Company Registration No. SC063241 (Scotland)
MACDUFF SHIPYARDS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
MACDUFF SHIPYARDS LIMITED
COMPANY INFORMATION
Directors
Mr C L Ritchie
Mr J Watt
Mr R McCann
Mr D Hepburn
(Appointed 7 February 2024)
Secretary
LC Secretaries Limited
Company number
SC063241
Registered office
The Harbour
MacDuff
AB44 1QT
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
MACDUFF SHIPYARDS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 28
MACDUFF SHIPYARDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present the strategic report for the year ended 29 February 2024.

Fair review of the business

The company is owned by 6 shareholders, is based in Scotland, and operates throughout the United Kingdom.

The company's principal activities are shipbuilding and ship repair, and there have not been any significant changes in the company's principal activities during the year under review. The company has not made any investment in research and development during the year.

As shown in the company's Statement of Comprehensive Income, the company's sales have increased from £28.9m to £29.1m in the current year. Current year profit before tax has increased from £2.6m to £2.7m.

The balance sheet shows that the net asset position of the company at the year end has increased when compared to the previous year, from £18.8m to £20.8m, partly due to an increase in the company's tangible assets. The company continues to reinvest its cash in the business.

Principal risks and uncertainties

The principal risk to the company is the potential implementation of any policy changes which would be detrimental to the fishing industry. The directors are also monitoring the current global economic situation and the increased costs that it brings both for the company and our customers.

The business remains diverse with work on fishing vessels, oil standby vessels, workboats, ferries, fish farm barges and landing craft all secured during the year. Profiling, Crane and Precision Engineering divisions also continue to develop along with the Buckie facility.

The company has bank loans which are secured by a bond and floating charge and secured loans from the Directors' Pension Fund. The company is therefore exposed to any changes in interest rate.

The company also has various hire purchase loans for plant, and these are secured on the items of plant. The interest rates are fixed for the term of the hire purchase.

Environment

The company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

Key performance indicators

The key performance indicators the directors monitor are turnover, gross margin and profit after tax, together with cash generation. The movements in KPIs are discussed in the review of business above.

Future developments

The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year. The company continues to reinvest in the facilities and has several new builds scheduled for the year ahead.

On behalf of the board

Mr J Watt
Director
6 September 2024
- 1 -
MACDUFF SHIPYARDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their annual report and financial statements for the year ended 29 February 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £54,170 (2023 - £54,170).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C L Ritchie
Mr J Watt
Mr R McCann
Mr D Hepburn
(Appointed 7 February 2024)
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Future developments

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments of the company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Watt
Director
6 September 2024
- 2 -
MACDUFF SHIPYARDS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 3 -
MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
Opinion
- 4 -

We have audited the financial statements of Macduff Shipyards Limited (‘the company’) for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, and relevant correspondence with regulatory bodies.

- 5 -
MACDUFF SHIPYARDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACDUFF SHIPYARDS LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Fiona Munro (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
9 September 2024
2024-09-09
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
- 6 -
MACDUFF SHIPYARDS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
2024
2023
Notes
£
£
Turnover
3
29,080,835
28,894,653
Cost of sales
(24,143,238)
(23,772,247)
Gross profit
4,937,597
5,122,406
Administrative expenses
(2,754,433)
(2,761,796)
Other operating income
155,280
127,414
Operating profit
4
2,338,444
2,488,024
Interest receivable and similar income
7
409,182
161,535
Interest payable and similar expenses
8
(88,021)
(58,904)
Profit before taxation
2,659,605
2,590,655
Taxation
9
(629,594)
(519,120)
Profit and total comprehensive income for the year
29
2,030,011
2,071,535

The statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.

