profit multiplied by the standard rate of corporation tax in the UK of

19 % (2019 - 19 %)  

518,671


609,648





Effects of:


Expenses not deductible for tax purposes

845


834




Income not taxable for tax purposes

( 4,267

)

( 3,370

)



Capital allowances in excess of depreciation

( 24,971

)

-




Depreciation in excess of capital allowances

-


374




Utilisation of tax losses

( 6,098

)

( 23,691

)



Adjustments to tax charge in respect of previous periods

( 76,447

)

-




Deferred tax  

87,172


70,220




R&D Claim  

( 58,744

)

-




Total tax charge

436,161


654,015




11.

Individual income statement



As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.



12.

Dividends


2020


2019

£   

£   



Ordinary shares of £1 each


Interim

630,000


170,000




Ordinary shares of £1 each


Interim

-


170,000



630,000


340,000





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



13.

Intangible fixed assets



Group


Patents



and



Goodwill


licences


Totals

£   

£   

£   



Cost


At 1st May 2019


and 30th April 2020

1,715,257


215,000


1,930,257




Amortisation


At 1st May 2019

1,068,139


-


1,068,139




Amortisation for year

170,099


-


170,099




At 30th April 2020

1,238,238


-


1,238,238




Net book value


At 30th April 2020

477,019


215,000


692,019




At 30th April 2019

647,118


215,000


862,118





Company


Patents



and



Goodwill


licences


Totals

£   

£   

£   



Cost


At 1st May 2019


and 30th April 2020

868,270


65,000


933,270




Amortisation


At 1st May 2019

694,616


-


694,616




Amortisation for year

86,827


-


86,827




At 30th April 2020

781,443


-


781,443




Net book value


At 30th April 2020

86,827


65,000


151,827




At 30th April 2019

173,654


65,000


238,654





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



14.

Tangible fixed assets



Group


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



Cost


At 1st May 2019

2,173,887


566,161


2,941,334




Additions

-


92,236


127,401




Disposals

(126,529

)

-


-




At 30th April 2020

2,047,358


658,397


3,068,735




Depreciation


At 1st May 2019

208,310


132,903


1,388,340




Charge for year

38,231


42,025


236,138




Eliminated on disposal

(5,011

)

-


-




At 30th April 2020

241,530


174,928


1,624,478




Net book value


At 30th April 2020

1,805,828


483,469


1,444,257




At 30th April 2019

1,965,577


433,258


1,552,994





Fixtures



and


Motor


Office



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



Cost


At 1st May 2019

23,965


2,489,389


196,774


8,391,510




Additions

-


397,023


10,050


626,710




Disposals

-


(7,000

)

-


(133,529

)



At 30th April 2020

23,965


2,879,412


206,824


8,884,691




Depreciation


At 1st May 2019

16,534


1,198,995


131,339


3,076,421




Charge for year

2,452


281,650


24,860


625,356




Eliminated on disposal

-


(5,093

)

-


(10,104

)



At 30th April 2020

18,986


1,475,552


156,199


3,691,673




Net book value


At 30th April 2020

4,979


1,403,860


50,625


5,193,018




At 30th April 2019

7,431


1,290,394


65,435


5,315,089





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



14.

Tangible fixed assets - continued



Company


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



Cost


At 1st May 2019

1,425,892


562,829


1,878,366




Additions

-


82,493


99,550




Disposals

( 126,529

)

-


-




At 30th April 2020

1,299,363


645,322


1,977,916




Depreciation


At 1st May 2019

123,241


132,383


744,941




Charge for year

23,623


41,035


174,216




Eliminated on disposal

( 5,011

)

-


-




At 30th April 2020

141,853


173,418


919,157




Net book value


At 30th April 2020

1,157,510


471,904


1,058,759




At 30th April 2019

1,302,651


430,446


1,133,425





Motor


Office



vehicles


equipment


Totals

£   

£   

£   



Cost


At 1st May 2019

2,242,572


139,584


6,249,243




Additions

234,673


10,050


426,766




Disposals

( 7,000

)

-


( 133,529

)



At 30th April 2020

2,470,245


149,634


6,542,480




Depreciation


At 1st May 2019

1,063,957


80,354


2,144,876




Charge for year

211,707


22,862


473,443




Eliminated on disposal

( 5,093

)

-


( 10,104

)



At 30th April 2020

1,270,571


103,216


2,608,215




Net book value


At 30th April 2020

1,199,674


46,418


3,934,265




At 30th April 2019

1,178,615


59,230


4,104,367





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



15.

