Company Registration No. SC063241 (Scotland)
MACDUFF SHIPYARDS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
MACDUFF SHIPYARDS LIMITED
COMPANY INFORMATION
Directors
Mr C L Ritchie
Mr J Watt
Mr R McCann
(Appointed 5 May 2022)
Secretary
LC Secretaries Limited
Company number
SC063241
Registered office
The Harbour
MacDuff
AB44 1QT
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
MACDUFF SHIPYARDS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 29
MACDUFF SHIPYARDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

Fair review of the business

The company is owned by 6 shareholders, is based in Scotland, and operates throughout the United Kingdom.

The company's principal activities are shipbuilding and ship repair, and there have not been any significant changes in the company's principal activities during the year under review. The company has not made any investment in research and development during the year.

As shown in the company's Statement of Comprehensive Income, the company's sales have decreased from £29.5m to £28.9m in the current year, current year profit after tax has increased from £1.1m to £2.1m. The balance sheet shows that the net asset position of the company at the year end has increased when compared to the previous year, from £16.8m to £18.8m, largely due to an increase in the companies tangible assets. The company continues to reinvest cash in the business.

Principal risks and uncertainties

The principal risk to the company is the potential implementation of any policy changes which would be detrimental to the fishing industry. The directors are also monitoring the current global economic situation and the increased costs that it brings both for the company and our customers.

The business remains diverse with work on fishing vessels, oil standby vessels, workboats, ferries, fish farm barges and landing craft all secured during the year. Profiling, Crane and Precision Engineering divisions also continue to develop along with the Buckie facility.

The company has bank loans which are secured by bond and floating charge and secured loans from the Directors' Pension Fund. The company is therefore exposed to any changes in interest rate.

The company also has various hire purchase loans for plant, and these are secured on the items of plant. The interest rates are fixed for the term of the hire purchase.

Environment

The company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

Key performance indicators

The key performance indicators the directors monitor are turnover, gross margin and profit after tax, together with cash generation. The movements in KPIs are discussed in the review of business above.

Future developments

The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year. The company continues to reinvest in the facilities and has several new builds scheduled for the year ahead.

On behalf of the board

Mr J Watt
Director
6 November 2023
MACDUFF SHIPYARDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £54,170 (2022 - £67,680).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C L Ritchie
Mr J Watt
Mr R McCann
(Appointed 5 May 2022)
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Future developments

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments of the company and research and development activities of the company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Watt
Director
6 November 2023
MACDUFF SHIPYARDS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -

The directors are responsible for preparing the strategic report, 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 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
- 4 -
Opinion

We have audited the financial statements of Macduff Shipyards Limited (the 'company') for the year ended 28 February 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

 

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

 

MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
- 6 -

Extent the audit was considered capable of detecting irregularities, including fraud (continued)

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes. We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
- 7 -

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 an auditor's report 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.

Fiona Munro (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
6 November 2023
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
MACDUFF SHIPYARDS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
28,894,653
29,547,957
Cost of sales
(23,772,247)
(25,551,923)
Gross profit
5,122,406
3,996,034
Administrative expenses
(2,761,796)
(2,384,490)
Other operating income
127,414
143,736
Operating profit
4
2,488,024
1,755,280
Interest receivable and similar income
7
161,535
10,460
Interest payable and similar expenses
8
(58,904)
(28,411)
Profit before taxation
2,590,655
1,737,329
Taxation
9
(519,120)
(630,428)
Profit and total comprehensive income for the year
29
2,071,535
1,106,901

The statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.

