Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Ian Ellis 17/01/2014 Clifford Lawrence Ritchie 22/03/1993 John Watt 17/02/1999 07 August 2024 The principal activity of the company during the year was that of naval architects and marine consultants. SC143359 2024-03-31 SC143359 bus:Director1 2024-03-31 SC143359 bus:Director2 2024-03-31 SC143359 bus:Director3 2024-03-31 SC143359 2023-03-31 SC143359 core:CurrentFinancialInstruments 2024-03-31 SC143359 core:CurrentFinancialInstruments 2023-03-31 SC143359 core:ShareCapital 2024-03-31 SC143359 core:ShareCapital 2023-03-31 SC143359 core:SharePremium 2024-03-31 SC143359 core:SharePremium 2023-03-31 SC143359 core:CapitalRedemptionReserve 2024-03-31 SC143359 core:CapitalRedemptionReserve 2023-03-31 SC143359 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC143359 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC143359 core:Goodwill 2023-03-31 SC143359 core:Goodwill 2024-03-31 SC143359 core:LandBuildings 2023-03-31 SC143359 core:Vehicles 2023-03-31 SC143359 core:FurnitureFittings 2023-03-31 SC143359 core:LandBuildings 2024-03-31 SC143359 core:Vehicles 2024-03-31 SC143359 core:FurnitureFittings 2024-03-31 SC143359 bus:OrdinaryShareClass1 2024-03-31 SC143359 2023-04-01 2024-03-31 SC143359 bus:FilletedAccounts 2023-04-01 2024-03-31 SC143359 bus:SmallEntities 2023-04-01 2024-03-31 SC143359 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC143359 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC143359 bus:Director1 2023-04-01 2024-03-31 SC143359 bus:Director2 2023-04-01 2024-03-31 SC143359 bus:Director3 2023-04-01 2024-03-31 SC143359 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 SC143359 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC143359 core:Vehicles 2023-04-01 2024-03-31 SC143359 core:FurnitureFittings 2023-04-01 2024-03-31 SC143359 2022-04-01 2023-03-31 SC143359 core:LandBuildings 2023-04-01 2024-03-31 SC143359 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC143359 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC143359 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC143359 (Scotland)

MACDUFF SHIP DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MACDUFF SHIP DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MACDUFF SHIP DESIGN LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MACDUFF SHIP DESIGN LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 238,589 248,884
238,589 248,884
Current assets
Debtors 5 400,901 396,191
Cash at bank and in hand 621,746 507,107
1,022,647 903,298
Creditors: amounts falling due within one year 6 ( 121,109) ( 98,702)
Net current assets 901,538 804,596
Total assets less current liabilities 1,140,127 1,053,480
Net assets 1,140,127 1,053,480
Capital and reserves
Called-up share capital 7 684 628
Share premium account 193,456 154,312
Capital redemption reserve 810 810
Profit and loss account 945,177 897,730
Total shareholders' funds 1,140,127 1,053,480

For the financial year ending 31 March 2024 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 Macduff Ship Design Limited (registered number: SC143359) were approved and authorised for issue by the Board of Directors on 07 August 2024. They were signed on its behalf by:

Ian Ellis
Director
John Watt
Director
MACDUFF SHIP DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MACDUFF SHIP DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Macduff Ship Design 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 Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA, United Kingdom. The company's place of business is Lowshore, Macduff, Aberdeenshire, AB44 1RE.

The financial statements have been prepared under the historical cost convention, 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 the amount receivable by the company for services provided to clients during the year. Turnover is recognised when a right to consideration has been obtained through performance of each contract having regard to the stage of completion. Income from conditional assignments is recognised when the receipt of income and the value of income is relatively certain.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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
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 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).

Financial 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 35,000 35,000
At 31 March 2024 35,000 35,000
Accumulated amortisation
At 01 April 2023 35,000 35,000
At 31 March 2024 35,000 35,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 308,579 74,327 58,126 441,032
Additions 0 0 3,606 3,606
At 31 March 2024 308,579 74,327 61,732 444,638
Accumulated depreciation
At 01 April 2023 88,208 52,075 51,865 192,148
Charge for the financial year 6,172 5,563 2,166 13,901
At 31 March 2024 94,380 57,638 54,031 206,049
Net book value
At 31 March 2024 214,199 16,689 7,701 238,589
At 31 March 2023 220,371 22,252 6,261 248,884

5. Debtors

2024 2023
£ £
Trade debtors 340,205 280,964
Amounts recoverable on contracts 30,825 36,938
Prepayments 29,871 22,297
Corporation tax 0 55,992
400,901 396,191

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,229 2,056
Other taxation and social security 50,696 28,299
Other creditors 69,184 68,347
121,109 98,702

Included within Other creditors in 2023 was £39,200 in relation to amounts paid for share capital which was issued after the financial year end.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
684 Ordinary shares of £ 1.00 each (2023: 628 shares of £ 1.00 each) 684 628

On 12th April 2023, 56 Ordinary Shares with a nominal value of £1 per share, were allotted.

At the year end, the company has share capital of 684 Ordinary Shares.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 87,522 99,223