Fixed asset investments



Group


Listed


investments

£   



Cost


At 1st May 2019


and 30th April 2020

210,000




Net book value


At 30th April 2020

210,000




At 30th April 2019

210,000




Company


Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



Cost or valuation


At 1st May 2019

125,632


180,000


305,632




Revaluations

( 50

)

-


(50

)



At 30th April 2020

125,582


180,000


305,582




Net book value


At 30th April 2020

125,582


180,000


305,582




At 30th April 2019

125,632


180,000


305,632





Cost or valuation at 30th April 2020 is represented by:



Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



Valuation in 2020

(50

)

-


(50

)



Cost

125,632


180,000


305,632



125,582


180,000


305,582






D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



15.

Fixed asset investments - continued




Details of investment in which the group and the parent company hold 20% or more of the nominal value of any class of share capital are as follows:



Name of Company


Holding


Proportion of

voting rights

and shares

held



Nature of business




Boat Investments Limited


Ordinary shares


100%



Fishing




Sea Harvest Scotland Limited


Ordinary shares


60%



Seafood Trading




D. R. Collin (Scotland) Limited


Ordinary shares


100%



Non-trading




D. R. Collin (Fish) Limited


Ordinary shares


100%



Fish retail and wholesale




Coquet Island Shellfish Limited


Ordinary shares


75%



Shellfish & seafood

processing




Keltic Seafare (Scotland) Limited


Ordinary shares


60%



Shellfish & seafood

processing




16.

Investment property



Group


Total

£   



Fair value


At 1st May 2019


and 30th April 2020

180,633




Net book value


At 30th April 2020

180,633




At 30th April 2019

180,633





Company


Total

£   



Fair value


At 1st May 2019


and 30th April 2020

180,633




Net book value


At 30th April 2020

180,633




At 30th April 2019

180,633





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



17.

Stocks



Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Stocks

1,365,170


1,170,932


753,779


697,401




18.

Debtors: amounts falling due within one year




Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Trade debtors

2,686,228


6,117,024


1,142,666


2,774,635




Other debtors

33,256


80,218


10,000


10,000




Amounts due to related parties

-


-


781,683


1,027,531




Directors' current accounts

-


12,481


-


381




Tax

168,565


1,012


149,297


-




VAT

173,927


193,854


77,144


87,683




Prepayments

115,908


102,374


79,393


67,965



3,177,884


6,506,963


2,240,183


3,968,195




19.

Current asset investments



Group


2020

2019


£   

£   



Unlisted investments

-


10,000




20.

Creditors: amounts falling due within one year




Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Bank loans and overdrafts (see note 22)

177,033


1,292,152


83,715


122,444




Hire purchase contracts  (see note 23)

129,724


232,031


105,038


209,504




Trade creditors

368,621


1,889,119


134,581


463,193




Tax

47,641


220,662


-


133,650




Social security and other taxes

83,188


90,631


40,340


48,658




Other creditors

452,561


659,184


192,332


435,923




Directors' current accounts

47,681


-


47,681


-



1,306,449


4,383,779


603,687


1,413,372




21.

Creditors: amounts falling due after more than one year




Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Bank loans (see note 22)

443,329


579,125


199,930


262,976




Hire purchase contracts  (see note 23)

263,277


183,530


191,126


149,826



706,606


762,655


391,056


412,802





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



22.

