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REGISTERED NUMBER: SC232787 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SCOTIA CHARTERS LIMITED

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


SCOTIA CHARTERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A J Wood
Lunar Freezing & Cold Storage Company Limited





SECRETARY: Masson Glennie LLP





REGISTERED OFFICE: Broad House
Broad Street
Peterhead
Aberdeenshire
AB42 1HY





REGISTERED NUMBER: SC232787 (Scotland)





AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 196,244 200,000

CURRENT ASSETS
Debtors 5 12,173 11,713
Cash at bank and in hand 339 1,046
12,512 12,759
CREDITORS
Amounts falling due within one year 6 493,307 448,629
NET CURRENT LIABILITIES (480,795 ) (435,870 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(284,551

)

(235,870

)

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 49,998 49,998
Retained earnings (334,553 ) (285,872 )
SHAREHOLDERS' FUNDS (284,551 ) (235,870 )

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 Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Lunar Freezing & Cold Storage Company Limited - Director


SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Scotia Charters 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Charter vessel - 5% straight line
Plant and machinery etc - 25% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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.

Going concern
The financial statements have been prepared on a going concern basis as the company has the continuing support of Lunar Freezing and Cold Storage Company Limited which has undertaken to ensure all liabilities are met as they fall due.

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Charter Plant and and Motor
vessel machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 250,000 6,015 2,694 11,755 270,464
Additions - 11,660 - - 11,660
At 31 December 2023 250,000 17,675 2,694 11,755 282,124
DEPRECIATION
At 1 January 2023 50,000 6,015 2,694 11,755 70,464
Charge for year 12,500 2,916 - - 15,416
At 31 December 2023 62,500 8,931 2,694 11,755 85,880
NET BOOK VALUE
At 31 December 2023 187,500 8,744 - - 196,244
At 31 December 2022 200,000 - - - 200,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 386
Other debtors 16 17
VAT 462 -
Prepayments 11,695 11,310
12,173 11,713

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 430,471 384,390
VAT - 488
Other creditors 18,064 18,979
Directors' current accounts 44,772 44,772
493,307 448,629

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Iain Arthur FCCA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DIRECTORS LOAN

The following advances and credits from a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr A J Wood
Balance outstanding at start of year 44,772 44,772
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,772 44,772

The loan is interest free and there are no fixed terms of repayment.

9. RELATED PARTY DISCLOSURES

Details of transactions and amounts payable to Lunar Freezing and Cold Storage Company Limited during the period under review were as follows:

2023 2022
£    £   

Amounts payable within one year 430,471 384,390

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.