- 7 -
MACDUFF SHIPYARDS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
673,816
673,816
Tangible assets
12
9,774,847
9,006,183
Investments
13
631,673
631,673
11,080,336
10,311,672
Current assets
Stocks
17
4,712,998
4,874,111
Debtors
18
6,962,055
4,794,412
Cash at bank and in hand
8,038,440
7,890,297
19,713,493
17,558,820
Creditors: amounts falling due within one year
19
(6,107,223)
(6,022,558)
Net current assets
13,606,270
11,536,262
Total assets less current liabilities
24,686,606
21,847,934
Creditors: amounts falling due after more than one year
20
(1,453,727)
(1,076,644)
Provisions for liabilities
Deferred tax liability
23
1,832,891
1,416,579
(1,832,891)
(1,416,579)
Grants
24
(619,523)
(550,087)
Net assets
20,780,465
18,804,624
Capital and reserves
Called up share capital
26
5,417
5,417
Share premium account
27
208,000
208,000
Capital redemption reserve
28
4,583
4,583
Profit and loss reserves
29
20,562,465
18,586,624
Total equity
20,780,465
18,804,624
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr J Watt
Director
Company Registration No. SC063241
- 8 -
MACDUFF SHIPYARDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2022
5,417
208,000
4,583
16,569,259
16,787,259
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
2,071,535
2,071,535
Dividends
10
-
-
-
(54,170)
(54,170)
Balance at 28 February 2023
5,417
208,000
4,583
18,586,624
18,804,624
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
-
2,030,011
2,030,011
Dividends
10
-
-
-
(54,170)
(54,170)
Balance at 29 February 2024
5,417
208,000
4,583
20,562,465
20,780,465
- 9 -
MACDUFF SHIPYARDS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
879,380
2,591,684
Interest paid
(88,021)
(58,904)
Income taxes paid
(258,000)
(70,638)
Net cash inflow from operating activities
533,359
2,462,142
Investing activities
Purchase of tangible fixed assets
(1,555,753)
(1,992,716)
Proceeds on disposal of tangible fixed assets
673,345
593,061
Interest received
409,182
161,535
Net cash used in investing activities
(473,226)
(1,238,120)
Financing activities
Proceeds from borrowings
450,000
-
0
Repayment of borrowings
(17,876)
(26,226)
Repayment of bank loans
(4,659)
(4,291)
Government grants received
88,859
88,859
Payment of finance leases obligations
(374,144)
(383,435)
Dividends paid
(54,170)
(54,170)
Net cash generated from/(used in) financing activities
88,010
(379,263)
Net increase in cash and cash equivalents
148,143
844,759
Cash and cash equivalents at beginning of year
7,890,297
7,045,538
Cash and cash equivalents at end of year
8,038,440
7,890,297
- 10 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
Company information

Macduff Shipyards Limited is a private company limited by shares, and incorporated and domiciled in Scotland. The registered office and principal place of business is The Harbour, Macduff, AB44 1QT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. The company's subsidiary and other investments are not material to the group in terms of assets, profit or turnover. The company has therefore taken advantage of the exemptions provided by section 402 of the Companies Act 2006 not to prepare group accounts.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 11 -

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Miscellaneous sales include counter sales and sales of profiled metal.

 

Revenue from repairs is recognised when the work has been completed and is then invoiced.

 

Revenue from crane hire is recognised on a daily basis based on the date of hire of the machinery.

 

Revenue from the construction of new boats is measured based on the stage payments per the specific contract. The breakdown of stages of completion are defined in the contract.

1.4
Intangible fixed assets

Intangible fixed assets comprise fishing licences and quota and are stated at cost less provision for any impairment. These are not amortised and the director's believe these have an infinite useful life.

 

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Land is not depreciated.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold Buildings
2% straight line
Vessels
6.25% straight line
Leasehold buildings
over the period of the lease
Plant and machinery
2.85% - 25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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 the statement of comprehensive income.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks
- 12 -

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 the statement of comprehensive income.

MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.9
Profit recognition on construction of new boats and work in progress

As disclosed in the turnover note, revenue from the construction of new boats is measured based on the stage payments per the specific contract. Where costs of construction exceed stage payments this is recognised as work in progress. Due to the inherent uncertainties in vessel construction, profit is recognised on completion of a vessel.

 

As disclosed in the turnover note, revenue from repairs is recognised when the work has been completed. Work in progress is the cost incurred less any payments on account.