Loans



An analysis of the maturity of loans is given below:



Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Amounts falling due within one year or

on demand:



Bank overdrafts

3,735


1,050,562


3,735


10,421




Bank loans

173,298


241,590


79,980


112,023



177,033


1,292,152


83,715


122,444




Amounts falling due between one and

two years:



Bank loans - 1-2 years

298,112


241,590


137,108


112,023




Amounts falling due between two and

five years:



Bank loans - 2-5 years

145,217


337,535


62,822


150,953




23.

Leasing agreements



Minimum lease payments fall due as follows:



Group


Hire purchase

contracts


2020

2019


£   

£   



Net obligations repayable:


Within one year

129,724


232,031




Between one and five years

263,277


183,530



393,001


415,561





Company


Hire purchase

contracts


2020

2019


£   

£   



Net obligations repayable:


Within one year

105,038


209,504




Between one and five years

191,126


149,826



296,164


359,330





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



23.

Leasing agreements - continued



Group


Non-cancellable

operating leases


2020

2019


£   

£   



Within one year

60,911


111,974




Between one and five years

49,473


92,151




In more than five years

-


1,227



110,384


205,352





Company


Non-cancellable

operating leases


2020

2019


£   

£   



Within one year

30,471


67,263




Between one and five years

35,975


53,413




In more than five years

-


1,227



66,446


121,903




24.

Secured debts



The following secured debts are included within creditors:



Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Bank overdrafts

3,735


1,050,562


3,735


10,421




Bank loans

616,627


820,715


279,910


374,999




Hire purchase contracts

393,001


415,561


296,164


359,330



1,013,363


2,286,838


579,809


744,750





The loans are secured by fixed and floating charges over the assets of the group.


The hire purchase creditors are secured against the assets to which they related.


25.

Provisions for liabilities



Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Deferred tax

341,497


254,325


282,396


220,337





D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



25.

Provisions for liabilities - continued



Group


Deferred



tax


£   



Balance at 1st May 2019

254,325




Provided during year

87,172




Balance at 30th April 2020

341,497





Company


Deferred



tax


£   



Balance at 1st May 2019

220,337




Provided during year

62,059




Balance at 30th April 2020

282,396




26.

Accruals and deferred income



Group


Company


2020

2019

2020

2019


£   

£   

£   

£   



Deferred government grants

225,734


241,362


81,891


90,761




27.

Called up share capital





Allotted, issued and fully paid:


Number:

Class:

Nominal

2020

2019



value:

£   

£   



700

Ordinary

£1

700


700




300

Ordinary

£1

300


300



1,000


1,000




28.

Reserves



The share premium account contains the premium arising on issue of equity shares, net of issue expense.



The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


29.

Pension commitments



The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £114,290 (2019 - £93,525).



Contribution totalling £11,286 (2019 - £12,677) were payable to the scheme at the end of the year and included in creditors.



D. R. Collin & Son Ltd (Registered number: SC388209)




Notes to the Consolidated Financial Statements - continued



for the year ended 30th April 2020



30.

Related party disclosures



Group


At the year end there was a loan due from the group to a director of £47,681 (2019 - due to the group £381). This amount was unsecured, interest free and repayable on demand.



At the year end a director of Coquet Island Shellfish Limited owed £nil (2019 - £12,100) to the group. This amount was unsecured, interest free and repayable on demand.



Company


A director had an interest in the company's transactions with the following:



Joe Russell International Transport Ltd. - Sales to Joe Russel International Transport Ltd of £94,299 (2019 - £92,652) and purchases of £127,500 (2019 - £144,000). Amount due to DR Collin & Son at the year end totalling £nil (2019 - £nil).



J. & D. Cook Properties Ltd. - Sales to J. & D. Cook Properties Ltd of £5,625 (2019 - £18,107) and purchases of £42,000 (2019 - £42,000).



Freya (the business) - Purchases from the business of £31,143 (2019 - £6,727).



Eyemouth Lift Truck Training Centre - Purchases from the business of £2,500 (2019 - £2,500).