MACDUFF SHIPYARDS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
673,816
673,816
Tangible assets
12
9,006,183
7,479,985
Investments
13
631,673
644,802
10,311,672
8,798,603
Current assets
Stocks
17
4,874,111
4,107,887
Debtors
18
4,794,412
4,113,600
Cash at bank and in hand
7,890,297
7,045,538
17,558,820
15,267,025
Creditors: amounts falling due within one year
19
(6,022,558)
(4,861,011)
Net current assets
11,536,262
10,406,014
Total assets less current liabilities
21,847,934
19,204,617
Creditors: amounts falling due after more than one year
20
(1,076,644)
(805,544)
Provisions for liabilities
Deferred tax liability
23
1,416,579
1,133,612
(1,416,579)
(1,133,612)
Grants
24
(550,087)
(478,202)
Net assets
18,804,624
16,787,259
Capital and reserves
Called up share capital
26
5,417
5,417
Share premium account
27
208,000
208,000
Capital redemption reserve
28
4,583
4,583
Profit and loss reserves
29
18,586,624
16,569,259
Total equity
18,804,624
16,787,259
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
Mr J Watt
Director
Company Registration No. SC063241
MACDUFF SHIPYARDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2021
6,768
208,000
3,232
16,904,090
17,122,090
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
-
1,106,901
1,106,901
Dividends
10
-
-
-
(67,680)
(67,680)
Redemption of shares
26
(1,351)
-
0
1,351
(1,374,052)
(1,374,052)
Balance at 28 February 2022
5,417
208,000
4,583
16,569,259
16,787,259
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
2,071,535
2,071,535
Dividends
10
-
-
-
(54,170)
(54,170)
Balance at 28 February 2023
5,417
208,000
4,583
18,586,624
18,804,624
MACDUFF SHIPYARDS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
2,591,684
3,032,676
Interest paid
(58,904)
(28,411)
Income taxes paid
(70,638)
(99,914)
Net cash inflow from operating activities
2,462,142
2,904,351
Investing activities
Purchase of tangible fixed assets
(1,992,716)
(626,991)
Proceeds on disposal of tangible fixed assets
593,061
243,096
Purchase of shares in subsidaries
-
0
(31,660)
Interest received
161,535
10,460
Net cash used in investing activities
(1,238,120)
(405,095)
Financing activities
Redemption of shares
-
(1,374,052)
Repayment of borrowings
(26,226)
(26,230)
Repayment of bank loans
(4,291)
(54,818)
Government grants received
88,859
-
0
Payment of finance leases obligations
(383,435)
(279,158)
Dividends paid
(54,170)
(67,680)
Net cash used in financing activities
(379,263)
(1,801,938)
Net increase in cash and cash equivalents
844,759
697,318
Cash and cash equivalents at beginning of year
7,045,538
6,348,220
Cash and cash equivalents at end of year
7,890,297
7,045,538
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 12 -
1
Accounting policies
Company information

Macduff Shipyards Limited is a private company limited by shares and incorporated in Scotland. The registered office and principal place of business is The Harbour, MACDUFF, AB44 1QT. The company's registered number is SC063241.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. The company's subsidiary is not material to the group in terms of assets, profit or turnover. The company has therefore taken advantage of the exemptions provided by section 402 of the Companies Act 2006 not to prepare group accounts.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Miscellaneous sales include counter sales and sales of profiled metal.

 

Revenue from repairs is recognised when the work has been completed and is then invoiced.

 

Revenue from crane hire is recognised on a daily basis based on the date of hire of the machinery.

 

Revenue from the construction of new boats is measured based on the stage payments per the specific contract. The breakdown of stages of completion are defined in the contract. Where this is received in advance, income is included within deferred income until work is in line with stage payments.

1.4
Intangible fixed assets

Intangible fixed assets comprise fishing licences and quota and are stated at cost less provision for any impairment. These are not amortised and the director's believe these have an infinite useful life.

 

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Land is not depreciated.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings
2% straight line
Vessels
6.25% straight line
Leasehold buildings
over the period of the lease
Plant and machinery
2.85% - 25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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 the statement of comprehensive income.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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). 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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 the statement of comprehensive income.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 14 -
1.9
Profit recognition on construction of new boats and work in progress

As disclosed in the turnover note revenue from the construction of new boats is measured based on the stage payments per the specific contract. Where costs of construction exceed stage payments this is recognised as work in progress. Due to the inherent uncertainties in vessel construction profit is recognised on completion of a vessel.

 

As disclosed in the turnover note revenue from repairs is recognised when the work has been completed. Work in progress is the cost incurred less any payments on account.

 

When it is probable that total costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Any excess in the costs of repairs work in progress over the contact value is recognised as an expense in cost of sales within the statement of comprehensive income.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries or associates are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables and bank loans 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.15
Retirement benefits

The company operates a defined contribution pension scheme for the directors and employees, whereby contributions are charged to the statement of comprehensive income as they become payable in accordance with the rules of the scheme.

