Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mrs A F Robertson 07/09/2005 Mr C W Robertson 07/09/2005 Mr E J Robertson 07/09/2005 03 September 2024 The principal activity of the Company during the financial year was that of marine operations, farming and holiday letting. SC290011 2023-12-31 SC290011 bus:Director1 2023-12-31 SC290011 bus:Director2 2023-12-31 SC290011 bus:Director3 2023-12-31 SC290011 2022-12-31 SC290011 core:CurrentFinancialInstruments 2023-12-31 SC290011 core:CurrentFinancialInstruments 2022-12-31 SC290011 core:Non-currentFinancialInstruments 2023-12-31 SC290011 core:Non-currentFinancialInstruments 2022-12-31 SC290011 core:ShareCapital 2023-12-31 SC290011 core:ShareCapital 2022-12-31 SC290011 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC290011 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC290011 core:Goodwill 2022-12-31 SC290011 core:Goodwill 2023-12-31 SC290011 core:LandBuildings 2022-12-31 SC290011 core:OtherPropertyPlantEquipment 2022-12-31 SC290011 core:LandBuildings 2023-12-31 SC290011 core:OtherPropertyPlantEquipment 2023-12-31 SC290011 2021-12-31 SC290011 bus:OrdinaryShareClass1 2023-12-31 SC290011 bus:OrdinaryShareClass2 2023-12-31 SC290011 bus:OrdinaryShareClass3 2023-12-31 SC290011 bus:OrdinaryShareClass4 2023-12-31 SC290011 2023-01-01 2023-12-31 SC290011 bus:FilletedAccounts 2023-01-01 2023-12-31 SC290011 bus:SmallEntities 2023-01-01 2023-12-31 SC290011 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC290011 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC290011 bus:Director1 2023-01-01 2023-12-31 SC290011 bus:Director2 2023-01-01 2023-12-31 SC290011 bus:Director3 2023-01-01 2023-12-31 SC290011 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC290011 core:Goodwill 2023-01-01 2023-12-31 SC290011 core:LandBuildings 2023-01-01 2023-12-31 SC290011 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC290011 2022-01-01 2022-12-31 SC290011 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC290011 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC290011 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC290011 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC290011 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC290011 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC290011 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC290011 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC290011 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 SC290011 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC290011 (Scotland)

ARDORAN MARINE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ARDORAN MARINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

ARDORAN MARINE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
ARDORAN MARINE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 700,977 683,609
700,977 683,609
Current assets
Stocks 5 97,675 103,660
Debtors 6 12,482 36,944
Cash at bank and in hand 7 43,109 265
153,266 140,869
Creditors: amounts falling due within one year 8 ( 110,056) ( 62,106)
Net current assets 43,210 78,763
Total assets less current liabilities 744,187 762,372
Creditors: amounts falling due after more than one year 9 ( 281,076) ( 319,970)
Provision for liabilities 10, 11 ( 62,185) ( 62,084)
Net assets 400,926 380,318
Capital and reserves
Called-up share capital 12 100 100
Profit and loss account 400,826 380,218
Total shareholders' funds 400,926 380,318

For the financial year ending 31 December 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 Ardoran Marine Limited (registered number: SC290011) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Mr C W Robertson
Director
ARDORAN MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
ARDORAN MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Ardoran Marine 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 Lerags, Oban, Argyll and Bute, Scotland, PA34 4SE.

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 £.

Turnover

Turnover represents amounts receivable for marine operations, farming and holiday letting net of VAT and trade discounts.

Revenue is recognised on the accruals basis.

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 Statement of Income and Retained Earnings 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.

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 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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 4 % reducing balance
Plant and machinery etc. 20 - 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.

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 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).

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 cash in hand, 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, cash 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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 5 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 70,000 70,000
At 31 December 2023 70,000 70,000
Accumulated amortisation
At 01 January 2023 70,000 70,000
At 31 December 2023 70,000 70,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 699,288 365,542 1,064,830
Additions 9,307 83,872 93,179
Disposals 0 ( 36,122) ( 36,122)
At 31 December 2023 708,595 413,292 1,121,887
Accumulated depreciation
At 01 January 2023 224,390 156,831 381,221
Charge for the financial year 19,207 47,439 66,646
Disposals 0 ( 26,957) ( 26,957)
At 31 December 2023 243,597 177,313 420,910
Net book value
At 31 December 2023 464,998 235,979 700,977
At 31 December 2022 474,898 208,711 683,609

5. Stocks

2023 2022
£ £
Stocks 97,675 103,660

6. Debtors

2023 2022
£ £
Trade debtors 12,482 36,944

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 43,109 265
Less: Bank overdrafts 0 ( 4,324)
43,109 (4,059)

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 7,797 13,687
Trade creditors 51,159 23,188
Corporation tax 13,892 15,084
Other taxation and social security 6,731 6,646
Obligations under finance leases and hire purchase contracts 4,731 0
Other creditors 25,746 3,501
110,056 62,106

Included in bank loans and overdrafts are amounts totalling £nil (2022 - £4,324) that are secured by a standing security over the land owned by the company and a bond and floating charge over the assets if the company. Also included are amounts totalling £7,797 (2022 - £9,363) which relate to the bounce back loan scheme and are fully backed by a government guarantee.

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

2023 2022
£ £
Bank loans 5,711 23,486
Obligations under finance leases and hire purchase contracts 12,527 0
Other creditors 262,838 296,484
281,076 319,970

Included within bank loans are amounts totalling £5,711 (2022 - £23,486) which relate to the bounce back loan scheme and are fully backed by a government guarantee.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 62,185 62,084

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 62,084) ( 53,541)
Charged to the Statement of Income and Retained Earnings ( 101) ( 8,543)
At the end of financial year ( 62,185) ( 62,084)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
60 A ordinary shares of £ 1.00 each 60 60
25 B ordinary shares of £ 1.00 each 25 25
10 C ordinary shares of £ 1.00 each 10 10
5 D ordinary shares of £ 1.00 each 5 5
100 100

13. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 113,655 133,546

The above loans are unsecured and will not be repaid within 12 months of the balance sheet date.