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Company Registration No. SC392928 (Scotland)
Mallaig Boatyard Ltd. Unaudited accounts for the year ended 31 March 2024
Mallaig Boatyard Ltd. Unaudited accounts Contents
Page
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Mallaig Boatyard Ltd. Company Information for the year ended 31 March 2024
Director
Donald Sharman
Company Number
SC392928 (Scotland)
Registered Office
Corpach Slipway Annat Corpach Fort William Inverness-shire PH33 7NB Scotland
Accountants
Ascent Accounting Ltd Clyde Offices 2nd Floor 48 West George Street Glasgow G2 1BP
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Mallaig Boatyard Ltd. Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
105,991 
114,381 
Current assets
Inventories
14,135 
12,850 
Debtors
656,249 
557,556 
Cash at bank and in hand
8 
45,565 
670,392 
615,971 
Creditors: amounts falling due within one year
(265,033)
(199,457)
Net current assets
405,359 
416,514 
Total assets less current liabilities
511,350 
530,895 
Creditors: amounts falling due after more than one year
(52,563)
(91,528)
Net assets
458,787 
439,367 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
458,785 
439,365 
Shareholders' funds
458,787 
439,367 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 August 2024 and were signed on its behalf by
Donald Sharman Director Company Registration No. SC392928
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Mallaig Boatyard Ltd. Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Mallaig Boatyard Ltd. is a private company, limited by shares, registered in Scotland, registration number SC392928. The registered office is Corpach Slipway Annat, Corpach, Fort William, Inverness-shire, PH33 7NB, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
33% Straight Line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Mallaig Boatyard Ltd. Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
228,993 
96,556 
95,805 
1,372 
422,726 
Additions
- 
- 
4,272 
374 
4,646 
At 31 March 2024
228,993 
96,556 
100,077 
1,746 
427,372 
Depreciation
At 1 April 2023
161,993 
71,955 
73,025 
1,372 
308,345 
Charge for the year
- 
6,150 
6,763 
123 
13,036 
At 31 March 2024
161,993 
78,105 
79,788 
1,495 
321,381 
Net book value
At 31 March 2024
67,000 
18,451 
20,289 
251 
105,991 
At 31 March 2023
67,000 
24,601 
22,780 
- 
114,381 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
169,161 
119,199 
Other debtors
(19,465)
(45,801)
149,696 
73,398 
Amounts falling due after more than one year
Other debtors
506,553 
484,158 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
85,202 
50,468 
VAT
10,254 
6,301 
Obligations under finance leases and hire purchase contracts
2,614 
3,674 
Trade creditors
134,953 
114,082 
Taxes and social security
22,284 
18,679 
Other creditors
3,454 
- 
Loans from directors
222 
453 
Accruals
6,050 
5,800 
265,033 
199,457 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
46,667 
83,018 
Obligations under finance leases and hire purchase contracts
5,896 
8,510 
52,563 
91,528 
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Mallaig Boatyard Ltd. Notes to the Accounts for the year ended 31 March 2024
8
Average number of employees
During the year the average number of employees was 18 (2023: 16).
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