1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are recognised in accordance with the accruals model. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to statement of comprehensive income.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent on assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date.

Revenue and profit recognition on vessels

Revenue recognised on new vessel construction contracts is a judgement exercised by management based on the contractual terms of each contract. Due to the inherent uncertainties in vessel construction, management consider that profit is not foreseeable until completion and hand over of the vessel and therefore profit is recognised on completion.

Depreciation

Depreciation is provided based on the estimated useful economic life of each class of asset, which is an estimate made by management. Depreciation of £676,085 (2022: £625,553) has been taken to the Statement of Comprehensive Income in order to write off the asset over its useful economic life.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
New boat construction
11,536,075
14,611,471
Repairs
11,309,289
9,945,367
Profiler and counter sales
4,075,964
3,400,245
Crane hire
1,973,325
1,590,874
28,894,653
29,547,957
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
28,894,653
29,547,957
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
6,706
20,238
Amortisation of government grants and grants received
(16,974)
(40,511)
Fees payable to the company's auditors for the audit of the company's financial statements
24,000
20,000
Depreciation of owned tangible fixed assets
416,749
330,572
Depreciation of tangible fixed assets held under finance leases
259,336
294,981
Profit on disposal of tangible fixed assets
(32,628)
(105,223)
Operating lease charges
100,916
101,518
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Production
212
206
Administration and directors
8
8
Total
220
214

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
8,849,687
8,065,946
Social security costs
961,981
832,687
Pension costs
387,350
269,352
10,199,018
9,167,985
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
460,467
441,368
Company pension contributions to defined contribution schemes
90,584
15,120
551,051
456,488

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
149,957
146,377
Company pension contributions to defined contribution schemes
33,356
5,788
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
161,535
10,460
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,904
3,411
Other finance costs:
Interest on finance leases and hire purchase contracts
55,000
25,000
58,904
28,411
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
240,547
171,997
Adjustments in respect of prior periods
(4,394)
7,946
Total current tax
236,153
179,943
Deferred tax
Origination and reversal of timing differences
282,967
232,909
Changes in tax rates
-
0
216,169
Adjustment in respect of prior periods
-
0
1,407
Total deferred tax
282,967
450,485
Total tax charge
519,120
630,428
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
9
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,590,655
1,737,329
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
492,224
330,093
Tax effect of expenses that are not deductible in determining taxable profit
15,102
-
0
Adjustments in respect of prior years
(4,394)
7,946
Deferred tax adjustments in respect of prior years
-
0
1,407
Deferred tax rate adjustments
67,912
272,067
Fixed asset differences
(68,986)
(31,177)
Adjustments to brought forward values
1,313
40,314
Chargeable gains
-
0
9,778
Timing not recognised in the computation
15,949
-
0
Taxation charge for the year
519,120
630,428

A change in the future UK Corporation tax rate to 25% with effect from 1 April 2023 was announced in the March 2021 budget and substantively enacted on 24 May 2021, This change will have a consequential effect on the company's future tax charge in the UK and as the 25% tax rate was substantively enacted prior to the reporting date, any deferred tax expected to unwind after 1 April 2023 has been calculated at 25%.

10
Dividends
2023
2022
£
£
Ordinary paid
54,170
67,680
54,170
67,680
11
Intangible fixed assets
Fishing licences and quota
£
Cost
At 1 March 2022 and 28 February 2023
673,816
Carrying amount
At 28 February 2023
673,816
At 28 February 2022
673,816
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 21 -
12
Tangible fixed assets
Land and buildings
Vessels
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 March 2022
2,477,310
750,795
-
0
9,136,375
127,710
895,623
13,387,813
Additions
60,989
-
0
1,075,772
1,308,797
-
0
317,158
2,762,716
Disposals
-
0
-
0
-
0
(884,882)
-
0
(95,335)
(980,217)
At 28 February 2023
2,538,299
750,795
1,075,772
9,560,290
127,710
1,117,446
15,170,312
Depreciation and impairment
At 1 March 2022
808,110
750,795
-
0
3,512,007
125,655
711,261
5,907,828
Depreciation charged in the year
50,260
-
0
-
0
509,240
852
115,733
676,085
Eliminated in respect of disposals
-
0
-
0
-
0
(324,449)
-
0
(95,335)
(419,784)
At 28 February 2023
858,370
750,795
-
0
3,696,798
126,507
731,659
6,164,129
Carrying amount
At 28 February 2023
1,679,929
-
0
1,075,772
5,863,492
1,203
385,787
9,006,183
At 28 February 2022
1,669,200
-
0
-
0
5,624,368
2,055
184,362
7,479,985
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
12
Tangible fixed assets
(Continued)
- 22 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £259,336 (2022- £294,981) for the year.

2023
2022
£
£
Plant and machinery
2,641,275
2,251,240

Included within land and buildings is leasehold land and buildings with a cost of £45,000 (2022 - £45,000). Depreciation charged on leasehold land and buildings amounts to £900 (2022 - £900).

 

13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
231,679
231,679
Investments in associates
15
179,994
193,123
Investments in joint ventures
16
220,000
220,000
631,673
644,802
Movements in fixed asset investments
Shares in participating interests
£
Cost or valuation
At 1 March 2022 & 28 February 2023
644,802
Impairment
At 1 March 2022
-
Impairment losses
13,129
At 28 February 2023
13,129
Carrying amount
At 28 February 2023
631,673
At 28 February 2022
644,802
14
Subsidiaries

Details of the company's subsidiaries at 28 February 2023 are as follows:

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
14
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
North East Fabricators Limited
Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1HA
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit
£
£
North East Fabricators Limited
313,897
18,005
15
Associates

Details of the company's associates at 28 February 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held (Direct)
BF 61 Limited
27 Commercial Road, Buckie, AB56 1UN
Fishing
Ordinary
16.00
Ocean Way BF878 Limited
Unit 1 - 2, Old School, Cawdor, Nairn, Scotland, IV12 5BL
Fishing
Ordinary
29.40
BF833 Limited
26-30 Marine Place, Buckie, Scotland, AB56 1UT
Fishing
Ordinary
25.00
16
Joint ventures

Details of the company's joint ventures at 28 February 2023 are as follows:

Name of undertaking
Registered office
Interest held
% Held (Direct)
MB Artemis LLP
The Harbour, Macduff, Aberdeenshire, AB44 1QT
Partnership
50.00
17
Stocks
2023
2022
£
£
Raw materials and consumables
2,899,102
2,676,570
Work in progress
1,900,609
1,408,276
Finished goods and goods for resale
74,400
23,041
4,874,111
4,107,887
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 24 -
18
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,548,108
3,872,686
Corporation tax recoverable
-
0
14,543
Other debtors
225,249
205,497
Prepayments and accrued income
21,055
20,874
4,794,412
4,113,600
19
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
21
5,823
5,666
Obligations under finance leases
22
385,991
301,200
Other borrowings
21
28,598
28,598
Payments received on account
290,198
927,515
Trade creditors
3,942,393
2,579,163
Corporation tax
150,972
-
0
Other taxation and social security
210,745
194,808
Accruals and deferred income
1,007,838
824,061
6,022,558
4,861,011
20
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
21
28,439
32,887
Obligations under finance leases
22
1,042,496
740,722
Other borrowings
21
5,709
31,935
1,076,644
805,544
21
Loans and overdrafts
2023
2022
£
£
Bank loans
34,262
38,553
Other loans
34,307
60,533
68,569
99,086
Payable within one year
34,421
34,264
Payable after one year
34,148
64,822
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
21
Loans and overdrafts
(Continued)
- 25 -

The bank loan is secured by a floating charge over all the assets of the company, in favour of the Clydesdale Bank plc.

Bank loans include business variable rate loans with the Clydesdale Bank plc which are repayable in equal monthly instalments.

 

Loans from Macduff Shipyards Limited Directors' Pension Scheme are repayable in monthly instalments and are secured over specific assets and by a floating charge. Interest is charged at base rate plus 3%.

22
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
411,409
319,823
In two to five years
1,077,605
766,192
1,489,014
1,086,015
Less: future finance charges
(60,527)
(44,093)
1,428,487
1,041,922

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,416,579
1,133,612
2023
Movements in the year:
£
Liability at 1 March 2022
1,133,612
Charge to profit or loss
282,967
Liability at 28 February 2023
1,416,579
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 26 -
24
Grants
2023
2022
£
£
Arising from government grants
550,087
478,202
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
387,350
269,352

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount shown under creditors in respect of amounts due from the company to the pension scheme is £34,307 (2022 - £39,875).

