Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Emma Hill 25/05/2016 Iain Hill 23/08/2012 28 August 2024 The principal activity of the Company during the financial year was that of marine services and charters. SC431023 2023-11-30 SC431023 bus:Director1 2023-11-30 SC431023 bus:Director2 2023-11-30 SC431023 2022-11-30 SC431023 core:CurrentFinancialInstruments 2023-11-30 SC431023 core:CurrentFinancialInstruments 2022-11-30 SC431023 core:Non-currentFinancialInstruments 2023-11-30 SC431023 core:Non-currentFinancialInstruments 2022-11-30 SC431023 core:ShareCapital 2023-11-30 SC431023 core:ShareCapital 2022-11-30 SC431023 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC431023 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC431023 core:LandBuildings 2022-11-30 SC431023 core:OtherPropertyPlantEquipment 2022-11-30 SC431023 core:LandBuildings 2023-11-30 SC431023 core:OtherPropertyPlantEquipment 2023-11-30 SC431023 core:CurrentFinancialInstruments core:Secured 2023-11-30 SC431023 core:Non-currentFinancialInstruments core:Secured 2023-11-30 SC431023 2021-11-30 SC431023 bus:OrdinaryShareClass1 2023-11-30 SC431023 bus:OrdinaryShareClass2 2023-11-30 SC431023 2022-12-01 2023-11-30 SC431023 bus:FilletedAccounts 2022-12-01 2023-11-30 SC431023 bus:SmallEntities 2022-12-01 2023-11-30 SC431023 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC431023 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC431023 bus:Director1 2022-12-01 2023-11-30 SC431023 bus:Director2 2022-12-01 2023-11-30 SC431023 core:LandBuildings core:TopRangeValue 2022-12-01 2023-11-30 SC431023 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-12-01 2023-11-30 SC431023 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-01 2023-11-30 SC431023 2021-12-01 2022-11-30 SC431023 core:LandBuildings 2022-12-01 2023-11-30 SC431023 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 SC431023 core:CurrentFinancialInstruments 2022-12-01 2023-11-30 SC431023 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 SC431023 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC431023 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 SC431023 bus:OrdinaryShareClass2 2022-12-01 2023-11-30 SC431023 bus:OrdinaryShareClass2 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC431023 (Scotland)

SPECIALISED MARINE SUPPORT LTD

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

SPECIALISED MARINE SUPPORT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

SPECIALISED MARINE SUPPORT LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
SPECIALISED MARINE SUPPORT LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 296,284 303,972
296,284 303,972
Current assets
Stocks 4 18,100 18,100
Debtors 5 313,096 349,862
Cash at bank and in hand 6 140 25,020
331,336 392,982
Creditors: amounts falling due within one year 7 ( 457,124) ( 507,932)
Net current liabilities (125,788) (114,950)
Total assets less current liabilities 170,496 189,022
Creditors: amounts falling due after more than one year 8 ( 72,279) ( 85,789)
Provision for liabilities 9, 10 ( 69,286) ( 69,229)
Net assets 28,931 34,004
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 28,831 33,904
Total shareholders' funds 28,931 34,004

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 Specialised Marine Support Ltd (registered number: SC431023) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

Iain Hill
Director
SPECIALISED MARINE SUPPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
SPECIALISED MARINE SUPPORT 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

Specialised Marine Support 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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.

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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.

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

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.

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 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
Plant and machinery etc. 3 - 10 years straight line

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
Assets held under hire purchase contracts, 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 Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Statement of Income and Retained Earnings 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 creditors and bank loans, 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.

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.

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 etc. Total
£ £ £
Cost
At 01 December 2022 12,838 840,032 852,870
Additions 300 81,176 81,476
At 30 November 2023 13,138 921,208 934,346
Accumulated depreciation
At 01 December 2022 1,703 547,195 548,898
Charge for the financial year 257 88,907 89,164
At 30 November 2023 1,960 636,102 638,062
Net book value
At 30 November 2023 11,178 285,106 296,284
At 30 November 2022 11,135 292,837 303,972

4. Stocks

2023 2022
£ £
Stocks 18,100 18,100

5. Debtors

2023 2022
£ £
Trade debtors 258,658 291,268
Other debtors 54,438 58,594
313,096 349,862

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 140 25,020
Less: Bank overdrafts ( 164,585) ( 124,554)
(164,445) (99,534)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 182,136) 192,255 150,670
Trade creditors 0 783
Corporation tax 41,044 27,593
Other taxation and social security 30,961 125,984
Obligations under finance leases and hire purchase contracts (secured) 5,718 13,679
Other creditors 187,146 189,223
457,124 507,932

Bank loans and overdrafts are secured by fixed charges over the boats owned by the company along with a bond and floating charge over the assets of the company. Also included in bank loans and overdrafts are amounts totalling £10,119 (2022 - £9,870) related to the bounce back loan scheme and are fully covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the related assets.

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

2023 2022
£ £
Bank loans (secured £ 25,875) 41,536 69,866
Obligations under finance leases and hire purchase contracts (secured) 22,780 0
Other creditors 7,963 15,923
72,279 85,789

Bank loans and overdrafts are secured by fixed charges over the boats owned by the company along with a bond and floating charge over the assets of the company. Also included in bank loans and overdrafts are amounts totalling £15,661 (2022 - £25,780) related to the bounce back loan scheme and are fully covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the related assets.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 69,286 69,229

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 69,229) ( 26,523)
Charged to the Statement of Income and Retained Earnings ( 57) ( 42,706)
At the end of financial year ( 69,286) ( 69,229)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80 A ordinary shares of £ 1.00 each 80 80
20 B ordinary shares of £ 1.00 each 20 20
100 100

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 15,105 58,594

Advances were made during the year to the directors totalling £152,508 and £197,818 was repaid. Interest of £1,821 was charged at HMRC's interest rate of 2.25%. This loan is unsecured and repayable on demand.