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REGISTERED NUMBER: SC060116 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: Finlay Donald Finlayson
Mrs Lorna Helen O'Neill Finlayson



SECRETARY: Andrew Ross Carr



REGISTERED OFFICE: The Underwater Centre Ltd
Carmichael Way
Fort William
Inverness-shire
PH33 6FF



REGISTERED NUMBER: SC060116 (Scotland)



ACCOUNTANTS: R A Clement Associates
Chartered Accountants
Argyll Square
Oban
Argyll
PA34 4AZ



BANKERS: Bank of Scotland
Station Road
Oban
ARGYLL
PA34 4LL



SOLICITORS: Twin Deer Law
Ben Nevis Auction Mart
Torlumdy
Fort William
PH33 6SW

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 350,000 350,000
350,000 350,000

CURRENT ASSETS
Debtors 6 68,555 65,209
Cash at bank 120 2,424
68,675 67,633
CREDITORS
Amounts falling due within one year 7 3,295 2,900
NET CURRENT ASSETS 65,380 64,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

415,380

414,733

PROVISIONS FOR LIABILITIES 84,052 64,112
NET ASSETS 331,328 350,621

CAPITAL AND RESERVES
Called up share capital 39,000 39,000
Revaluation reserve 9 253,381 273,321
Capital redemption reserve 18,000 18,000
Retained earnings 20,947 20,300
SHAREHOLDERS' FUNDS 331,328 350,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)

BALANCE SHEET - continued
31 December 2023


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 23 September 2024 and were signed on its behalf by:





Finlay Donald Finlayson - Director


MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Mallaig Boatbuilding and Engineering Company 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.

The financial statements are presented in Sterling (£).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 124,592
DEPRECIATION
At 1 January 2023
and 31 December 2023 124,592
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 350,000
NET BOOK VALUE
At 31 December 2023 350,000
At 31 December 2022 350,000

The property was revalued by the directors at market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 68,382 65,045
Other debtors 173 164
68,555 65,209

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,299 155
Taxation and social security 843 1,695
Other creditors 1,153 1,050
3,295 2,900

8. SECURED DEBTS

There are cross corporate guarantees between the company and other group companies.

MALLAIG BOATBUILDING AND ENGINEERING
COMPANY LIMITED (REGISTERED NUMBER: SC060116)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 273,321
Deferred tax (19,940 )

At 31 December 2023 253,381

10. ULTIMATE CONTROLLING PARTY

The holding company is The Crannog Concept Limited, which is registered in Scotland and is controlled by the directors.