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Company No: SC431015 (Scotland)

SEAFARI ADVENTURES (OBAN) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SEAFARI ADVENTURES (OBAN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

SEAFARI ADVENTURES (OBAN) LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
SEAFARI ADVENTURES (OBAN) LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 65,246 67,186
65,246 67,186
Current assets
Debtors 4 86,349 108,899
Cash at bank and in hand 5 39,099 52,334
125,448 161,233
Creditors: amounts falling due within one year 6 ( 100,014) ( 75,326)
Net current assets 25,434 85,907
Total assets less current liabilities 90,680 153,093
Creditors: amounts falling due after more than one year 7 ( 15,861) ( 25,681)
Provision for liabilities 8 0 9,001
Net assets 74,819 136,413
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 74,719 136,313
Total shareholder's funds 74,819 136,413

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Seafari Adventures (Oban) Ltd (registered number: SC431015) were approved and authorised for issue by the Board of Directors on 07 August 2024. They were signed on its behalf by:

Michael Anthony Hill
Director
SEAFARI ADVENTURES (OBAN) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
SEAFARI ADVENTURES (OBAN) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

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

General information and basis of accounting

Seafari Adventures (Oban) Ltd (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 Easdale Village Shop, Easdale, Oban, PA34 4RF, Scotland, United Kingdom.

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 £.

Reporting period length

In accordance with Section 390 of the Companies Act 2006, the financial statements cover the year to 30 November 2023.

Turnover

Turnover represents amounts receivable for excursions and boat charter income net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Taxation

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

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

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than 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 not depreciated
Plant and machinery 15 % reducing balance
Computer equipment 3 years straight line

No depreciation is provided in respect of freehold land and buildings or leasehold improvements. While the non-depreciation does not comply with the requirements of the Companies Act 2006, the directors are of the opinion that as the assets are well maintained, any depreciation would be immaterial and therefore it is not considered appropriate to depreciate.

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.

Impairment of assets

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

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Amounts payable are classified as current liabilities if payment is due within one year or less.

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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 December 2022 55,483 68,727 1,250 125,460
At 30 November 2023 55,483 68,727 1,250 125,460
Accumulated depreciation
At 01 December 2022 0 57,678 596 58,274
Charge for the financial year 0 1,657 283 1,940
At 30 November 2023 0 59,335 879 60,214
Net book value
At 30 November 2023 55,483 9,392 371 65,246
At 30 November 2022 55,483 11,049 654 67,186

4. Debtors

2023 2022
£ £
Trade debtors 0 783
Deferred tax asset 25,988 0
Other debtors 60,361 108,116
86,349 108,899

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 39,099 52,334

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,648 10,648
Amounts owed to Group undertakings 84,670 61,094
Amounts owed to related parties 11 0
Other creditors 4,685 3,584
100,014 75,326

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,861 25,681

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 0 ( 9,001)

9. Deferred tax

2023 2022
£ £
At the beginning of financial year 9,001 ( 3,479)
Credited to the Profit and Loss Account 16,987 12,480
At the end of financial year 25,988 9,001

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

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

2023 2022
£ £
Amounts owed to Group Companies 84,670 61,094

Amounts owed to group companies are unsecured, interest free and repayable on demand.

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to Directors 764 259

Advances to the Directors totalling £60,228 were made in the year and £60,733 was repaid. The above loan is unsecured, interest free and has no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts owed to / (by) other related parties 11 (53,981)

The above loan with other related parties has been provided to a Scottish partnership of which the directors of Seafari Adventures (Oban) Ltd are partners. S455 tax will be payable on any amounts not repaid by the partnership within 9 months of the company year end.