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REGISTERED NUMBER: SC314279 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Zetland Marine Services Ltd.

Zetland Marine Services Ltd. (Registered number: SC314279)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Zetland Marine Services Ltd.

Company Information
for the Year Ended 31 March 2022







DIRECTORS: W A Gray
Mrs C H Gray
K J Gray





SECRETARY: Mrs C H Gray





REGISTERED OFFICE: 24 Gremista Industrial Estate
Lerwick
Shetland
ZE1 0PX





REGISTERED NUMBER: SC314279 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Zetland Marine Services Ltd. (Registered number: SC314279)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 220,578 307,011
Investments 6 700,000 700,000
920,578 1,007,011

CURRENT ASSETS
Debtors 7 2,207 10,264
Cash at bank 292,452 238,853
294,659 249,117
CREDITORS
Amounts falling due within one year 8 3,295 2,250
NET CURRENT ASSETS 291,364 246,867
TOTAL ASSETS LESS CURRENT LIABILITIES 1,211,942 1,253,878

PROVISIONS FOR LIABILITIES 904 1,412
NET ASSETS 1,211,038 1,252,466

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,211,036 1,252,464
SHAREHOLDERS' FUNDS 1,211,038 1,252,466

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Zetland Marine Services Ltd. (Registered number: SC314279)

Balance Sheet - continued
31 March 2022


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 26 August 2022 and were signed on its behalf by:





W A Gray - Director


Zetland Marine Services Ltd. (Registered number: SC314279)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Zetland Marine Services 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.

Zetland Marine Services Ltd. (Registered number: SC314279)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021 100,000
Disposals (100,000 )
At 31 March 2022 -
AMORTISATION
At 1 April 2021 100,000
Eliminated on disposal (100,000 )
At 31 March 2022 -
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

Zetland Marine Services Ltd. (Registered number: SC314279)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2021 296,950 14,127 2,202
Disposals (83,600 ) - (1,869 )
At 31 March 2022 213,350 14,127 333
DEPRECIATION
At 1 April 2021 - 13,557 1,794
Charge for year - 251 245
Eliminated on disposal - - (1,803 )
At 31 March 2022 - 13,808 236
NET BOOK VALUE
At 31 March 2022 213,350 319 97
At 31 March 2021 296,950 570 408

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2021 13,650 2,365 329,294
Disposals - - (85,469 )
At 31 March 2022 13,650 2,365 243,825
DEPRECIATION
At 1 April 2021 4,567 2,365 22,283
Charge for year 2,271 - 2,767
Eliminated on disposal - - (1,803 )
At 31 March 2022 6,838 2,365 23,247
NET BOOK VALUE
At 31 March 2022 6,812 - 220,578
At 31 March 2021 9,083 - 307,011

Zetland Marine Services Ltd. (Registered number: SC314279)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2021
and 31 March 2022 700,000
NET BOOK VALUE
At 31 March 2022 700,000
At 31 March 2021 700,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors - 1,046
Other debtors 2,207 9,218
2,207 10,264

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 377 1,170
Taxation and social security 725 183
Other creditors 2,193 897
3,295 2,250

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22 31.3.21
£    £   
W A Gray
Balance outstanding at start of year - 2,915
Amounts repaid - (2,915 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -