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REGISTERED NUMBER: SC151038 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

JOHN MACALISTER (OBAN) LIMITED

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOHN MACALISTER (OBAN) LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2022







DIRECTORS: J MacAlister
I Fletcher





REGISTERED OFFICE: Unit 6
South Pier
Oban
Argyll
PA34 4LS





REGISTERED NUMBER: SC151038 (Scotland)





ACCOUNTANTS: Andy Newiss & Co Ltd
Broombank
North Connel
Oban
Argyll
PA37 1RD

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,881,744 1,731,398
Investments 6 229,565 270,575
2,111,309 2,001,973

CURRENT ASSETS
Debtors 7 1,299,697 1,074,964
Cash at bank and in hand 716 739
1,300,413 1,075,703
CREDITORS
Amounts falling due within one year 8 730,911 608,312
NET CURRENT ASSETS 569,502 467,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,680,811

2,469,364

CREDITORS
Amounts falling due after more than one
year

9

(761,324

)

(275,661

)

PROVISIONS FOR LIABILITIES (403,706 ) (386,394 )
NET ASSETS 1,515,781 1,807,309

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

BALANCE SHEET - continued
31 December 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11,000 11,000
Retained earnings 1,504,781 1,796,309
SHAREHOLDERS' FUNDS 1,515,781 1,807,309

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

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

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 22 November 2023 and were signed on its behalf by:





J MacAlister - Director


JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022

1. STATUTORY INFORMATION

John MacAlister (Oban) Limited 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Boat licence are being amortised evenly over their estimated useful life of ten years.

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.
Buildings - 2% on cost
Boats & equipment - 5 to 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

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.

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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 and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are oblig.ations 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. If not, they are presented as non-current liabilities. 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.


JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

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.

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.

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.

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.

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Non-financial assets
At each balance sheet date, the company reviews 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). the recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Boat
licence
£   
COST
At 1 January 2022
and 31 December 2022 371,861
AMORTISATION
At 1 January 2022
and 31 December 2022 371,861
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Boats & and
Buildings equipment fittings
£    £    £   
COST
At 1 January 2022 98,681 3,269,011 19,069
Additions 30,054 229,860 -
Disposals - - -
At 31 December 2022 128,735 3,498,871 19,069
DEPRECIATION
At 1 January 2022 31,149 1,689,425 11,442
Charge for year - 81,567 228
Eliminated on disposal - - -
At 31 December 2022 31,149 1,770,992 11,670
NET BOOK VALUE
At 31 December 2022 97,586 1,727,879 7,399
At 31 December 2021 67,532 1,579,586 7,627

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 320,954 14,473 3,722,188
Additions 8,400 249 268,563
Disposals (110,050 ) - (110,050 )
At 31 December 2022 219,304 14,722 3,880,701
DEPRECIATION
At 1 January 2022 244,692 14,082 1,990,790
Charge for year 17,195 640 99,630
Eliminated on disposal (91,463 ) - (91,463 )
At 31 December 2022 170,424 14,722 1,998,957
NET BOOK VALUE
At 31 December 2022 48,880 - 1,881,744
At 31 December 2021 76,262 391 1,731,398

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS - continued

Buildings
The building was a storage shed with an integral workshop constructed on land leased from Oban Livestock Mart. The building was completely destroyed by fire during 2021, since then the company has commenced re-construction with the costs of re-construction work outweighing the insurance proceeds, hence the additional costs to 31.12.22 are recognised in the balance sheet.

There is some doubt that the Oban Livestock Mart own the ground upon which the building is constructed, for which they have charged a ground rent for many years. Negotiations are progressing and the directors fully expect that an acceptable ground lease will be signed shortly along with evidence provided by Oban Livestock Mart of their interest in the relevant ground. As such the directors consider the aforementioned accounting treatment to be acceptable.

6. FIXED ASSET INVESTMENTS
Interest
in joint Other
venture investments Totals
£    £    £   
COST
At 1 January 2022 108,050 162,525 270,575
Impairments - (41,010 ) (41,010 )
At 31 December 2022 108,050 121,515 229,565
NET BOOK VALUE
At 31 December 2022 108,050 121,515 229,565
At 31 December 2021 108,050 162,525 270,575

Unlisted investments
The unlisted investment comprises the company's share in Harvest Moon LLP, a limited liability partnership registered at 1-3 Dalrymple Street Fraserburgh, AB43 98H.

7. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 30,102 30,590
Amounts owed by joint ventures 316,973 25,539
Other debtors 316,622 392,835
663,697 448,964

Amounts falling due after more than one year:
Amounts owed by joint ventures 636,000 626,000

Aggregate amounts 1,299,697 1,074,964

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 390,861 337,129
Hire purchase contracts 32,854 19,050
Trade creditors 96,852 150,900
Amounts owed to joint ventures 78,708 78,190
Taxation and social security 3,978 16,595
Other creditors 127,658 6,448
730,911 608,312

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 612,958 230,547
Hire purchase contracts 122,026 18,774
Other creditors 26,340 26,340
761,324 275,661

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Long term directors loans 26,340 26,340

Repayable by instalments
Bank loans > 5 years 357,110 -
Hire purchase 65,706 -
422,816 -

JOHN MACALISTER (OBAN) LIMITED (REGISTERED NUMBER: SC151038)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 338,961 182,102
Bank loans 664,858 385,574
Hire purchase contracts 154,880 37,824
1,158,699 605,500

Obligations under hire purchase contracts are secured over the assets in which the agreements relate to.

The bank loans are subject to a floating charge over the assets and undertakings of the company.

The bank loans are marine mortgages for the ships included in fixed assets, they are secured over the
assets to which the agreements relate.

11. FINANCIAL COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:-

- within one year £14,196 (£48,266 2021)
- between one and five years £20,161 (nil 2021)

12. RELATED PARTY TRANSACTIONS

Transactions with entities in which the entity itself has a participating interest

The value of related party transactions with entities in which the company has control, joint control or significant influence was £1,246,845, (£927,246 in 2021)


Other related party transactions
Key management personnel £55,380, (£23,455 in 2021)

Amounts due to key management personnel are unsecured, interest free and have no fixed terms of repayment.