 

When it is probable that total costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Any excess in the costs of repairs work in progress over the contact value is recognised as an expense in cost of sales within the statement of comprehensive income.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

- 13 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
Financial liabilities

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 liabilities, including trade and other payables 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

- 14 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.15
Retirement benefits

The company operates a defined contribution pension scheme for the directors and employees, whereby contributions are charged to the statement of comprehensive income as they become payable in accordance with the rules of the scheme.

1.16
Leases

Leases are classified as hire purchase whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under hire purchase are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a hire purchase obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are recognised in accordance with the accruals model. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to statement of comprehensive income.

- 15 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent on assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date.

Revenue and profit recognition on vessel contracts

Revenue recognised on new vessel construction contracts is a judgement exercised by management based on the contractual terms of each contract. Due to the inherent uncertainties in vessel construction, management consider that profit is not foreseeable until completion and hand over of the vessel and therefore profit is recognised on completion.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Depreciation is provided based on the estimated useful economic life of each class of asset, which is an estimate made by management. Depreciation of £771,470 (2023: £676,085) has been taken to the Statement of Comprehensive Income in order to write off the asset over their useful economic life.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Vessel construction
9,841,527
11,536,075
Repairs
13,151,378
11,309,289
Profiler and counter sales
3,850,228
4,075,964
Crane hire
2,237,702
1,973,325
29,080,835
28,894,653
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
29,080,835
28,894,653
- 16 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(9,113)
6,706
Amortisation of government grants and grants received
(20,812)
(16,974)
Fees payable to the company's auditors for the audit of the company's financial statements
25,650
24,000
Depreciation of owned tangible fixed assets
498,860
416,749
Depreciation of tangible fixed assets held under finance leases
272,610
259,336
Profit on disposal of tangible fixed assets
(117,727)
(32,628)
Operating lease charges
102,616
100,916
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
208
212
Administration and directors
8
8
Total
216
220

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
8,984,111
8,849,687
Social security costs
943,998
961,981
Pension costs
329,029
387,350
10,257,138
10,199,018
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
427,462
460,467
Company pension contributions to defined contribution schemes
59,425
90,584
486,887
551,051

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).

- 17 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Directors' remuneration
(Continued)
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
153,387
149,957
Company pension contributions to defined contribution schemes
16,300
33,356
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
409,182
161,535
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13,021
3,904
Other finance costs:
Interest on hire purchase contracts
75,000
55,000
88,021
58,904
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
453,829
240,547
Adjustments in respect of prior periods
(240,547)
(4,394)
Total current tax
213,282
236,153
Deferred tax
Origination and reversal of timing differences
211,714
282,967
Adjustment in respect of prior periods
204,598
-
0
Total deferred tax
416,312
282,967
Total tax charge
629,594
519,120
- 18 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Taxation
(Continued)

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,659,605
2,590,655
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
651,337
492,224
Tax effect of expenses that are not deductible in determining taxable profit
107
15,102
Adjustments in respect of prior years
(240,547)
(4,394)
Deferred tax adjustments in respect of prior years
204,598
-
0
Deferred tax rate adjustments
4,350
67,912
Fixed asset differences
31,673
(68,986)
Adjustments to brought forward values
1,693
1,313
Timing not recognised in the computation
(23,617)
15,949
Taxation charge for the year
629,594
519,120
10
Dividends
2024
2023
£
£
Ordinary paid
54,170
54,170
11
Intangible fixed assets
Fishing licences and quota
£
Cost
At 1 March 2023 and 29 February 2024
673,816
Carrying amount
At 29 February 2024
673,816
At 28 February 2023
673,816
- 19 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12
Tangible fixed assets
Freehold Buildings
Vessels
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 March 2023
2,538,299
750,795
1,075,772
9,560,290
127,710
1,117,446
15,170,312
Additions
-
0
-
0
-
0
1,901,835
-
0
193,918
2,095,753
Disposals
-
0
-
0
-
(1,239,371)
-
0
(66,265)
(1,305,636)
Transfers
-
0
-
0
(1,075,772)
1,075,772
-
0
-
0
-
0
At 29 February 2024
2,538,299
750,795
-
0
11,298,526
127,710
1,245,099
15,960,429
Depreciation and impairment
At 1 March 2023
858,370
750,795
-
0
3,696,798
126,507
731,659
6,164,129
Depreciation charged in the year
50,768
-
0
-
0
551,122
852
168,728
771,470
Eliminated in respect of disposals
-
0
-
0
-
0
(687,681)
-
0
(62,336)
(750,017)
At 29 February 2024
909,138
750,795
-
0
3,560,239
127,359
838,051
6,185,582
Carrying amount
At 29 February 2024
1,629,161
-
0
-
0
7,738,287
351
407,048
9,774,847
At 28 February 2023
1,679,929
-
0
1,075,772
5,863,492
1,203
385,787
9,006,183
- 20 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12
Tangible fixed assets
(Continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £272,610 (2023 - £259,366) for the year.

