Company Registration No. SC392928 (Scotland)
Mallaig Boatyard Ltd.
Unaudited accounts
for the year ended 31 March 2024
Mallaig Boatyard Ltd.
Unaudited accounts
Contents
Mallaig Boatyard Ltd.
Company Information
for the year ended 31 March 2024
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
Mallaig Boatyard Ltd.
Statement of financial position
as at 31 March 2024
Tangible assets
105,991
114,381
Cash at bank and in hand
8
45,565
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
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
Mallaig Boatyard Ltd.
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
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
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
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
Amounts falling due within one year
Trade debtors
169,161
119,199
Other debtors
(19,465)
(45,801)
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
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
Loans from directors
222
453
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
5,896
8,510
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).