26
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
5,079
5,079
5,079
5,079
Ordinary B shares of £1 each
338
338
338
338
5,417
5,417
5,417
5,417

Ordinary A shares and Ordinary B shares rank equally. Both classes of shares carry full dividend, voting and capital distribution rights.

27
Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

28
Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents redeemed share capital.

29
Profit and loss reserves

The profit and loss account represents cumulative realisable profits and losses, net of distributions and dividends.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
30
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
64,292
64,292
Between two and five years
161,168
161,168
In over five years
2,142,777
2,183,069
2,368,237
2,408,529

Operating leases include a number of leases of 100 years duration and beyond.

31
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
534,861
32
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Companies which directors are shareholders of
71,454
194,078
-
-
Companies which have common directors and shareholders
202,637
72,965
577,719
522,468
Companies which have common directors
56,914
61,966
-
-
Key management personnel
42,000
42,000
-
-
Subsidiaries and associated companies
59,963
18,699
183,158
191,736

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Companies which have common directors and shareholders
169,883
219,198
Subsidiaries and associated companies
54,917
42,522
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
32
Related party transactions
(Continued)
- 28 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Companies which directors are shareholders of
31,370
118,071
Companies which have common directors and shareholders
38,520
38,730
Companies which have common directors
4,047
6,185
Subsidiaries and associated companies
2,058
7,374
Other information

During the prior year, 10,500 shares were purchased in an existing subsidiary for a consideration of £31,660.

33
Directors' transactions

Dividends totalling £51,500 (2022 - £64,300) were paid in the year in respect of shares held by the company's directors.

During the prior year, the company redeemed 1,351 of its Ordinary A shares which were held by a director, for a consideration of £1,367,212.

34
Ultimate controlling party

The company is controlled by its directors who are also its shareholders.

35
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,071,535
1,106,901
Adjustments for:
Taxation charged
519,120
630,428
Finance costs
58,904
28,411
Investment income
(161,535)
(10,460)
Gain on disposal of tangible fixed assets
(32,628)
(105,223)
Depreciation and impairment of tangible fixed assets
676,085
625,553
Impairment of investments
13,129
-
Amortisation of government grants
(16,974)
(16,974)
Movements in working capital:
(Increase)/decrease in stocks
(766,224)
770,523
(Increase)/decrease in debtors
(695,356)
250,245
Increase/(decrease) in creditors
925,628
(246,728)
Cash generated from operations
2,591,684
3,032,676

 