2024
2023
£
£
Plant and machinery
3,096,138
2,641,275

Included within land and buildings is leasehold land and buildings with a cost of £45,000 (2023 - £45,000). Depreciation charged on leasehold land and buildings amounts to £900 (2023 - £900).

 

13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
231,679
231,679
Investments in associates
15
179,994
179,994
Investments in joint ventures
16
220,000
220,000
631,673
631,673
Movements in fixed asset investments
Shares in participating interests
£
Cost or valuation
At 1 March 2023 & 29 February 2024
631,673
Carrying amount
At 29 February 2024
631,673
At 28 February 2023
631,673
- 21 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
14
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
North East Fabricators Limited
Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1HA
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit
£
£
North East Fabricators Limited
294,314
(19,583)

Subsequent to the year-end, North East Fabricators Limited is in the process of being wound up and the assets and trade absorbed in to Macduff Shipyards Limited.

15
Associates

Details of the company's associates at 29 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held (Direct)
BF 61 Limited
27 Commercial Road, Buckie, AB56 1UN
Fishing
Ordinary
16.00
Ocean Way BF878 Limited
Unit 1 - 2, Old School, Cawdor, Nairn, Scotland, IV12 5BL
Fishing
Ordinary
29.40
BF833 Limited
26-30 Marine Place, Buckie, Scotland, AB56 1UT
Fishing
Ordinary
25.00
16
Joint ventures

Details of the company's joint ventures at 29 February 2024 are as follows:

Name of undertaking
Registered office
Interest held
% Held (Direct)
MB Artemis LLP
The Harbour, Macduff, Aberdeenshire, AB44 1QT
Partnership
50.00
17
Stocks
2024
2023
£
£
Raw materials and consumables
2,882,686
2,899,102
Work in progress
1,755,912
1,900,609
Finished goods and goods for resale
74,400
74,400
4,712,998
4,874,111
- 22 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,488,659
4,548,108
Corporation tax recoverable
194,054
-
0
Other debtors
256,264
225,249
Prepayments and accrued income
23,078
21,055
6,962,055
4,794,412
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
21
29,603
5,823
Other borrowings
21
90,000
28,598
Obligations under hire purchase contracts
22
517,047
385,991
Payments received on account
293,697
290,198
Trade creditors
3,687,753
3,942,393
Corporation tax
300,308
150,972
Other taxation and social security
224,140
210,745
Accruals and deferred income
964,675
1,007,838
6,107,223
6,022,558
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
21
-
0
28,439
Other borrowings
21
376,431
5,709
Obligations under hire purchase contracts
22
1,077,296
1,042,496
1,453,727
1,076,644
21
Loans and borrowings
2024
2023
£
£
Bank loans
29,603
34,262
Other borrowings
466,431
34,307
496,034
68,569
Payable within one year
119,603
34,421
Payable after one year
376,431
34,148
- 23 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Loans and borrowings
(Continued)

Bank loans include business variable rate loans with the Virgin Money Bank which are repayable in equal monthly instalments. The bank loan is secured by a floating charge over all the assets of the company, in favour of the Virgin Money Bank. The loan was settled in full in June 2024.

Other borrowings include loans from Macduff Shipyards Limited Directors' Pension Scheme which are repayable in monthly instalments over a 5 year period and are secured over specific assets and by a floating charge. Interest is charged at base rate plus 3%.

22
Obligations under hire purchase contracts
2024
2023
Future minimum lease payments due under hire purchase contracts:
£
£
Within one year
517,049
385,991
In two to five years
1,077,294
1,042,496
1,594,343
1,428,487

Hire purchase payments represent amounts payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,832,891
1,416,579
2024
Movements in the year:
£
Liability at 1 March 2023
1,416,579
Charge to profit or loss
416,312
Liability at 29 February 2024
1,832,891
24
Grants
2024
2023
£
£
Arising from government grants
619,523
550,087
- 24 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
329,029
387,350

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount shown under creditors in respect of amounts due from the company to the pension scheme is £44,264 (2023 - £34,307).

26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
5,079
5,079
5,079
5,079
Ordinary B shares of £1 each
338
338
338
338
5,417
5,417
5,417
5,417

Ordinary A shares and Ordinary B shares rank equally. Both classes of shares carry full dividend, voting and capital distribution rights.

27
Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

28
Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents redeemed share capital.

29
Profit and loss reserves

The profit and loss account represents cumulative realisable profits and losses, net of distributions and dividends.

30
Directors' transactions

Dividends totalling £51,500 (2023 - £51,500) were paid in the year in respect of shares held by the company's directors.

- 25 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
31
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Companies which directors are shareholders of
88,359
71,454
-
-
Companies which have common directors and shareholders
180,825
202,637
761,333
577,719
Companies which have common directors
415,954
56,914
-
-
Subsidiaries and associated companies
44,247
59,963
146,275
183,158

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Directors pension scheme
466,431
34,307
Companies which have common directors and shareholders
188,386
169,883
Companies which have common directors
151,749
34,307
Subsidiaries and associated companies
57,487
54,917

During the year, the company received a cash advance of £450,000 (2023: £nil) from the Directors Pension Scheme. Interest of 3% plus base rate is applied to the loan balance.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Companies which directors are shareholders of
42,698
31,370
Companies which have common directors and shareholders
48,873
38,520
Companies which have common directors
151,749
4,047
Subsidiaries and associated companies
1,984
2,058
- 26 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
32
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
65,202
64,292
Between two and five years
164,809
161,168
In over five years
2,122,510
2,142,777
2,352,521
2,368,237

Operating leases include a number of leases of 100 years duration and beyond.

33
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,030,011
2,071,535
Adjustments for:
Taxation charged
629,594
519,120
Finance costs
88,021
58,904
Investment income
(409,182)
(161,535)
Gain on disposal of tangible fixed assets
(117,727)
(32,628)
Depreciation and impairment of tangible fixed assets
771,470
676,085
Impairment of investments
-
13,129
Amortisation of government grants
(19,423)
(16,974)
Movements in working capital:
Decrease/(increase) in stocks
161,113
(766,224)
(Increase) in debtors
(1,973,589)
(695,356)
(Decrease)/increase in creditors
(280,908)
925,627
Cash generated from operations
879,380
2,591,684

 

- 27 -
MACDUFF SHIPYARDS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
34
Analysis of changes in net funds
1 March 2023
Cash flows
New hire purchase contracts
29 February 2024
£
£
£
£
Cash at bank and in hand
7,890,297
148,143
-
8,038,440
Borrowings excluding overdrafts
(68,569)
(427,465)
-
(496,034)
Obligations under finance leases
(1,428,487)
374,144
(540,000)
(1,594,343)
6,393,241
94,822
(540,000)
5,948,063
35
Events after the reporting date

North East Fabricators Limited is a 100% owned subsidiary of Macduff Shipyards Limited. After the year end, the trade and assets of North East Fabricators are now a trading division of Macduff Shipyards Limited, with no change to its commercial operation. North East Fabricators Limited, as a company, is in the process of being wound up.

36
Ultimate controlling party

The company is controlled by its directors who are also its majority shareholders.

- 28 -
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