IRIS Accounts Production v24.1.4.33 SC195497 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1954972022-12-31SC1954972023-12-31SC1954972023-01-012023-12-31SC1954972021-12-31SC1954972022-01-012022-12-31SC1954972022-12-31SC195497ns15:Scotland2023-01-012023-12-31SC195497ns14:PoundSterling2023-01-012023-12-31SC195497ns10:Director12023-01-012023-12-31SC195497ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC195497ns10:SmallEntities2023-01-012023-12-31SC195497ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC195497ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC195497ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC195497ns10:FullAccounts2023-01-012023-12-31SC195497ns10:RegisteredOffice2023-01-012023-12-31SC195497ns5:CurrentFinancialInstruments2023-12-31SC195497ns5:CurrentFinancialInstruments2022-12-31SC195497ns5:Non-currentFinancialInstruments2023-12-31SC195497ns5:Non-currentFinancialInstruments2022-12-31SC195497ns5:ShareCapital2023-12-31SC195497ns5:ShareCapital2022-12-31SC195497ns5:RetainedEarningsAccumulatedLosses2023-12-31SC195497ns5:RetainedEarningsAccumulatedLosses2022-12-31SC195497ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-31SC195497ns5:PlantMachinery2023-01-012023-12-31SC195497ns5:MotorVehicles2023-01-012023-12-31SC195497ns5:ComputerEquipment2023-01-012023-12-31SC195497ns5:LandBuildings2022-12-31SC195497ns5:PlantMachinery2022-12-31SC195497ns5:MotorVehicles2022-12-31SC195497ns5:ComputerEquipment2022-12-31SC195497ns5:LandBuildings2023-01-012023-12-31SC195497ns5:LandBuildings2023-12-31SC195497ns5:PlantMachinery2023-12-31SC195497ns5:MotorVehicles2023-12-31SC195497ns5:ComputerEquipment2023-12-31SC195497ns5:LandBuildings2022-12-31SC195497ns5:PlantMachinery2022-12-31SC195497ns5:MotorVehicles2022-12-31SC195497ns5:ComputerEquipment2022-12-31SC195497ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC195497ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-31SC195497ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC195497ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC195497ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC195497ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC195497ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-12-31SC195497ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2022-12-31
REGISTERED NUMBER: SC195497 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Nortech Marine Limited

Nortech Marine Limited (Registered number: SC195497)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nortech Marine Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: E C Johnson





REGISTERED OFFICE: Gremista Industrial Estate
Gremista
Lerwick
Shetland
ZE1 0PX





REGISTERED NUMBER: SC195497 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Nortech Marine Limited (Registered number: SC195497)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 669,394 672,472

CURRENT ASSETS
Stocks 156,149 144,277
Debtors 5 256,279 205,185
Cash at bank 45,765 7,493
458,193 356,955
CREDITORS
Amounts falling due within one year 6 209,066 171,429
NET CURRENT ASSETS 249,127 185,526
TOTAL ASSETS LESS CURRENT LIABILITIES 918,521 857,998

CREDITORS
Amounts falling due after more than one year 7 (135,945 ) (165,284 )

PROVISIONS FOR LIABILITIES (71,033 ) (58,603 )
NET ASSETS 711,543 634,111

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 711,541 634,109
SHAREHOLDERS' FUNDS 711,543 634,111

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

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

Nortech Marine Limited (Registered number: SC195497)

Balance Sheet - continued
31 December 2023


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 director and authorised for issue on 17 July 2024 and were signed by:





E C Johnson - Director


Nortech Marine Limited (Registered number: SC195497)

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

1. STATUTORY INFORMATION

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on reducing balance, 2% on cost and is not depreciated
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Nortech Marine Limited (Registered number: SC195497)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 401,763 895,052 70,033 9,048 1,375,896
Additions 19,737 4,609 17,888 2,067 44,301
Disposals - - - (2,106 ) (2,106 )
At 31 December 2023 421,500 899,661 87,921 9,009 1,418,091
DEPRECIATION
At 1 January 2023 32,646 603,004 58,726 9,048 703,424
Charge for year 4,356 37,678 5,073 272 47,379
Eliminated on disposal - - - (2,106 ) (2,106 )
At 31 December 2023 37,002 640,682 63,799 7,214 748,697
NET BOOK VALUE
At 31 December 2023 384,498 258,979 24,122 1,795 669,394
At 31 December 2022 369,117 292,048 11,307 - 672,472

Nortech Marine Limited (Registered number: SC195497)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 229,826
Transfer to ownership (39,365 )
At 31 December 2023 190,461
DEPRECIATION
At 1 January 2023 81,990
Charge for year 12,110
Transfer to ownership (12,631 )
At 31 December 2023 81,469
NET BOOK VALUE
At 31 December 2023 108,992
At 31 December 2022 147,836

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 191,114 136,789
Other debtors 45,942 49,173
237,056 185,962

Amounts falling due after more than one year:
Other debtors 19,223 19,223

Aggregate amounts 256,279 205,185

Nortech Marine Limited (Registered number: SC195497)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 4,200 4,200
Hire purchase contracts 26,490 37,299
Trade creditors 49,334 40,537
Taxation and social security 97,602 67,642
Other creditors 31,440 21,751
209,066 171,429

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 19,565 22,414
Hire purchase contracts 16,380 42,870
Other creditors 100,000 100,000
135,945 165,284