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 29 -
36
Analysis of changes in net funds
1 March 2022
Cash flows
New finance leases
28 February 2023
£
£
£
£
Cash at bank and in hand
7,045,538
844,759
-
7,890,297
Borrowings excluding overdrafts
(99,086)
30,517
-
(68,569)
Obligations under finance leases
(1,041,922)
383,435
(770,000)
(1,428,487)
5,904,530
1,258,711
(770,000)
6,393,241
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr C L RitchieMr J WattMr R McCannLC Secretaries LimitedSC0632412022-03-012023-02-28SC063241bus:Director12022-03-012023-02-28SC063241bus:Director22022-03-012023-02-28SC063241bus:Director32022-03-012023-02-28SC063241bus:CompanySecretary12022-03-012023-02-28SC063241bus:RegisteredOffice2022-03-012023-02-28SC0632412023-02-28SC0632412021-03-012022-02-28SC063241core:RetainedEarningsAccumulatedLosses2021-03-012022-02-28SC063241core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28SC063241core:OtherResidualIntangibleAssets2023-02-28SC063241core:OtherResidualIntangibleAssets2022-02-28SC063241core:PatentsTrademarksLicencesConcessionsSimilar2023-02-28SC063241core:PatentsTrademarksLicencesConcessionsSimilar2022-02-28SC0632412022-02-28SC063241core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-28SC063241core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-28SC063241core:ConstructionInProgressAssetsUnderConstruction2023-02-28SC063241core:PlantMachinery2023-02-28SC063241core:FurnitureFittings2023-02-28SC063241core:MotorVehicles2023-02-28SC063241core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-28SC063241core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-02-28SC063241core:ConstructionInProgressAssetsUnderConstruction2022-02-28SC063241core:PlantMachinery2022-02-28SC063241core:FurnitureFittings2022-02-28SC063241core:MotorVehicles2022-02-28SC063241core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC063241core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-28SC063241core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC063241core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-28SC063241core:CurrentFinancialInstruments2023-02-28SC063241core:CurrentFinancialInstruments2022-02-28SC063241core:Non-currentFinancialInstruments2023-02-28SC063241core:Non-currentFinancialInstruments2022-02-28SC063241core:ShareCapital2023-02-28SC063241core:ShareCapital2022-02-28SC063241core:SharePremium2023-02-28SC063241core:SharePremium2022-02-28SC063241core:CapitalRedemptionReserve2023-02-28SC063241core:CapitalRedemptionReserve2022-02-28SC063241core:RetainedEarningsAccumulatedLosses2023-02-28SC063241core:RetainedEarningsAccumulatedLosses2022-02-28SC063241core:ShareCapital2021-02-28SC063241core:SharePremium2021-02-28SC063241core:CapitalRedemptionReservecore:RestatedAmount2021-02-28SC063241core:RetainedEarningsAccumulatedLosses2021-02-28SC0632412021-02-28SC063241core:ShareCapitalOrdinaryShares2023-02-28SC063241core:ShareCapitalOrdinaryShares2022-02-28SC063241core:ShareCapital2021-03-012022-02-28SC063241core:SharePremium2021-03-012022-02-28SC06324112022-03-012023-02-28SC06324112021-03-012022-02-28SC06324122021-03-012022-02-28SC0632412022-02-28SC063241core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28SC063241core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-28SC063241core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-012023-02-28SC063241core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-03-012023-02-28SC063241core:PlantMachinery2022-03-012023-02-28SC063241core:FurnitureFittings2022-03-012023-02-28SC063241core:MotorVehicles2022-03-012023-02-28SC063241core:LeasedAssets2022-03-012023-02-28SC063241core:LeasedAssets2021-03-012022-02-28SC063241core:UKTax2022-03-012023-02-28SC063241core:UKTax2021-03-012022-02-28SC06324122022-03-012023-02-28SC06324132022-03-012023-02-28SC06324132021-03-012022-02-28SC06324142022-03-012023-02-28SC06324142021-03-012022-02-28SC06324152022-03-012023-02-28SC06324152021-03-012022-02-28SC063241core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-28SC063241core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-02-28SC063241core:ConstructionInProgressAssetsUnderConstruction2022-02-28SC063241core:PlantMachinery2022-02-28SC063241core:FurnitureFittings2022-02-28SC063241core:MotorVehicles2022-02-28SC063241core:ConstructionInProgressAssetsUnderConstruction2022-03-012023-02-28SC063241core:Subsidiary12022-03-012023-02-28SC063241core:Subsidiary112022-03-012023-02-28SC063241core:Associate12022-03-012023-02-28SC063241core:Associate22022-03-012023-02-28SC063241core:Associate32022-03-012023-02-28SC063241core:Associate112022-03-012023-02-28SC063241core:Associate222022-03-012023-02-28SC063241core:Associate332022-03-012023-02-28SC063241core:JointVenture12022-03-012023-02-28SC063241core:JointVenture112022-03-012023-02-28SC063241core:WithinOneYear2023-02-28SC063241core:WithinOneYear2022-02-28SC063241core:BetweenTwoFiveYears2023-02-28SC063241core:BetweenTwoFiveYears2022-02-28SC063241core:MoreThanFiveYears2023-02-28SC063241core:MoreThanFiveYears2022-02-28SC063241core:KeyManagementPersonnelcore:SaleOrPurchaseGoods2022-03-012023-02-28SC063241core:KeyManagementPersonnelcore:SaleOrPurchaseGoods2021-03-012022-02-28SC063241core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-03-012023-02-28SC063241core:OtherRelatedPartiescore:SaleOrPurchaseGoods2021-03-012022-02-28SC063241bus:PrivateLimitedCompanyLtd2022-03-012023-02-28SC063241bus:FRS1022022-03-012023-02-28SC063241bus:Audited2022-03-012023-02-28SC063241bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP