Silverfin false 31/01/2023 01/02/2022 31/01/2023 C Aitken 14/10/2013 R Aitken 14/10/2013 05 October 2023 The principal activity of the Company during the financial year was that of the development and operation of the marina. SC460613 2023-01-31 SC460613 bus:Director1 2023-01-31 SC460613 bus:Director2 2023-01-31 SC460613 2022-01-31 SC460613 core:CurrentFinancialInstruments 2023-01-31 SC460613 core:CurrentFinancialInstruments 2022-01-31 SC460613 core:ShareCapital 2023-01-31 SC460613 core:ShareCapital 2022-01-31 SC460613 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC460613 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC460613 core:LandBuildings 2022-01-31 SC460613 core:OtherPropertyPlantEquipment 2022-01-31 SC460613 core:LandBuildings 2023-01-31 SC460613 core:OtherPropertyPlantEquipment 2023-01-31 SC460613 core:CurrentFinancialInstruments core:Secured 2023-01-31 SC460613 bus:OrdinaryShareClass1 2023-01-31 SC460613 2022-02-01 2023-01-31 SC460613 bus:FullAccounts 2022-02-01 2023-01-31 SC460613 bus:SmallEntities 2022-02-01 2023-01-31 SC460613 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC460613 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC460613 bus:Director1 2022-02-01 2023-01-31 SC460613 bus:Director2 2022-02-01 2023-01-31 SC460613 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 SC460613 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-02-01 2023-01-31 SC460613 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-02-01 2023-01-31 SC460613 2021-02-01 2022-01-31 SC460613 core:LandBuildings 2022-02-01 2023-01-31 SC460613 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC460613 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 SC460613 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC460613 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC460613 (Scotland)

PORT EDGAR MARINA LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

PORT EDGAR MARINA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

PORT EDGAR MARINA LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
PORT EDGAR MARINA LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,334,297 1,065,036
1,334,297 1,065,036
Current assets
Stocks 8,402 6,753
Debtors 4 262,162 462,145
Cash at bank and in hand 651 135
271,215 469,033
Creditors: amounts falling due within one year 5 ( 296,587) ( 496,540)
Net current liabilities (25,372) (27,507)
Total assets less current liabilities 1,308,925 1,037,529
Provision for liabilities ( 193,297) ( 156,910)
Net assets 1,115,628 880,619
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 1,115,627 880,618
Total shareholder's funds 1,115,628 880,619

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Port Edgar Marina Limited (registered number: SC460613) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

C Aitken
Director
PORT EDGAR MARINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PORT EDGAR MARINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Port Edgar Marina Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Port Edgar Marina, Shore Road, South Queensferry, EH30 9SQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of marina services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 30 years straight line
Plant and machinery etc. 6 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 11

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 825,578 583,818 1,409,396
Additions 202,462 156,877 359,339
At 31 January 2023 1,028,040 740,695 1,768,735
Accumulated depreciation
At 01 February 2022 82,277 262,083 344,360
Charge for the financial year 34,232 55,846 90,078
At 31 January 2023 116,509 317,929 434,438
Net book value
At 31 January 2023 911,531 422,766 1,334,297
At 31 January 2022 743,301 321,735 1,065,036

4. Debtors

2023 2022
£ £
Trade debtors 18,709 11,791
Amounts owed by Group undertakings 185,940 402,388
Corporation tax 159 0
Other debtors 57,354 47,966
262,162 462,145

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts (secured) 114,359 101,427
Trade creditors 65,395 140,851
Amounts owed to Group undertakings 0 85,000
Taxation and social security 3,539 61,984
Other creditors 113,294 107,278
296,587 496,540

The bank overdraft is secured by way of a floating charge over all property and assets present and future, including all uncalled share capital.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Ultimate controlling party

Parent Company:

Port Edgar Holdings Limited
Port Edgar Marina, Port Edgar, South Queensferry, EH30 9SQ