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REGISTERED NUMBER: SC351074 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Moidart Capital Limited

Moidart Capital Limited (Registered number: SC351074)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Moidart Capital Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: D Stewart Howitt





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC351074 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Moidart Capital Limited (Registered number: SC351074)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 152,080 74,570
Investments 5 26,471 26,471
178,551 101,041

CURRENT ASSETS
Debtors 6 106,190 78,017
Cash at bank 13,093 4,066
119,283 82,083
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

182,092

74,553
NET CURRENT (LIABILITIES)/ASSETS (62,809 ) 7,530
TOTAL ASSETS LESS CURRENT LIABILITIES 115,742 108,571

CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR

8

(6,138

)

(14,357

)

PROVISIONS FOR LIABILITIES 9 (27,873 ) (14,168 )
NET ASSETS 81,731 80,046

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 81,730 80,045
SHAREHOLDERS' FUNDS 81,731 80,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 March 2024 and were signed by:




D Stewart Howitt - Director


Moidart Capital Limited (Registered number: SC351074)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Moidart Capital 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.

Turnover
Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Other operating income is derived from investment income, which is recognised upon the right to consideration.

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

Freehold Property - 2% on cost
Fixtures & Fittings- 20% on cost
Computer Equipment- 20% on cost
Plant & Machinery - 20% on cost

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.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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

All financial assets and liabilities are initially measured at transaction price including transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Financial assets are derecognised when and only when 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.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Moidart Capital Limited (Registered number: SC351074)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Investments
Investments in associates are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 April 2022 50,000 31,963 1,000 396 83,359
Additions 13,349 88,430 - - 101,779
Reclassification/transfer - 10,000 (10,000 ) - -
At 31 March 2023 63,349 130,393 (9,000 ) 396 185,138
DEPRECIATION
At 1 April 2022 1,000 16,393 (9,000 ) 396 8,789
Charge for year 1,267 23,002 - - 24,269
At 31 March 2023 2,267 39,395 (9,000 ) 396 33,058
NET BOOK VALUE
At 31 March 2023 61,082 90,998 - - 152,080
At 31 March 2022 49,000 15,570 10,000 - 74,570

Moidart Capital Limited (Registered number: SC351074)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1 April 2022
and 31 March 2023 26,471
NET BOOK VALUE
At 31 March 2023 26,471
At 31 March 2022 26,471

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£ £
Trade debtors 3,733 -
Other debtors 102,457 78,017
106,190 78,017

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£ £
Trade creditors 1,122 311
Taxation and social security - 1,451
Other creditors 180,970 72,791
182,092 74,553

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£ £
Other creditors 6,138 14,357

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£ £
Deferred tax 27,873 14,168

Deferred tax
£
Balance at 1 April 2022 14,168
Provided during year 13,705
Balance at 31 March 2023 27,873

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £ £
1 Ordinary £1 1 1

Moidart Capital Limited (Registered number: SC351074)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31 March 2023 the company owed the director £89,390 (2022: £12,654).

12. RELATED PARTY DISCLOSURES




Movement in
the year ended

Movement in
the year ended
Balance receivable from /
(payable to) related party
as at
Balance receivable from
/ (payable to) related
party as at
31.3.23 31.3.22 31.3.23 31.3.22

£ £ £ £
Moidart Hydro LLP
Loan balance 8,884 (6,195) 18,549 9,665

Share of Profit 46,001 27,171 - -

Consultancy fees 6,000 6,000 - -

Sunart Networks Limited

Loan 48,095 20,075 109,819 61,724

Investment - 26,220 26,471 26,471

Atlantic Mariculture Limited

Loan 7,200 Nil 7,200 Nil

Loaned assets 71,250 Nil Nil Nil

Moidart Capital Limited is a member of Moidart Hydro LLP.

Moidart Capital Limited is a shareholder of Sunart Networks Limited.

A director of Moidart Capital Limited is also a director of Atlantic Mariculture Limited.

13. ULTIMATE CONTROLLING PARTY

The controlling party is D Stewart Howitt.

14. CONTINGENT ASSET

During the year ended 31st March 2023, a share warrant of 285,002 shares was granted to Moidart Capital Limited in exchange for a lease of plant and machinery equipment to Atlantic Mariculture Limited. The warrant has a vesting period of three years and if exercised will result in a total investment in Atlantic Mariculture Ltd of £71,250. Upon the take up of the shares, income of £71,250 will be recognised.